As dealerships look for ways to adapt their processes to keep auto sales moving in new ways, registration and titling may get overlooked. But because every sale, lease and trade-in vehicle you handle includes reg and title work, it’s an area where there’s opportunity to make process improvements. Better speed, efficiency and customer service can help preserve the bottom line.
To reduce costs and increase margin, look at the technology solutions that can make registration and title work faster and easier – all while keeping up with compliance. Let’s examine the three types of registration and titling processes that dealerships can address today:
1. Trade-In Titling
With inventory low and cash flow tight, trade-ins are an important lifeline for dealerships – assuming there are no payoff surprises and they can be auctioned or re-sold quickly. Using a technology solution to view title details in advance and speed up payoff and title or lien release can help dealerships turn inventory more quickly, save on holding costs and keep cash flow moving.
2. In-State Registration & Title
When many DMVs were recently closed or restricted, manual registration and title processing practices that involved phone calls, faxing and in-person runners to the motor vehicle office mostly came to a halt. States with electronic registration and title had the opportunity to show just how valuable that service really is. Today, more than 30 states are electronic registration and title (ERT) enabled – and most of the remainder have plans in the works to catch up. Using a technology solution for reg and title to process motor vehicle transactions from the dealership’s office is a boon for productivity.
3. Cross-Border Registration & Title
Digital retailing has helped dealerships keep sales going by showcasing inventory online and using technology to facilitate the deal process. The wide net cast by dealers’ digital retailing efforts means that out-of-state customers have been increasing each year. Having technology available to guide the dealership’s back office staff through the myriad taxes and fees that vary by the customer’s state, county and municipality helps improve deal accuracy and make deal completion faster, easier and more customer friendly.
When choosing technology providers to help keep your business on track, don’t forget to optimize your registration and titling processes as well.