Digital Transformations in the Auto Industry Continue to Rise, Supporting Faster Processing of Total Loss Titles

NORTH HILLS, NY and WESTCHESTER, IL, June 9, 2021 – IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, today announces an enhanced strategic agreement with Dealertrack to provide electronic registration and titling services in Ohio through facilitating the digital transfer of total loss titles. The agreement is announced as the global COVID-19 health crisis continues the acceleration of digitization efforts across the automotive industry, which faces yet another challenging year ahead due to the ongoing impacts of inventory shortages. These digital capabilities will be essential for dealerships to meet consumer expectations of completing more of the shopping experience online, as more than three quarters of today’s shoppers are open to the idea of buying a vehicle completely online.[1] The enhanced capabilities offered by IAA and Dealertrack will connect consumers, dealerships, and insurers in Ohio for a more efficient, more profitable electronic total loss title processing experience.  

The pandemic changed longstanding industry dynamics in several unforeseen ways. In particular, the total loss segment of the market has been affected by the circumstances of the last year. According to industry data, in 2020, overall traffic volume decreased by 14%, with passenger interstate travel dropping more than 50% in mid-April alone.[2] Even with drivers traveling fewer miles and submitting fewer overall claims, accident severity levels rose due to drivers increasing their median speeds. The percentage of vehicle claims that were non-drivable and flagged as total losses rose over the previous two years. Repair costs also trended higher during most of 2020, increasing 4.9% between 2019-2020, compared to 3.6% increases between 2018-2019.[3] Higher repair costs in turn are pushing insurance companies to total vehicles that previously would have been restored.

These higher costs and totaled cars arrive amid a tight used car market due to industry-wide supply constraints caused in part by electronic chip shortages reducing availability of new vehicles that will likely persist in the coming months. The good news is the pace of digital transformation has greatly increased to keep up with this challenging environment. Prior to the pandemic, total loss title processing often took 8-10 weeks. This caused a delay in transferring ownership of total loss vehicles, which stalled cash flow for insurance companies, dealers and the downstream players who derive value from fixing, parting out or recycling salvaged vehicles. Twenty-five (25) states offer Electronic Lien and Title solutions (ELT) and 29 allow electronic registration and titling (ERT), including Ohio, which is eligible to transfer total loss titles digitally. Prior to the collaboration in Ohio, IAA and Dealertrack Registration and Title Solutions announced a strategic agreement in July 2020 when North Carolina passed a bill to become the 25th state to offer ELT services.

“Insurance companies need to control costs and cycle time, so there is less of a lag between making the customer whole and moving the vehicle value to the final party,” said Tab Edmundson, vice president of client solutions for IAA. “This IAA and Dealertrack collaboration has the potential to expedite back-office workflow and improve deal efficiency by leaps and bounds.”

More than 5 million vehicles are declared a total loss each year, according to IAA estimates, and up to 70% of those vehicles carry a loan.[4] The IAA Loan Payoff solution, which was recently enhanced with Dealertrack Payoff Quote, can reduce the time to secure a vehicle title for a total loss claim by up to 50%, which can result in greatly reduced storage costs and vehicle depreciation. 

“We’ve seen more titling legislative activity in the last year than we’ve seen in the last 50 years because many of these laws were written in the 1950’s when digitization wasn’t a consideration,” said Kaitlin Gavin, vice president of operations, Dealertrack Registration and Title Solutions. “The last year catalyzed digital transformation and adoption in many parts of the auto industry including the total loss sector. Thanks to strategic agreements like the one between Dealertrack and IAA. Technology such as the Ohio electronic titling solution can accelerate the loan payoff and the title release, which not only improves sales velocity, but improves the bottom line for dealerships in Ohio and across the country.”

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About Dealertrack

Dealertrack provides industry-leading software solutions that give dealerships, lenders, and partners the confidence to thrive in an ever-changing automotive market. The company’s integrated suite of powerful easy-to-use products and services 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 IAA
IAA, Inc. (NYSE: IAA) is a leading global digital marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA’s unique platform facilitates the marketing and sale of total-loss, damaged and low-value vehicles.  Headquartered near Chicago in Westchester, Illinois, IAA has nearly 4,000 talented employees and more than 200 facilities throughout the U.S., Canada and the United Kingdom.  IAA serves a rapidly growing global buyer base – located throughout over 135 countries – and a full spectrum of sellers, including insurers, dealerships, fleet lease and rental car companies, and charitable organizations. Buyers have access to multiple digital bidding and buying channels, innovative vehicle merchandising, and efficient evaluation services, enhancing the overall purchasing experience. IAA offers sellers a comprehensive suite of services aimed at maximizing vehicle value, reducing administrative costs, shortening selling cycle time and delivering the highest economic returns.   For more information visit IAAI.com, and follow IAA on Facebook, Twitter, Instagram, YouTube and LinkedIn.  

Please refer to IAA's forward-looking-statements disclosure.

Amid Challenging Marketplace for Car Buyers, My Wallet Makes Shopping from Home Easier, More Convenient

ATLANTA, June 7, 2021 /PRNewswire/ -- Car buyers are facing tough times right now, with a difficult market plagued by low supply from vehicle inventory shortages and the resulting high demand driving prices upward. A worldwide microchip shortage has severely limited new-car production and dealers have fewer used vehicles on their lots, so now more than ever car shoppers need to appreciate the power of their individual finances to make the best deal they can. Amid this challenging marketplace Autotrader recently launched My Wallet, a tool that unveils a consumer's total purchasing power with personalized monthly payment details and the ability to compare deals to help make car shopping easier, faster and more convenient from the comfort of home. 

When making a large purchase decision like buying a car, consumers need to understand not only how it fits into the overall big picture of their finances but also how it impacts their monthly spending. My Wallet helps guide car shoppers through setting up their budget so they can get personalized pricing and monthly payment details as they browse, select and move toward a purchase, giving shoppers more accurate pricing than other listings providers. To activate the power of My Wallet on Autotrader, car shoppers simply enter their individual purchase details, estimated credit score, desired term, down payment and trade-in value that is seamlessly generated through an integration with Kelley Blue Book's KBB.com. After setting up My Wallet, each vehicle listing they view on Autotrader will feature a personalized estimated monthly payment so they can clearly evaluate if that vehicle fits within their individual budget. My Wallet estimated payments stay with shoppers so they can easily browse a wide variety of vehicles across Autotrader as they move toward their purchase. By empowering car shoppers with personalized payment details, My Wallet helps improve the shopping-to-buying journey and creates richer connections between buyers and sellers. Since the launch of My Wallet, there has been a 113% increase in shoppers exploring financial terms of their deal on Autotrader, including things like down payment, monthly payment or length of loan, and deal activity has increased by 469%1.

"Consumers should have a comprehensive view of their total purchasing power as they consider their next vehicle, so being able to shop by monthly payment is extremely helpful – especially now given the current economic climate in the automotive industry," said Jessica Stafford, president of Autotrader and Kelley Blue Book. "Autotrader's My Wallet gives car shoppers the best experience and most accurate 'all-in' pricing to help them complete their car-buying journey faster. Personalizing the shopping experience drives convenience that is beneficial to consumers and dealers alike, easing the flow of information and helping to close the gap between shopping and buying to provide a smooth, integrated experience all around."

Beyond the benefits My Wallet affords consumers, the tool also aids dealers. When consumers shop online, price often is a deciding factor and 67% of shoppers are more likely to use the marketplace if they can shop by payment2. Powered by Cox Automotive, My Wallet surfaces the deal pieces earlier in the shopping journey, allowing consumers to determine their trade-in, down payment, financing terms and credit range on every vehicle listed on Autotrader. This information is combined with a dealer's preferred lender, which ultimately provides dealers with more qualified leads and empowers them to service their customers in a more personalized, seamless way that is quicker to close the sale.

With the drastic shift in the automotive consumer journey, being able to complete as much of the car shopping and buying process from home is now imperative for many consumers – and dealers have stepped up to the challenges of digital retailing accordingly. Shoppers now know what is possible in this new car-buying experience and they are going to seek out dealers who continue to deliver that process, resulting in stronger loyalty to those brands and dealerships than ever before. Consumers of all ages have come to appreciate shopping and buying things online versus going to a retail store, and now many prefer and expect it. In addition to providing a resource for consumers to shop for the perfect vehicle by payment using My Wallet, the trust and speed of Autotrader's digital shopping experience makes the overall car-shopping process a breeze.

Buying a car is now easier and safer than ever thanks to Autotrader's At Home Services, which helps shoppers buy and service a car without ever leaving the safety and comfort of their homes. This suite of solutions assists with "no contact" interactions by offering consumers virtual vehicle tours, test drives at home and local vehicle delivery at no additional cost to dealers.

Visit https://www.autotrader.com/ look for the wallet icon in the top navigation and get started with My Wallet to unlock your purchasing power.

For more information and news from Autotrader, visit press.autotrader.com, follow us on Twitter at https://twitter.com/Autotrader_com (or @Autotrader_com), Instagram at https://www.instagram.com/autotrader_com/ (or @autotrader_com), like our page on Facebook at https://www.facebook.com/autotrader/, and LinkedIn at https://www.linkedin.com/company/autotrader-com.

About Autotrader
Autotrader is the most recognized third-party car listings brand, with the most engaged audience of in-market car shoppers. As the foremost authority on automotive consumer insights and expert in online and mobile marketing, Autotrader makes the car shopping experience easy and fun for today's empowered car shopper looking to find or sell the perfect new, used or Certified Pre-Owned car. Using technology, shopper insights and local market guidance, Autotrader's comprehensive marketing and retailing solutions allow consumers to build their deal online, and guide dealers to personalized digital marketing strategies that grow brand, drive traffic and connect the online and in-store shopping experience. Autotrader is a Cox Automotive™ brand. Cox Automotive is a subsidiary of Cox Enterprises. For more information, please visit http://press.autotrader.com. 

About Cox Automotive
Cox Automotive Inc. makes buying, selling, owning and using vehicles easier for everyone. The global company's more than 27,000 team members and family of brands, including Autotrader®, Dealer.com®, Dealertrack®, Dickinson Fleet Services, 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 annual revenues of nearly $20 billion. www.coxautoinc.com

1 Cox Automotive Adobe Analytics, May 8-May 11 2021, 50% of traffic on the Autotrader site.
2 Autotrader Shopping Experience (Oct 2019)

New capabilities support a paperless workflow to help speed up funding and improve cash flow

NORTH HILLS, N.Y., Feb. 2, 2021 – Dealertrack F&I announces new digital workflow and contracting solutions for dealerships and lenders to adapt to consumers’ accelerated shift toward digital purchasing. These enhancements, debuting at the Cox Automotive Experience, National Automobile Dealers Association (NADA) 2021 and AFSA 2021 Vehicle Finance Conference, provide crucial e-solutions that expand opportunities for dealers and lenders to connect and contract digitally via an even more streamlined financing process. Amidst the COVID-19 pandemic, preferences for online engagement and interactions continue to increase, underscoring the importance of digital integration. In fact, the 2020 Cox Automotive COVID-19 Consumer and Dealer Impact Study found an overwhelming 85% of dealerships are going beyond conducting business in their physical location, indicating that the option to conduct business digitally from anywhere is an essential element of future-proofing any dealership’s 2021 business strategy.

“Following the sea change brought about by circumstances in 2020, dealerships are moving fast to adapt to a virtual workforce, which requires the right technology partners and platforms to provide a digital workflow for all,” said Cheryl Miller, vice president of operations for Dealertrack F&I Solutions. “At Dealertrack, we’re working on providing a fast-track solution to digitally connect more car dealers with more lenders through a streamlined financing process, enabling an efficient and flexible workflow that drives faster funding and improves cash flow – even when in-store visits are no longer the only option for customers.”

With more dealerships and lenders embracing digital workflow, client adoption of Digital Contracting Ready Sign functionality grew approximately 135% based on Dealertrack data from July 2020 to December 2020.  The number of deals signed with Ready Sign has seen an estimated 173% increase and the number of eSign documents created using Ready Sign grew up to 233% over the same time period.

The following Dealertrack capabilities continue to fulfill the company’s promise to provide dealerships and lenders with solutions that work more collaboratively in a digital world:

• Digital Contracting Choice: Dealertrack Digital Contracting Choice extends a dealership’s functionality to submit contracts digitally to non-integrated (paper) lenders, eliminating errors and additional steps in the submission process. With this solution, lenders currently outside the scope of full digital contracting can now appear digital to their dealers, enabling the convenience of a digital workflow to more lenders of a dealer’s choice.
• Seamless DMS Integration: Further increasing efficiencies, Dealertrack Digital Contracting offers seamless integration to an increasing number of DMS providers while allowing dealers to map workflow and reduce deal data entry. This seamless integration, now available on the Auto/Mate and DealerBuilt DMS platforms as well as on Dealertrack DMS and others, contributes to dealership staff being able to conduct more essential areas of business digitally, which is a necessity for the future. For users of both Dealertrack DMS and Dealertrack uniFI the level of harmony goes one step further allowing for remote signing of all required documents in a single signing ceremony - adding another dimension of convenience for both consumers and sales staff.
• Dealertrack Ready Sign: Enables dealership staff and customers to eSign documents through a single signing ceremony either in-store or remote and submit any deal document digitally as permitted by their state. This new technology not only currently facilitates dealership staff’s adherence to social distancing protocols but will also continue to be useful beyond the pandemic to allow the consumer digital flexibility during their car buying journey.
• Compliance: Every year brings new changes to the compliance landscape, requiring a dealership to safeguard against fraud, fines, and audits with integrated compliance checkpoints throughout the deal. Dealerships can protect profits and ensure mishaps are mitigated through real-time updates and checkpoints along each step of building one complete digital deal jacket. Dealertrack’s annual Compliance Guide has been updated for 2021 and is easily accessible, so retailers can seamlessly share updates.

“We equate the value of solutions in terms of the money, time and customer satisfaction they generate,” said Cris Aviso, Finance Director, Regal Automotive Group in Lakeland, Florida, “We used to wait several days for a deal to be funded, but now with Dealertrack Digital Contacting Choice we can have the deal verified within hours if not minutes, never miss a signature, and it pre-fills with our DMS – that constitutes very real value!”

Dealertrack will be highlighting new solutions and enhancements to keep the F&I process safely moving forward at the upcoming virtual NADA 2021 show and AFSA 2021 Vehicle Finance Conference. For information on all Cox Automotive’s 2021 new offerings, visit www.coxautoinc.com/experience.

About Dealertrack
Dealertrack provides industry-leading software solutions that give dealerships, lenders, and partners the confidence to thrive in an ever-changing automotive market. The company’s integrated suite of powerful easy-to-use products and services 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 vehicles easier for everyone. The global company’s more than 27,000 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 annual revenues of nearly $20 billion. www.coxautoinc.com

Media Contact:

Lisa Aloisio

Lisa.Aloisio@coxautoinc.com

c. 404.725.0651

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Expanded flexible financing options allow dealers to offer access to buy now, pay over time payment plans that work for more than 90% of Sunbit consumers*

MISSION, Kan., November 11, 2020 - Xtime, the automotive industry’s leading end-to-end software service solution, today announces its collaboration with Sunbit, the technology company improving the buying and selling experience for everyday things through flexible monthly payment plans. Together, they will provide access to additional payment options for dealerships to offer consumers directly from Xtime.

Xtime helps dealerships build loyalty, increase customer satisfaction, and drive revenue in the service department, all by providing the tools and technology to create a superior customer experience. As Sunbit has become a major player in fixed ops financing with a footprint in 19 of the top 25 largest auto groups and more than 3,500 auto dealerships in the U.S. served, including Sunbit integration with Xtime’s FlexPay was a natural next step.  

With the new Sunbit relationship, consumers can see payment plan options and pre-qualify, all from the quote provided to them through Xtime. This option can easily be enabled and put into action for any dealership using both Sunbit and Xtime.

“Especially in light of a challenging economy, dealerships are seeing growing demand for financing options,” said Matt Schwartz, senior director of business development for Xtime. “With flexible payment options available, the customer experience only improves by making comprehensive automotive repairs more affordable and lessening the impact on consumers’ budgets. Sunbit is integrated seamlessly, making the process easy and contactless for both consumers and service employees.” 

Sunbit helps deliver a premium customer experience by providing customers access to financing with a 90% approval rate and an application that doesn’t impact a consumer’s credit score. Sunbit leverages machine learning technology to personalize underwriting solutions that result in more transparent and fairer rates for more people. Now found in one out of every six U.S. dealership service centers, Sunbit technology has helped service departments complete more than 200,000 repair orders, ringing up more than $142M in revenue for these auto dealerships.

"Xtime has a great reputation in the industry and is used by over 7,500 dealerships,” said Tal Riesenfeld, head of sales at Sunbit. “We’re pleased to be working with them to ensure that dealerships minimize losses from unsold services, and that consumers have the best experience possible while getting the repairs that they need to be on the road safely. We think that’s a win all around.”

For more information about Xtime and Sunbit integration, visit http://choose.xtime.com/flexpay-sunbit/.

About Xtime

Xtime increases customer retention for automotive dealer service departments by using technology to transform the ownership experience. Improving customer satisfaction and retention drives dealer revenue and profitability. Xtime is committed to delivering the experience consumers demand – an experience which emphasizes value, convenience and trust. In 2019, Xtime booked 55 million service appointments and processed more than 100 million repair orders annually. Forty-four global OEMs have chosen Xtime to drive that same type of success for their businesses, converting more than $23 billion in service revenue last year for more than 7,500 dealerships.

About Cox Automotive

Cox Automotive Inc. makes buying, selling, owning and using cars easier for everyone. The global company’s more than 27,000 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 annual revenues of $21 billion. www.coxautoinc.com

About Sunbit:

Sunbit is a technology company that improves the buying and selling experience for everyday purchases. Sunbit reduces the stress involved at the register by providing fast, fair, and transparent installment financing solutions to people across the credit spectrum. Sunbit is offered in 4,500 retail locations in 45 states, including 1 in 5 auto dealerships, veterinary care, eye care, dental and specialty health care service industries.

*Visit http://www.sunbit.com/rates_and_terms for more details. Loans are made by Transportation Alliance Bank, Inc., dba TAB Bank, which determines qualifications for and terms of credit.

New Functionality Accelerates Cycle Time and Supports Digital Claims

WESTCHESTER, IL – October 01, 2020 – IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, announces the enhancement of its Loan Payoff product with Dealertrack Payoff Quote.  The new feature provides immediate payoff amounts from top lenders across the country, which may decrease the total loss claims cycle time by allowing insurance providers faster access to vehicle lien information and securing the titles from lenders.   The IAA Loan Payoff platform also supports the industry’s move to a digital claims model.

IAA estimates more than 5 million vehicles are declared a total loss each year, with up to 70% of those vehicles carrying a loan.¹  Typically, it takes 45 to 90 days to secure a vehicle title for a total loss claim.  The IAA Loan Payoff solution can reduce that cycle time by up to 50%, which also can result in greatly reduced storage costs and vehicle depreciation. 

According to the latest forecasting from Cox Automotive’s Chief Economist, Jonathan Smoke, new car sales volume in September is expected to be near 1.275 million units, nearly equal to year-ago levels.  Additionally, industry data reports collision claim severity and the percentage of vehicles deemed a total loss continues to increase.²  These indicators present opportunities for many players across the total loss space and the wider automotive ecosystem, who depend on the payoff of liens and release of titles to operate their businesses.

"The continued enhancement of IAA Loan Payoff is providing real, measurable benefit to our insurance provider customers as well as lenders,” said Tim O’Day, president of U.S. operations for IAA.  “Payoff Quote is another tool on the digital Loan Payoff platform that further streamlines workflows and speeds up the loan payoff and title release process.  Loan Payoff is not just reducing costs and time associated with total loss claims, it is how IAA is innovating towards a virtual claims process.”

“We have helped our dealer community pay off over 500,000 trade-in vehicles since October 2015³ using Accelerated Title, which reduces title release times by nearly 70%⁴.  This improves sales velocity and the bottom line,” said Kait Gavin, vice president of operations for Dealertrack Registration and Title Solutions.  “Expanding our collaboration with IAA allows us to deliver this same great value to insurers by providing access to vehicle lien information and securing titles from lenders more quickly and efficiently than ever.”

Launched in November of 2019, IAA Loan Payoff has thousands of regional to national lenders on the platform today and continues to expand.  For more information on IAA Loan Payoff, visit IAAI.com.

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¹ IAA 2019 Data. 

² https://www.cccis.com/wp-content/uploads/2020/09/Trends-Sept-FINAL.pdf

³ Dealertrack data: October 2015 – September MTD 2020.

⁴ Based on average industry timeframe for vehicle title release and vehicle payoff process of 18+ days, as determined by Dealertrack data.

About IAA
IAA, Inc. (NYSE: IAA) is a leading global digital marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA’s unique platform facilitates the marketing and sale of total-loss, damaged and low-value vehicles.  Headquartered near Chicago in Westchester, Illinois, IAA has nearly 4,000 talented employees and more than 200 facilities throughout the U.S., Canada and the United Kingdom.  IAA serves a rapidly growing global buyer base – located throughout over 135 countries – and a full spectrum of sellers, including insurers, dealerships, fleet lease and rental car companies, and charitable organizations. Buyers have access to multiple digital bidding and buying channels, innovative vehicle merchandising, and efficient evaluation services, enhancing the overall purchasing experience. IAA offers sellers a comprehensive suite of services aimed at maximizing vehicle value, reducing administrative costs, shortening selling cycle time and delivering the highest economic returns.   For more information visit IAAI.com, and follow IAA on Facebook, Twitter, Instagram, YouTube and LinkedIn. 

Uncertainties Affecting Forward-Looking Statements
 Certain statements contained in this release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements made that are not historical facts may be forward-looking statements and can be identified by words such as “should,” “may,” “will,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and similar expressions. In this release, such forward-looking statements include statements regarding the expected timing and associated benefits of the IAA Loan Payoff or the Dealertrack Payoff Quote feature to our customers and company generally. Such statements are based on management’s current expectations, are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: uncertainties regarding the duration and severity of the COVID-19 pandemic and measures intended to reduce its spread; the loss of one or more significant vehicle seller customers or a reduction in significant volume from such sellers; our ability to meet or exceed customers’ demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in our industry; the risk that our facilities lack the capacity to accept additional vehicles and our ability to obtain land or renew/enter into new leases at commercially reasonable rates; our ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; our ability to successfully implement our business strategies or realize expected cost savings and revenue enhancements, including from our margin expansion program; business development activities, including acquisitions and integration of acquired businesses; our expansion into markets outside the U.S. and the operational, competitive and regulatory risks facing our non-U.S. based operations; our reliance on subhaulers and trucking fleet operations; changes in used-vehicle prices and the volume of damaged and total loss vehicles we purchase; economic conditions, including fuel prices, commodity prices, foreign exchange rates and interest rate fluctuations; trends in new- and used-vehicle sales and incentives; and other risks and uncertainties identified in our filings with the Securities and Exchange Commission (the “SEC”), including under Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 29, 2019 filed with the SEC on March 18, 2020, and our Quarterly Report on Form 10-Q filed with the SEC on August 4, 2020, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC, including subsequent Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Many of these risk factors are outside of our control, and as such, they involve risks which are not currently known that could cause actual results to differ materially from those discussed or implied herein. Additional information regarding risks and uncertainties will also be contained in subsequent annual and quarterly reports we file with the SEC. The forward-looking statements included in this release are made as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement to reflect new information or events, except as required by law.

Dealertrack uniFI now also integrates with Dealertrack DMS Laser Forms for a better streamlined signing ceremony

NORTH HILLS, N.Y., August 20, 2020 – Dealertrack today announces the launch of Dealertrack Ready Sign, giving Dealertrack uniFI® platform users the flexibility to remotely sign and submit any deal document digitally as permitted by their state. Adding to this enhanced functionality, Dealertrack DMS Laser Forms will now also seamlessly integrate into Dealertrack uniFI to provide dealer staff with one continuous digital workflow. Combined, these enhancements streamline F&I and DMS forms into a single signing ceremony for consumers either in-store or remotely, enabling the enhanced and touchless customer experience critical to keeping deals on track regardless of the current environment.

Dealertrack also now offers the ability to create and save signature templates for frequently uploaded documents, which saves more time and steps from the deal workflow.

Over the past few months, digital solutions have quickly shifted from “nice to have” to “essential” for dealerships. In fact, according to Dealertrack sales and transaction data, between mid-April and mid-July 2020, interest in eContracting grew 94% while the number of contracts signed remotely rose by 97%. 

“The Dealertrack Ready Sign functionality and Dealertrack DMS Laser Forms integration are the next steps in our ongoing effort to help dealerships adapt to an ever-accelerating shift online,” said Cheryl Miller, vice president of operations for Dealertrack F&I Solutions. “With the ability to more securely upload, sign and submit all deal documents digitally from a single location, delivering an adaptable and paperless customer experience has never been simpler.”

Using Dealertrack Digital Contracting with the new Ready Sign functionality, sales staff can add a signature block, date and initials to any deal document uploaded to Dealertrack uniFI. This enhancement significantly expands dealerships’ eSigning capabilities beyond the traditional funding and compliance forms. Dealertrack users can now eSign – from anywhere – any dealership, state or other document that is eligible to be electronically signed by state law, including:

- Compliance – Credit application, credit bureau authorization and privacy notice

- Aftermarket contracts and final menu documents

- State-specific forms such as odometer statement and buyer’s guide (in states where digital signing is allowed)

- Dealership specific forms such as we owe, buyer’s order and GPS disclosure

"Dealertrack Ready Sign allows us to be a more versatile and accessible retailer. It has removed obstacles and turned them into opportunities so our sales staff can sell more cars,” said David Barash, finance director for Glassman Automotive Group in Michigan. “With Dealertrack Ready Sign, we can offer a simple, seamless, single signing experience for our customers and business managers either remotely or in-store. Enhancing the delivery experience puts the final touch on our version of digital retailing so our tech-savvy clientele can, if they choose, buy a vehicle in their pajamas from home!"

Streamlining the workflow further, Dealertrack DMS Laser Forms that previously needed to be signed in a separate session within the DMS can now be imported and signed in Dealertrack uniFI. As a result, what has historically been a frustrating process of printing and signing documents across multiple platforms is now possible virtually in a single signing session.

“I have been in the car business for 10 years and never thought I would have a single digital signing session,” said Christopher Klein, finance manager for Bridgewater Chevrolet in Bridgewater, New Jersey. “With the Dealertrack DMS Laser Forms integration and Dealertrack Ready Sign technology, I can now truly give our customers what they have been asking for – less time at the dealership doing paperwork. Getting them in and out – whether virtually or in-person – in no time with a simple, easy, streamlined experience is giving our customers that ‘wow factor,’ which to me is priceless.”

For more information on Dealertrack Digital Contracting and these new enhancements, visit go.dealertrack.com/godigital.

About Dealertrack

Dealertrack provides industry-leading software solutions that give dealerships, lenders, and partners the confidence to thrive in an ever-changing automotive market. The company’s integrated suite of powerful easy-to-use products and services 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 of $21 billion. www.coxautoinc.com 

Dealertrack addresses social distancing concerns with a paperless workflow designed to speed up funding

NORTH HILLS, N.Y., April 16, 2020 – To help lenders and dealers transact with less face-to-face interaction and fewer employees on site during these unprecedented times, Dealertrack is unveiling new enhancements to its F&I platform. The new enhancements will pair with the digital contracting capabilities already in place to enable a remote deal signing and delivery process.

The current coronavirus pandemic has significantly accelerated consumer adoption of online car shopping. As a result, client requests for Dealertrack uniFI Digital Contracting are up 65% from February 2020 to March 2020 and traffic to Dealertrack’s Digital Contracting webpage is up 63% over the same time period. (Based on Dealertrack Data)

As technology providers across the nation work to ensure dealers can meet consumers where they are in the car buying journey while social distancing, the addition of remote signing in combination with digital contracting – where permitted legislatively – helps take the deal over the finish line. Together, these capabilities enable a remote and paperless workflow for the automotive eco-system on the Dealertrack platform:

- Digital Delivery (new): Remotely connect and send deal documents to consumers through an encrypted, online connection with a unique pairing code. This new technology gives dealers the ability to pair with multiple devices, including desktops, laptops, iPads and Android tablets with a 9” screen or larger.

- Assisted Remote Signing (new): As the need for electronic signatures continues to grow amid the current environment, it is now more important than ever for dealers to support technology and processes that will result in a legal contract. With Assisted Remote Signing using Dealertrack’s latest technology, Digital Delivery, a dealer can guide a secure signing ceremony that ensures the right person is always on the other end of the document and the final product is legally binding. Documents that can be signed include credit applications, credit bureau authorizations, privacy notices and funding package documents, such as aftermarket contracts.

- Local File Upload (new): Dealers can now upload stips and documents directly from a desktop into the funding package. The functionality is supported by several industry-first features, including the ability to categorize documents, easily drag and drop multiple files for a single upload, automatic virus scanning of documents before they are uploaded to the deal jacket and a 4MB capacity limit. 

- Point of Sale Capture: Integrated directly into the Dealertrack platform, dealers can securely upload high quality images of a customer’s driver’s license, W-2 and other required documents right from a tablet into the funding package.

- Live Funding Checklist and Real Time Error Display: Exclusive integrated lender checklist and built-in verification alert enable faster submission of an accurate contract, ultimately speeding up processing.

“In today’s climate where social distancing has taken precedence, dealers are moving fast to adapt to a virtual way of working. As their technology partner we are making that possible,” said Cheryl Miller, vice president of operations for Dealertrack F&I Solutions. “With the introduction of Assisted Remote Signing via our new Digital Delivery technology coupled with Digital Contracting, dealers can feel confident knowing they have the flexibility they need to keep transactions on track even when that crucial in-store visit is no longer a viable option for customers.”

“Assisted Remote Signing via Digital Delivery is a game changer and the future of the car business,” said Cris Aviso, Finance Director at Regal Automotive in Lakeland, Florida. “This tool will help us perfect a more coherent car buying experience that is seamless, logical and smooth.”

For tips on how to keep the F&I process moving forward virtually, visit https://cloud.e.dealertrack.com/virtual.

About Dealertrack

Dealertrack provides industry-leading software solutions that give dealerships, lenders, and partners the confidence to thrive in an ever-changing automotive market. The company’s integrated suite of powerful easy-to-use products and services 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 of $21 billion. www.coxautoinc.com

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NCC credit bureau service now integrates directly into Dealertrack’s online deal jacket with access to exclusive new capabilities

NORTH HILLS, N.Y. and LAS VEGAS, N.V., February 14, 2020 – Dealertrack is announcing an enhanced partnership with National Credit Center (NCC) in a push to improve the automotive financing process for dealers and to help lenders approve credit decisions faster and more efficiently. Through the partnership, NCC’s credit bureau service will now integrate directly into Dealertrack’s online deal jacket, giving dealers access to a completely new and enhanced credit bureau report as well as other exclusive features they can subscribe to.

“Dedicated to delivering one seamless workflow for enhanced efficiency and productivity, Dealertrack is continuing to double down on its efforts to enable faster funding for dealers by partnering with industry-leading providers across the F&I process,” said Cheryl Miller, senior vice president and general manager of Dealertrack F&I Solutions. “With the new NCC integration, dealers can make smarter and immediate credit decisions without ever having to leave the Dealertrack platform, ultimately enabling them to derive greater value from the industry’s largest lender credit application network.”

Dealertrack dealers with a basic NCC subscription will be able to access more robust and easier to read reporting formats, such as HTML, TTY and CV2, with Military Lending Act (MLA) inclusion on reports. As an incremental benefit, add-on features now available include:

- Credit Model 6.3 summaries on reports, giving dealers deeper insight into a customer’s car buying history.

- Smart Default capabilities (coming in March 2020) that secure better finance terms and provide the ability to automatically pull an additional bureau if a higher score is available.

“At NCC, it has been our company’s focus to equip dealers with the credit insights they need to confidently work with their customers to close deals faster,” said Robert Granados, CEO of NCC, LLC. “Integrating NCC credit bureau services into Dealertrack’s online deal jacket helps us further this commitment to dealers by bringing them the information and history they need to make quicker credit decisions.”

For more information about Dealertrack and to schedule a demo at NADA 2020, visit https://us.dealertrack.com/ or visit us at the conference at Booth #2336C. For more information about NCC, visit https://www.nccdirect.com/.

About Dealertrack

Dealertrack provides industry-leading software solutions that give dealerships, lenders, and partners the confidence to thrive in an ever-changing automotive market. The company’s integrated suite of powerful easy-to-use products and services 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 NCC

National Credit Center LLC (NCC) is a data driven company leveraging credit and financial attributes that fuel customer decisioning and acquisition for retail automotive. Founded in 1996, NCC has been providing the automotive industry with comprehensive credit reporting and target marketing solutions that enable dealerships to increase sales, drive user engagement and improve operational efficiencies. For more information on the Company, its products and services, please visit www.nccdirect.com.

Addition of SEcureMetrics F&I allows every phase of the deal to be conducted and analyzed on one platform

NORTH HILLS, N.Y. and RICHARDSON, TX., February 12, 2020 – Dealertrack announces a new ground-breaking partnership with StoneEagle F&I to bring best-in-class reporting to its industry-leading platform. StoneEagle’s SEcureMetrics F&I solution will be integrated into the Dealertrack platform, providing dealerships with detailed F&I analytics in real-time to help optimize efficiency, drive performance and maximize profitability.

“From leads to contracts to reporting, powering a more productive and seamless workflow is vital for dealers as they continue to streamline the car-buying experience for consumers,” said Cheryl Miller, senior vice president and general manager of Dealertrack F&I Solutions. “Through the new partnership with StoneEagle, dealers can start, structure, finance, transact, and now analyze a deal all within one online deal jacket, helping to eliminate costly inefficiencies and pinpoint new ways to grow profits.”

SEcureMetrics F&I is the most comprehensive and user-friendly reporting solution in the automotive retail industry. It is easily customizable and adaptable to a dealership’s unique needs and offers an intuitive and dynamic analytics dashboard interface that is tailored to the user. By leveraging multiple certified DMS integrations, the solution pulls in data from the dealership daily, enabling secure access to more accurate and actionable performance insights.

Through this solution, dealers on the Dealertrack platform can now view detailed reports, as well as specify potential deals by specific F&I manager, sales manager, vehicle make, or lender. Additionally, reports are viewable on any device and can be automated and scheduled for delivery on a daily or recurring basis to authorized recipients.

“We are pleased to be partnering with Dealertrack to equip dealers with the easy, accessible, real-time access they need to take F&I reporting to the next level and attain deeper insight into their performance and profitability,” said Cindy Allen, chief executive officer at StoneEagle F&I.

Jason Gillette, vice president of sales and marketing added, “by integrating SEcureMetrics F&I with the Dealertrack platform, dealers will be able to run over 40 F&I reports without ever having to leave the online deal jacket, empowering them to uncover new  profit opportunities that will help refine and optimize their workflow.”

For more information about Dealertrack and to schedule a demo at NADA 2020, visit https://us.dealertrack.com/ or visit us at the conference at Booth #2336C. For more information about StoneEagle F&I, visit https://www.se-fi.com/.

About Dealertrack

Dealertrack provides industry-leading software solutions that give dealerships, lenders, and partners the confidence to thrive in an ever-changing automotive market. The company’s integrated suite of powerful easy-to-use products and services 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 StoneEagle F&I

StoneEagle F&I, Inc. provides innovative F&I solutions and legendary customer service to the retail automotive industry. Through its industry-leading Metrics, Menu, and F&I Administration solutions, StoneEagle F&I makes it possible for users across every facet of the F&I value chain to increase productivity, improve efficiency, and accelerate profitability. StoneEagle F&I’s products meet the needs of thousands of dealerships, general agencies, F&I product providers, and OEM’s throughout North America. For more information visit SE-FI.com, or write to sales@se-fi.com.

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Industry leaders to deliver aftermarket presentation on any device creating one paperless workflow on one platform with one deal jacket; Dealertrack to transition from eMenu to Darwin over the next 18 months

NORTH HILLS, N.Y. and ISELIN, N.J., February 11, 2020 – Dealertrack and Darwin Automotive are partnering to introduce a new best-in-class integration between Dealertrack’s paperless credit workflow and Darwin’s aftermarket presentation. As Dealertrack winds down its eMenu offering, the new partnership will provide a seamless workflow and deliver the flexibility dealers desire.

Through this new joint F&I offering, the deal data received from Darwin will include the aftermarket products accepted and declined by the customer, such as vehicle service contracts, GAP insurance, pre-paid maintenance, complimentary maintenance, theft protection, key replacement and paintless dent repair. This information will integrate seamlessly into Dealertrack’s online deal jacket, helping to ensure deal compliance and equipping the dealership with a complete and accurate payment structure inclusive of aftermarket products. 

Dealerships will be able to present F&I add-ons via a menu presentation powered by Dealertrack’s largest aftermarket provider network and armed with the following unique, easy-to-use capabilities:

- Use Darwin’s prescriptive selling to leverage big data and personalize the F&I selling process

- Build menu presentations that automatically match payments for fewer keystrokes and greater F&I deal efficiency 

- Map to an existing sales process that helps F&I managers increase per vehicle retail (PVR) through the sale of aftermarket products on every deal

“Darwin brings the latest innovations in both analytics and mobile technology to Dealertrack’s powerhouse F&I platform,” said Cheryl Miller, senior vice president and general manager of Dealertrack F&I Solutions. “The result is fewer keystrokes and more deal data from Darwin’s final menu, telling the dealer which aftermarket products the customer wants and how those choices impact the terms of the deal. All Darwin’s information will flow seamlessly into Dealertrack’s one online deal jacket, bringing greater ease of use and more compliance confidence to every deal.” 

“Dealerships today need a connected workflow with best-in-class tools that fully integrate to provide the largest profitability opportunity in a seamless environment,” said Phillip Battista, chief executive officer of Darwin Automotive. “This Darwin-Dealertrack partnership will bring multiple leading products into one workflow, creating the most powerful F&I platform ever introduced to the marketplace. Over the next 18 months, Dealertrack eMenu customers will have the opportunity to convert to Darwin’s menu platform to take advantage of this powerful workflow.”

Dealertrack and Darwin will be available to discuss the partnership further at the upcoming National Automobile Dealers Association (NADA) convention in Las Vegas on Feb. 14-17, 2020 at Booth #2336C. 

For more information about Dealertrack, visit https://us.dealertrack.com/. For more information about Darwin Automotive, visit https://darwinautomotive.com. 

About Dealertrack 

Dealertrack provides industry-leading software solutions that give dealerships, lenders, and partners the confidence to thrive in an ever-changing automotive market. The company’s integrated suite of powerful easy-to-use products and services 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 Darwin Automotive 
Darwin Automotive currently operates in all 50 states with over 5,300 dealerships subscribed to its programs and was recently recognized by Automotive News as a 2019 All Star in Finance & Insurance. Darwin delivered 504,000 deals on its platform last month and is on track to deliver 6.5 million units for the year. More information is available at https://darwinautomotive.com, or by calling 1-732-781-9010.

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