In the title management journey, dealers and lenders don’t travel the same roads. Lenders need support from service providers that is designed for the long haul.
When it comes to motor vehicle assets, lenders and dealers have distinct priorities. Yet, in today’s market, it’s the dealers who get most of the attention from service providers. Their focus is on getting a large quantity of transactions done quickly with requisite title processing – never mind the details. Lenders, on the other hand, have a different and arguably more vital range of needs and priorities, across a much broader time horizon. For them, title processing is only the first step, followed by ongoing title management that requires and deserves a different level of support. Lenders’ portfolios represent valuable collateral on outstanding loans, and need to be secured and stewarded over the life of each loan. Working quickly and seamlessly is important but, given lenders’ longer-term vested interests, a comprehensive approach to vehicle title management is a must-have. To ensure secure and perfected lending, it’s essential to work with a service provider fully attuned to lenders’ needs and ready to deliver best practices at every stage throughout the life of the title.
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