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Dealertrack Brings Same-Day Speed and Efficiency to Lenders Processing Paper Auto Contracts

Company opens Digital Document Services to lenders of all sizes, and announces the latest LOS integration with defi Solutions

Sep 13, 2018

NORTH HILLS, N.Y., Sept. 13, 2018 /PRNewswire/ -- Dealertrack Digital Document Services, founded in 2004, recognized the need to improve paper contract processing for lenders of all sizes while the auto retail industry transitions to a more digital-centric workflow. With service offerings to match each lender's contract volume needs, Digital Document Services provides all lenders with a same-day digitization of paper funding packages that enables faster funding review and approval.

(PRNewsfoto/Dealertrack)

With options for simple scanning and imaging to full data entry/capture, validation and document storage, all lenders, regardless of contract volume size, now have the ability to offload the cumbersome, administrative tasks of the process for a same-day turnaround of all funding packages: Within hours Digital Document Services completes this entire workflow for all contract packages received for all lenders that day — regardless of fluctuations in volume. For lenders with an integrated LOS, contracts sent by dealers just the night before are steadily streamed into the system to allow funding review and approval to begin first thing in the morning.

"As the first and only provider to bring this digitization service to market, Dealertrack is uniquely positioned to help lenders guarantee accuracy while achieving faster funding approval to meet dealership expectations, enhance relationships and lower costs," said Todd Hutto, Vice President and General Manager of Dealertrack's Lender, Collateral Management Systems, and Digital Document Services Solutions. "With more than 12 million contracts processed annually, clients entrust Dealertrack to ensure documentation is legible, complete and error free. Together with industry-leading LOS provider partners, we are reinventing the paper-to-digital contract process while staying in step with lenders' compliance guidelines to protect and grow clients' bottom line."

Dealertrack also announced growing partnerships with lending platforms, including an additional integration with defi SOLUTIONS. This new integration offers access to the newest capabilities that serve lenders of any size. The existing Digital Document Services integration with defi, which offers the full data processing integration for larger lenders, will remain in place.

"We continue to look for ways to enhance our client experience," said Lana Johnson, defi COO. "The unparalleled speed and efficiency of Dealertrack's integrated solutions lets us do just that while giving our clients the information and speed they need to remain competitive in the long run."

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

 

SOURCE Dealertrack

For further information: Lisa Aloisio, 404.725.0651 (c), lisa.aloisio@coxautomotive.com


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