- MeridianLink lending customers already leverage the Dealertrack
network to power their originations and can now enjoy the added
benefits of digital contracting to elevate their dealer
partnerships and help drive further efficiency across their funding
operations.
- Digitizing the contracting and submission process between
MeridianLink's lending customers and their dealer partners supports
the growing desire for consumers to do more of the purchasing
online and creates a faster, better buying experience across the
customer, dealer, and lender ecosystem.
ATLANTA, Sept. 28,
2023 /PRNewswire/ -- Cox Automotive's Dealertrack
today announces an enhanced integration with MeridianLink,
Inc. (NYSE: MLNK), a leading provider of modern software platforms
for financial institutions and consumer reporting agencies. The
existing, long-standing integration accelerates credit applications
and decisions between dealers and lenders. The new, enhanced
integration now brings similar velocity and decisioning
capabilities to the contracting process. As the industry moves
paper contracts aside for the convenience, accuracy, and speed that
only digital processes can bring, this enhanced integration further
validates the two companies' commitment to improving the automotive
retail experience for all.
"Digital contracting can speed up funding by increasing accuracy
and compliance, for example, by eliminating re-contracting due to
miscalculations and missed signatures," said Joey Yates, associate vice president contracting
solutions at Cox Automotive. "Consumer preference to complete more
car buying activities online has increased beyond researching
vehicle features, price, and availability. Today's buyers are
pre-qualifying for credit, and digital comfort level now extends to
signing contracts — witnessed by the extraordinary growth in
digital contracting we've seen among our dealers since 2019. As
more dealers move away from paper, it's essential for lenders to
embrace their own digital processes to also optimize their
workflows, elevate their service levels to dealers, and provide the
experiences consumers desire – keeping them top of mind and
competitive."
"MeridianLink® is proud to offer Dealertrack's
efficient, secure digital contract solution that scales to support
our extensive lender partners and their dealer clients," said
Megan Pulliam SVP of
MeridianLink® Marketplace. "Indirect lending remains a
crucial aspect of our evolving market, and our collaboration with
Dealertrack enables us to enhance support for the digital
automotive retail ecosystem. Meeting the needs of our customers and
their digital-first clients is paramount, as they seek an automated
process that delivers speed, transparency, visibility, and
error-free operations."
For more information about Cox Automotive's Dealertrack visit
https://us.dealertrack.com/.
For more information about MeridianLink, visit
https://www.meridianlink.com/.
About Cox Automotive
Cox Automotive is the world's
largest automotive services and technology provider. Fueled
by the largest breadth of first-party data fed by 2.3 billion
online interactions a year, Cox Automotive tailors leading
solutions for car shoppers, automakers, dealers, retailers, lenders
and fleet owners. The company has 25,000+ employees on five
continents and a family of trusted brands that includes
Autotrader®, Dealertrack®, Kelley Blue Book®,
Manheim®, NextGear Capital™ and
vAuto®. Cox Automotive is a subsidiary of Cox
Enterprises Inc., a privately-owned, Atlanta-based company with $22 billion in annual revenue. Visit
coxautoinc.com or connect via @CoxAutomotive on Twitter, CoxAutoInc
on Facebook or Cox-Automotive-Inc on LinkedIn.
About MeridianLink
MeridianLink®
(NYSE: MLNK) powers digital lending and account opening for
financial institutions and provides data verification solutions for
consumer reporting agencies. MeridianLink's scalable, cloud-based
platforms help customers build deeper relationships with consumers
through data-driven, personalized experiences across the entire
lending life cycle.
MeridianLink enables customers to accelerate revenue growth,
reduce risk, and exceed consumer expectations through seamless
digital experiences. Its partner marketplace supports hundreds of
integrations for tailored innovation. For more than 20 years,
MeridianLink has prioritized the democratization of lending for
consumers, businesses, and communities. Learn more at
www.meridianlink.com.
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SOURCE Cox Automotive