Now is a great time to seek out time- and money-saving opportunities in every facet of your operation, including registration and title processing. Why? Because making your back-office processes more efficient can help address three key challenges that dealerships are facing today: slow cash flow, post-shutdown work backlogs, and untapped opportunities produced by the expanded customer base that digital retailing enables.
Let’s look at how registration and titling technology solutions can address each of those challenges.
- Leverage used car inventory to get cash flow moving for your dealership
Incoming vehicles taken as trades need clean titles to remarket at retail or auction at wholesale. It usually takes 18 or more days* to get the payoff and title release completed, and that’s if there are no payoff surprises along the way. In the meantime, cash flow is stunted and holding costs mount on these vehicles as they sit idle on your lot or fail to sell at auction.
A digital solution can help streamline and significantly shorten the time for vehicle payoff and title or lien release, which in turn helps your dealership avoid payoff surprises, inventory more quickly and keep cash flowing.
- Get your back-office staff caught up after recent closures and restrictions
As dealerships open back up – in some cases short-staffed – back office may be faced with registration and titling work that piled up while DMVs were also closed or limited. Add current sales to the workload and the stress intensifies.
In states with electronic registration and title, you can now process motor vehicle transactions online from your office, in real-time. But some digital solutions are intuitive enough for staffing flexibility and efficient enough to tackle batch import processing and GL writebacks to your DMS while finalizing deals.
- Extend your front office technology improvements through to the back office
We’ve seen year over year increases in cross-border deals across the country as online shopping has taken hold, but this trend has intensified in recent months as dealerships implement more digital retailing tools to help them facilitate virtual sales.
Dealerships wishing to take advantage of the opportunities that digital retailing tools send their way can be stymied by the 51 unique state motor vehicle jurisdictions, ~100 distinct sets of taxes and fees, ~250 unique forms, and approximately 300 possible registration and title transactions for any given deal. Whether you are a GM or controller, it’s easy to see how time-consuming these deals can be for your back-office operations. Any short-cuts and band-aids used to make up for the issue only raise compliance concerns.
Digital solutions can help take the guesswork out of processing these state- and county-specific deals with a guided interface that customizes each unique transaction. An electronic checklist of requirements and instructions tailored to each deal helps ensure that every customer is handled more efficiently, regardless of their state or county.
Start reimagining your back office today
Technology providers continue to innovate and improve registration and title workflows with input from dealerships. Get to know the innovative and powerful digital solutions that meet today’s titling challenges head-on, increasing efficiency and cash flow for your dealership’s back office to ultimately improve your bottom line.
To further explore solutions to finish each deal strong, see our latest resources.