We have a web portal for connecting Lenders and insurance Carriers to payoff total loss loans and get titles to auction faster.

We are considering offering this same service to Dealers so that using a single “connection” you can get accurate payoff amounts for trade-ins from multiple Lenders, using a keyboard instead of a telephone.

A second level of service allows Dealer management to payoff trade-ins using ACH transfers.  The title comes directly to Dealer, likely faster than it does now because the amounts are always right, and the funds are secure.

We see this as a 2-tier service:

Payoff Amounts – input VIN, choose Lender from list, get 10-day payoff amount quickly.  Fee for service is $n per, or monthly subscription fee for unlimited.

Dealer Payoffs – select deal from list, click “Authorize”, wait for the title.  Fee for service is $n per payoff.

Some of the feedback we have received so far:

• “That would keep my salespeople selling, instead of waiting on hold for payoffs”
• “Having an accurate payoff amount means I get 2-3 more hours per day from my office staff. They spend at least that much time now with banks because the payoff is $23.16 short!”

Questions:

1. Is this a service that would benefit your store(s)?  How?
2. Does the value change for larger volume stores versus smaller?
3. What do we need to do/not-do to make these services valuable?