I received some more information today from my DealerTrack source. The new word is that they are planning to offer 90 days free with a 2 year contract, but they are keeping their pricing the same. Looks like the company wants to “tease” the new business but not reduce the fee income from their old business. I don’t see this working for my CU simply because of the pricing differential being too great. IMHO, this is a “half-way” change when DealerTrack needs to suck it up and be MUCH more competitive. You know it’s bad when your companies “good news” (DealerTrack) points out how good your competitor (RouteOne) is on their pricing. I will let you know more when I hear something for sure!
June 11, 2007
June 11, 2007 at 2:59 pm
Travis, I heard the 90 days was only for there product Credit Connection. Did they clarify with you if this was for there fulll blown connection to your LOS?
June 11, 2007 at 3:04 pm
He did not indicate which product it was for, but he did say that it was only for new customers and that the per application pricing stayed the same.
July 2, 2007 at 7:20 am
I have been working with DealerTrack only through Teres which allows the big up front nut to “go away”. ($10,000) I have two CU’s on this product and several more that are interested. It auto adjudicates loan decisions if that’s your cup of tea or it lands in a queue on the “ever ready” loan officers desktop to approve or sent back to DT/RT1 for more data. Anyone that wants this info just post and I’ll get it to you. cuman@maine.rr.com.
July 2, 2007 at 9:57 am
Robert,
Thanks for the info. Does your CU participate with a CUSO or do handle things on your own? How do you feel about the “auto-approval” process overall? I would like to have about 10%-15% of our deals auto approved but I can’t get over the concern that I will miss something in the criteria that I set up. Thanks!
July 2, 2007 at 5:52 pm
Caraman…
We work with CU’s through Indirect Lending CUSO and also direct. For sure the auto approval process needs to be watch dogged to assure that proper A paper is being approved. But the non-auto approval is the GOLD!! Some CU’s think the A paper is the most important but it’s the really the C paper with the higher fee income (interest rates) What is the margin on the A paper? Not as much as the C and D+ right? Teres allows us to auto adjudicate through DealerTrack which is great but it’s real magic is we got on the dealers electronic decision system and get to see more deals period. Not just the JUNK F- paper. (DT can be tweaked to only send a certain grade of paper also)
July 9, 2007 at 9:13 am
Robert, what CUSO are you with?
August 22, 2008 at 11:24 pm
Well just to be frank here none of have no idea what your talking about. Its all opinion and assumtions that I’m reading. DealerTrack is the best system out there why better than Rout One. RT1 has nothing on DT and will never have. DT works better and has better lender sources I have 48 lenders at my Dealership. I have RT for my captive only that’s it. You can use the Submit and App, Book Out 4 different Book Outs, Reports, Salesmaker for Desking, Inventory Pro, eMenu,eCon, Leads,and Credit Reports, I have all these products and pay for it but we average 175 units per month and $1800 per deal on the bottom line. No to bad. As long as you know how to work Dealertrack its way better that RT1.
August 23, 2008 at 3:51 pm
West,
Thanks for your input. I obviously disagree that what we were discussing was just “opinions and supposition” and I have to point out that our discussion was from the lender perspective so we are as blind to what you are saying as you are to what we were discussing. It still doesn’t make sense to me to pay double for the same information. Thank you for taking time to give us the dealer point of view.
September 2, 2008 at 8:52 pm
I agree with West. I just took over a used car store after being with a Toyota franchise for 17 years. I am much happier with Dealer Track than Rt 1.I have comment options that were never available on Rt1 (but to be fair, that was TMCC choice, not RT1’s) DT was much easier
to sign up with than Rt1 and even though they deleted
the “fax lender” option I still like all the features and access
DT has over RT1.
Dealer Track also provides an email option to contact
DT lenders so we can sign up anyone who may be offering
a good program to help our bottom line.