Beginning April 1, 2021, Flagship deployed a partnership with DealerTrack Technologies (“DealerTrack”) to make DealerTrack the Company’s new repository for records and documents. All legacy Flagship ELT titles and paper titles have been converted and made accessible from the new Flagship-DealerTrack Title Management System. DealerTrack, regarded as the leader in providing complete technology and title support services, will aid in the end-to-end lifecycle of Flagship’s accounts.
This relationship affords all users greater visibility to the Company’s title records from a centralized location. Over time, departments will further be able to streamline their current processes and tasks. The Company’s Unperfected Titles Team will be able to track title perfection with greater ease. The system also provides the ability to send dealership letters on unperfected titles and assist with loan title maintenance (e.g., state changes and vehicle registration). The Company’s loan servicing groups (Default Operations, Active Bankruptcy, Insurance, Impounds, Replevins, and Remarketing) will be able to determine the Company’s lien placement status with greater efficiency and allow for more accurate execution in their respective areas.
DealerTrack’s robust reporting capabilities will also provide benefits to many areas of the Company’s business. Through DealerTrack, Flagship will now utilize “Accelerated Title”, redefining the vehicle title payoff process and title release. This feature will reduce the standard title payoff timeframe from 12 to 18 days down to as few as four to six days. Flagship will also receive payoff requests directly through DealerTrack and be able to provide precise payoff amounts straight to our participating dealers.
The Company’s decision to embark upon a relationship with DealerTrack is a huge step in growing a stronger foundation while adhering to our Vision, Mission, and Core Values. Specifically, this relationship further exemplifies our commitment to Continuous Improvement.