DealerTrack Selects Reynolds LAW(R) Contracts for its eContracting Solution and Announces eContracting Integration with Reynolds Nationwide
DAYTON, Ohio and MELVILLE, N.Y., April 11 -- The Reynolds and Reynolds Company and DealerTrack, Inc. announced today that the industry-leading Reynolds LAW contracts will be the primary retail installment contracts used in DealerTrack's eContracting solution. The companies also announced that electronic integration between Reynolds' ERA(R) dealer management system and DealerTrack's eContracting application is now available in all 50 states.
Reynolds LAW contracts, which DealerTrack has selected for use in its eContracting solution, are standardized and accepted nationwide. They are periodically reviewed by Hudson Cook, LLP -- a leader in automotive finance law -- to ensure that they keep pace with new legislative and regulatory developments.
"Reynolds LAW universal retail contracts are widely recognized and accepted by financial institutions throughout the U.S.," said Mark O'Neil, CEO and president of DealerTrack. "They were the natural choice for our innovative eContracting solution, and yet another result of our strong collaboration with Reynolds and Reynolds."
Mike Berry, senior vice president of Solutions Management, Development and Operations at Reynolds and Reynolds, said, "Our work with DealerTrack is providing our dealers with the latest in financing solutions and options. Together, we are enabling dealers to access tools and resources that are streamlining and simplifying the funding process, as well as enhancing their profitability and customer satisfaction."
DealerTrack's eContracting, the industry's first electronic contracting solution, enables dealers to electronically complete and transmit contracts and other required data (including digital customer signatures) directly to participating financing sources. The technology is integrated with the DealerTrack online auto finance platform and speeds the entire financing process for both dealers and financing sources. With eContracting, dealerships receive their funding within as little as 24 hours, reducing contracts-in- transit and boosting cash flow.
The seamless process is further enhanced by the integration of eContracting with the Reynolds dealer management system, which enables dealers to avoid re-typing or re-calculating deal information, saving time and reducing the likelihood of costly errors.
About Reynolds
Reynolds and Reynolds ( http://www.reyrey.com/ ) is the leading provider of integrated solutions that help automotive retailers manage change and improve their profitability. Serving the automotive retailing industry since 1927, Reynolds enables OEMs and retailers to work together to build the lifetime value of their customers. The company's award-winning product, service and training solutions include a full range of retail and enterprise management systems, Web and Customer Relationship Management solutions, learning and consulting services, documents, data management and integration, networking and support and leasing services. Reynolds serves more than 20,000 customers. They comprise nearly 90 percent of the automotive retailers and virtually all OEMs doing business in North America. Reynolds serves automotive retailers and OEMs globally through its Incadea solution and a worldwide partner network, as well as through its consulting practice.
About DealerTrack, Inc.
DealerTrack operates the leading online automotive sales and finance platform, enhancing efficiency, profitability and customer satisfaction for dealers and their financing sources. More than 24,000 dealers and 110 financing sources are currently connected via DealerTrack's online credit application system, which is free to the dealer. By integrating the full suite of subscription products, dealers can build a comprehensive sales and finance management solution that enables them to desk their deals, get credit decisions quickly, present a menu of financial options, complete contracts electronically, and improve compliance in their dealerships. DealerTrack also offers access to credit reports and used vehicle valuations, activity reports, a dealer website product, and integration with dealer management systems. Through its participation in AFSA, ASC X9, SPeRS, STAR and other organizations, DealerTrack continues to drive industry-wide technology standards to support the total financing process. More information on DealerTrack is available at http://www.dealertrack.com/ or by calling 877-357-8725.