LAKE SUCCESS, N.Y. — Dealertrack announced last week it will begin marketing and selling F&I Express’ Express Recoveries Solution through its platform on Oct. 1. The offering is designed to help lenders manage the delivery of customer refunds associated with the unused portion of their aftermarket contracts, according to the company.
"The Express Recoveries Solution will expand Dealertrack's offering to its more than 6,800 lenders, helping to bring aftermarket providers and lenders together and facilitate the management of aftermarket recoveries for dealerships," said Mark Furcolo, senior vice president of lender solutions for Dealertrack. "The integration of Express Recoveries Solution will help lenders and dealers strengthen their relationship when it comes to aftermarket recoveries to consumers. This will ultimately enable better workflow and greater efficiencies, much needed in today's dealerships."
Additionally, Dealertrack and F&I Express will provide dealerships with additional access to F&I product providers through Dealertrack's eMenu and the Dealertrack Aftermarket Network. Through this workflow on Dealertrack, dealers will be able to access product rates, generate contracts and remit contracts to the providers, according to the company.
"Our aligned vision to provide powerful, innovative solutions to dealers to enhance workflow is a primary reason why we feel so strongly about our partnership with Cox Automotive, and expanding our relationship with Dealertrack is an important aspect of that," said Brian Reed, President and CEO of F&I Express. "To include our award-winning Express Recoveries Solution on Dealertrack's platform means lenders have increased and improved access to F&I providers for product cancellations."
Dealertrack will provide more information about when providers and their rates will be added to the Dealertrack Aftermarket Network in the coming months, the company added.