It’s been a great day at your dealership. You’ve been working hard matching buyers with vehicles and taking in a good number of trade-ins. Eventually you’ll sell those trade-ins to other customers or at auction, but first comes the payoff and title release process. And if you’re doing the process manually, it’s going to take a while.
Dealertrack data shows that the average length of time it takes for payoff and title release is between 12 and 18 days – or even more. That’s how long it takes to initiate the payoff, verify and finalize accurate payoff amounts, write and overnight checks, address any payoff surprises that surface, and make phone calls to lenders for title status updates and tracking information.
In the meantime, your holding costs are adding up. According to a 2016 Manheim Online Dealer Community survey, having a vehicle sit on the lot costs a dealer an average of $32 per day. When you multiply that by the number of trade-ins you bring in per month, the holding cost fees quickly balloon into the hundreds and even thousands of dollars per year.
With Dealertrack Accelerated Title, your dealership can reduce payoff and title release time from weeks to as fast as 4-6 days. In fact, it’s the only solution in the industry that can speed the process that quickly. It also allows you to track title status online to see when titles will be delivered, so you can show up better at auction and quickly move inventory off your lot.
Faster title payoff and title release gives your dealership the opportunity to improve profitability with the potential to turn inventory faster for the vehicles you take in on trade, ultimately saving on holding costs.
Want to know more? Schedule a demo and we’ll walk you through the Accelerated Title process.