It was the kind of trade-in that would get the attention of any dealer in the city. With low mileage, sleek lines, and a purring engine, it had “fast resale” written all over it. But this car was a double agent, hiding a secret on its title that threatened to cause heartbreak for its owner, the dealership, and the next eager buyer.
Luckily, the dealership had seen its share of double agents before. A less seasoned dealership might have waited weeks before receiving the title and learning of the customer information discrepancies it contained. But this dealership was primed and ready with a trade-in titling solution that offered a quick peek at the title before there were commitments on either side.
A Surprise No One Wants
There are good surprises and bad surprises in life, but what every dealership wants to avoid is a trade-in title surprise. That’s what happens when the customer’s name or address is wrong on the title – or worse, there’s a co-owner or co-signer that no one mentioned. When you’re handling your payoff and title release manually, these unwanted surprises may take weeks to pop up. They can delay remarketing or even unwind both the original deal and the trade-in resale.
Shining A Spotlight on Title Details
Dealertrack Accelerated Title allows dealers to see the full details of titles held by top auto lenders ahead of taking in a trade. That information helps the dealership get ahead of any needed title changes that could hold up resale or unwind a deal – and they can choose not to accept a trade depending on what they uncover.
According to the 2020 Dealertrack Online Dealer Community Survey, on average about 53% of vehicles taken in on trade each month require title acquisition, which means more than half of trades could be hiding payoff and title surprises that need to be addressed.
Not only can Accelerated Title help you identify and defuse double agents among your trade-ins, but it also helps complete payoff and title release up to 70% faster than manual methods, so you get a clear title in as little as 4-6 days. Full title details plus expedited title release means you can confidently turn a trade and realize its profit potential without lingering unknowns casting a shadow over the deal.
