NORTH HILLS, N.Y., Sept. 11, 2018 /PRNewswire/ -- Regional
Acceptance Corporation (RAC), an auto finance company specializing
in sub-prime automotive financing and prime-to-near-prime portfolio
acquisitions, has chosen Dealertrack Accelerated Title to create
efficiencies in their payoff and title release process with dealers
accepting cars in on trade.
RAC, a subsidiary of BB&T Corporation (NYSE:BBT), supports
dealers and customers in more than 40 states with 30 regional
business centers and four customer service centers. RAC is
committed to creating the best auto finance company possible and is
using Dealertrack's Accelerated Title platform to maximize internal
efficiencies, reduce processing costs, and provide dealers with
optimal service in title turnaround.
With Dealertrack Accelerated Title, RAC can expedite the vehicle
payoff process electronically in two important ways:
- Accurate payoff quotes are provided to dealers via Dealertrack
based on their preferred payment date
- Accurate payment is made via a 3-day ACH process that when
cleared, triggers title release to the dealer
This breakthrough lender and dealer solution creates significant
cost savings by releasing titles to dealers up to 70%
faster1 than the traditional method of calling for
quotes, handwriting checks, mailing overnight, and then waiting on
title delivery. By reducing the number of days a dealer waits for a
title from 12-18 days or more to as fast as 4-6 days,1
Accelerated Title and RAC save the dealer money. 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
are nearly two times more likely to sell on the first pass through
an auction lane when they have titles.3 Cutting costs
and turning inventory faster are critical to dealer profitability
given today's razor-slim profit margins.
"Dealertrack's Accelerated Title brings us the most advanced
lender solutions in market today," said Fred Reherman, COO of BB&T Dealer Retail
Services, Regional Acceptance Corporation and BB&T Dealer
Finance. "Entrusting Dealertrack to deliver speed, accuracy and
consistency to our vehicle payoffs was a clear choice, because the
company exudes the same characteristics of honesty, integrity and
mutual respect that are core to RAC."
Accelerated Title provides dealers with title visibility to
ensure validity of the trade before the deal is finalized, as well
as providing 24/7 title tracking, reporting and statements so
clients know exactly what's happening with every transaction.
Dealers using the tool are more efficient, the fully electronic
process keeps a consistent and accurate back office operation, and
they have more control over their transactions.
"It is great to see RAC succeed with Accelerated Title," said
Todd Hutto, Vice President and
General Manager of Dealertrack Lender Solutions. "Our goal
is for Accelerated Title to expedite the titling process for
dealers and lenders, creating efficiencies on both sides that help
everyone work smarter and more profitably. RAC is already seeing
positive results and we're confident their efficiencies will get
even better."
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"
For more information about Accelerated Title, visit here.
About Regional Acceptance Corporation (RAC)
Regional Acceptance Corporation, headquartered in Greenville, N.C., specializes in indirect
sub-prime automotive financing and prime-to-near-prime portfolio
acquisitions. A subsidiary of BB&T Corporation (NYSE:BBT),
Regional Acceptance Corporation has more than 30 regional business
centers and four customer service centers supporting dealers and
customers in over 40 states. The company conducts business with
more than 10,000 dealers nationwide, offering local
decision-making, flexibility and quick funding. Regional Acceptance
has consistently ranked as one of the top auto finance companies in
the United States.
BB&T Corporation, the company's parent, is one of the
nation's largest financial holding companies. Headquartered in
Winston-Salem, N.C, BB&T is
rated as one of the safest and soundest financial institutions in
the world with total assets in excess of $200 billion.
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 and
owns 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 and owning cars easier
for everyone, while also enabling mobility services. 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