NORTH HILLS, N.Y. — Subprime finance source Regional Acceptance Corp. (RAC) today announced it has selected Dealertrack Accelerated Title to handle its payoff and title release process for dealers accepting cars in on trade.
Regional Acceptance officials said the finance source chose Dealertrack’s Accelerate Title to “maximize internal efficiencies, reduce processing costs, and provide dealers with optimal service in title turnaround.” The finance source currently serves dealers in more than 40 states with 30 regional business centers.
“Dealertrack’s Accelerated Title brings us the most advanced lender solutions in the market today,” said Fred Reherman, COO of BB&T Dealer Retail Services, Regional Acceptance Corporation, and BB&T Dealer Finance. “Entrusting Dealertrack to deliver speed, accuracy, and consistency to our vehicle payoffs was a clear choice, because the company exudes the same characteristics of honesty, integrity and mutual respect that are core to RAC.”
Through Accelerated Title, RAC can provide accurate payoff quotes to dealers via Dealertrack based on their preferred payment date. Accurate payments can also be made via a three-day ACH process that when cleared, triggers title release to the dealer.
Accelerated Title also provides dealers with title visibility to ensure the validity of the trade before a deal is finalized. It also provides 24/7 title tracking, reporting, and statements so clients know exactly what’s happening with every transaction.
“It is great to see RAC succeed with Accelerated Title,” said Todd Hutto, vice president and general manager of Dealertrack Lender Solutions. “Our goal is for Accelerated Title to expedite the titling process for dealers and lenders, creating efficiencies on both sides that help everyone work smarter and more profitably. RAC is already seeing positive results and we’re confident their efficiencies will get even better.”