NORTH HILLS, N.Y., March 19, 2019 /PRNewswire/ -- Dealertrack
today announced that KeyBank Dealer Retail Services has selected
Dealertrack Accelerated Title to help expedite their vehicle payoff
and title release process with dealers accepting vehicle
trade-ins.
For more than 60 years, KeyBank Dealer Retail Services has been
dedicated to helping dealerships nationwide succeed through
competitive commercial banking and retail financing solutions. By
activating the Accelerated Title solution, KeyBank can now offer
dealers increased internal efficiencies, reduced processing costs
and faster title turnaround service.
With Accelerated Title, dealers and lenders gain a seamless
connection between the payoff process and title receipt. Bringing
these two processes together removes the need for dealers to hand
write and mail checks overnight, and then wait for the delivery of
the title, which according to industry standards could take 12 to
18 days or more. Dealertrack's unique lender and dealer solution
provides the exclusive ability for titles to be released to dealers
in as quickly as four to six days, substantially speeding up the
standard payoff and title release process by up to 70
percent.1
As dealers continue to battle with margin compression, it's
integral that their partners provide new ways to maximize
efficiency and cut costs. On average, dealers pay a holding cost
of $32 per day, per vehicle that sits idle on their
lot.2 In addition, long-standing proprietary
research found that vehicles holding a title are nearly two times
more likely to sell on the first pass through an auction lane than
those without titles.3
"We are always looking to optimize our services and improve
efficiencies for our dealers," said Craig
Stickney, national director of KeyBank Dealer Retail
Services. "With Dealertrack Accelerated Title we can speed up the
title release process, while also helping dealers quickly turn
around inventory and reduce holding costs. These savings in both
time and money not only benefit KeyBank, but also our dealer
partners who are trying to meet changing customer expectations and
navigate today's margin-compressed environment."
Accelerated Title allows unprecedented visibility into the
titling process to ensure validity of the trade before the deal is
finalized. It also equips dealers with 24/7 title tracking,
reporting and statements so clients know exactly what's happening
with every transaction.
"The ability to expand our partnership with KeyBank Dealer
Retail Services to bring Accelerated Title to more dealers is a
great milestone as we continue to see unprecedented title turns on
trade-ins, increased profitability for our connected dealers, and a
seamlessly connected workflow between lender and dealer partners,"
said Kaitlin Gavin, vice president and general manager of
Dealertrack Registration and Title Solutions. "With
more than $1 billion in payoffs
processed for our lenders last year,4 we are working
tirelessly to streamline the titling process and create
efficiencies for dealers and lenders to help both parties boost
productivity and profitability long-term."
1 Based on average industry timeframe for
vehicle title release and vehicle payoff process of 18+ days, as
determined by Dealertrack data.
2 Manheim Online Dealer Community survey
2016
3 Source: *2014 (2X) & 2018 (1.6X) Manheim
Articles "Impact of Delayed Titles at Auction"
4 Dealertrack payoffs October 2018 YTD
For more information about Accelerated Title, visit here.
About KeyCorp
KeyCorp's (NYSE: KEY) roots trace back 190 years to Albany, New York. Headquartered in
Cleveland, Ohio, Key is one of the
nation's largest bank-based financial services companies, with
assets of approximately $138.8
billion at September 30, 2018.
Key provides deposit, lending, cash management, and investment
services to individuals and businesses in 15 states under the name
KeyBank National Association through a network of over 1,100
branches and more than 1,500 ATMs. Key also provides a broad range
of sophisticated corporate and investment banking products, such as
merger and acquisition advice, public and private debt and equity,
syndications and derivatives to middle market companies in selected
industries throughout the United
States under the KeyBanc Capital Markets trade name. For
more information, visit https://www.key.com/. KeyBank is Member
FDIC.
About Dealertrack
Dealertrack provides
industry-leading software solutions that give dealerships and
lenders the confidence to thrive in an ever-changing automotive
market. The company's integrated suite of powerful but easy-to-use
products helps dealerships and their lending partners grow by
increasing efficiency and improving decision-making. Dealertrack is
part of the Cox Automotive family, a company that is transforming
the way the world buys, sells, owns and uses cars.
Dealertrack—along with its unmatched network of dealership and
lending partners—is improving the car buying experience by
embracing the technologies that will shape the future of automotive
retail. For more information about Dealertrack, visit
www.dealertrack.com.
About Cox Automotive
Cox Automotive Inc. makes buying,
selling, owning and using cars easier for everyone. The global
company's 34,000-plus team members and family of brands, including
Autotrader®, Clutch Technologies, Dealer.com®, Dealertrack®, Kelley
Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and
Xtime®, are passionate about helping millions of car shoppers,
40,000 auto dealer clients across five continents and many others
throughout the automotive industry thrive for generations to come.
Cox Automotive is a subsidiary of Cox Enterprises Inc., a
privately-owned, Atlanta-based
company with revenues exceeding $20
billion. www.coxautoinc.com
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SOURCE Dealertrack