NORTH HILLS, N.Y., Jan. 23, 2019 /PRNewswire/ -- As dealerships look to provide faster, easier car-buying experiences to consumers, Dealertrack uniFI™ continues to deliver on its promise to ensure profit-building efficiencies across the entire F&I deal workflow.
Launched in October, Dealertrack uniFI™ streamlines the car-buying process for dealership staff by providing the industry's first single platform that connects the entire deal workflow process from start to finish. Dealertrack uniFI™ combines as many as 51 different pieces of paperwork from the car deal process into a single online deal jacket,1 simplifying the car-buying journey for dealers, their customers and submission to lenders. Based on initial tests, deal structuring on the new Dealertrack uniFI™ platform is up to 35 percent faster2. Dealerships are confirming the positive impact to their businesses.
"The Dealertrack uniFI™ software has helped support our overall success with its simple format and quick executions," said Andrea Marquez, finance manager for UR1 Stop Auto Sales in Watsonville, Calif. "Dealertrack uniFI™ has improved our workflow processes so we can respond more quickly to customer needs. Not only have our sales increased, but customers have given us stellar reviews thanks to Dealertrack uniFI™ combining all of these car deal functions into one dashboard."
These new efficiencies are aimed at a major pain point in car buying. Customers spend on average more than three hours at a dealership purchasing a vehicle and less than half are satisfied with the lengthy process, according the 2018 Cox Automotive Car Buyer Journey Study. With car sales expected to flatten in coming years, revenue growth will be closely tied to customer satisfaction and retention. Not surprisingly, more than two-thirds of dealers are concerned about the need to deliver a better customer experience and increase the efficiency of their sales process, according to 2018 Cox Automotive Dealer Communication & Operations Study.
Dealertrack uniFI™ is designed to improve the consumer experience by enabling dealers to start (either online or instore), structure, finance and transact the purchase of a vehicle – all from one platform. This can save time and reduce errors by eliminating the need to enter data multiple times in different forms and by reducing the number of systems dealership staff have to navigate. Dealertrack also has the industry's leading lender network with more than 1,600 connected lenders, of which approximately 89 percent of lenders have received credit application on the new Dealertrack uniFI™ platform in 2018.3
"For too long, the car-buying process has been bogged down by tedious paperwork and complicated IT systems," said Cheryl Miller, senior vice president and general manager for Dealertrack F&I Solutions and Registration and Titling Solutions. "Dealertrack uniFI™ creates a simple, straightforward digital deal flow so dealers can focus more of their time serving their customers' needs and less time filling out another piece of paperwork."
Dealertrack will demonstrate these efficiency gains at its exhibit at the NADA Expo, January 25-27, at the Moscone Center in San Francisco. Key benefits and features for Dealertrack uniFI™ that will be highlighted include:
- Improved Workflow Efficiency: Provides one online deal jacket with a summary dashboard for faster access to customer information, credit insights and lender decisions.
- Menu on Dealertrack uniFI™: Receive secure, accurate quotes through the most comprehensive aftermarket network in seconds, build a menu with fewer clicks and allow dealers to present on any device.
- Deal Calculator and Desking on Dealertrack uniFI™: Enables dealership staff to desk a deal with fewer clicks, easily add aftermarket products and calculate taxes and fees with the integrated deal calculator. Ability to structure deals with lender and OEM programs and incentives built-in.
- Credit Bureau on Dealertrack uniFI™: Eliminates the need to scroll through each credit bureau report individually. One quick, easy-to-view credit bureau summary.
- Compliance on Dealertrack uniFI™: Integrates compliance into each deal jacket. Provides quick and easy dashboard view with proactive task alerts and red flags on credit bureau requests. With a built-in checklist, dealership staff have a snapshot of each step of the deal at their fingertips.
- Enhanced Customer Experience: Improves dealer productivity and saves time for the customer. Also provides the convenience and flexibility to start the car-buying process online or instore.
- Access Leads on Dealertrack uniFI™: Seamlessly connects with online leads to reduce the information a customer needs to provide at the store.
- Digital Showroom on Dealertrack uniFI™: Introducing a new customer presentation experience whereby customers can interactively review payment and negotiate terms, select aftermarket products-of-interest, plus sign all the deal paperwork on any device, anywhere in the showroom.
- Increased Profit Opportunity: Allows dealership staff to work multiple quotes simultaneously with up-to-date rebates and incentives. Reduces contract errors with real-time data validation for faster funding.
- Accelerated Title on Dealertrack uniFI™: Enables faster pay-off and title release for vehicles taken in on trade, reducing the process from 12 to 18-plus days to as little as 4 to 6 days.4 This can save significantly on holding fees, supporting better cash flow and more profitability at dealerships.
- Dealertrack Credit Application Network: Provides greater financing options with access to the largest network of connected lenders in North America.
For more information about Dealertrack solutions and to schedule a demo at NADA, visit https://us.dealertrack.com/.
1 Firas Makhlouf, Chief Information Officer, Drivers Village, January 2019.
2 Comparison of all workflows, Dealertrack uniFI vs. Dealertrack classic platforms, internal time trials Jan 2019.
3 Dealertrack uniFI data (January-December 2018).
4 Based on average industry timeframe for vehicle title release and vehicle payoff process of 18+ days, as determined by Dealertrack data.
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, owns and uses 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, owning and using cars easier for everyone. 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