DIGITAL DEALER TITLING IS YOUR NEW GO-TO FOR DTO Wouldn’t it be great to just ditch a traditional title and go completely digital? What about using an Motor Vehicle Record (MVR) as the source of truth — an E-Title? And what if one simplified form provided all the necessary information needed for Digital Dealer Titling — the MV212? It’s all real and it’s here, now. Developed in conjunction with Montana MVD, read on as to how Digital Dealer Titling is a game changer for your dealership. The Problem: Time is Money and We’ve Got Cars to Sell. One of the main things that can grind a vehicle sale to a halt is getting a transferable title in hand. When your dealership acquires a vehicle through a trade-in, what do you do when the seller doesn’t have a vehicle title on hand? In order to resell that vehicle, you must have a transferable title in hand. When the seller has a title on hand, the process is easy. But you know all too well the heartache and delays when no such chain of custody exists. The process begins by trying to piece together an accurate chain of custody, submitting (or walking the deal) to MVD and waiting. The short story: it’s all time-consuming. Let’s commiserate for a moment and talk about the chain of custody. So, your customer who traded in the vehicle has no title and is long gone — hopefully in the new car that they purchased. But they left you with no title — maybe some other proof of ownership. Before you can get anything over to MVD, you have to rebuild the chain of ownership. This has the potential to be tedious and troublesome because sometimes you need additional information, but the seller is unavailable. When your dealership has to rebuild the chain of custody, the clock is already ticking. And you want to get that car back on your lot to sell it, but you are stuck. Now for the second part: the actual submission to MVD. Finally, you have the necessary documents and you are ready to apply for a new title in your dealership’s name. So you do that by either mailing the application and paperwork in or, more likely, sending a runner to your nearby MVD office. And then you wait. It’s not like the State of Montana and MVD are not busy; it’s just you know that these things take time. And you are still waiting. Once all is said and done, maybe you’re days, weeks or months away from getting the title. And you know all too well that time equals money. Remember, every day you’re paying for the space on your lot while that vehicle just sits there. Let’s do some math. Based on national standards and averages, that vehicle sitting on your lot waiting to be titled costs at least $15.54 per day. Once you factor in the overhead from space on your lot and staff, the cost per day rises. As you all know too well, time equals money. By Vitu 16
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