In the rapidly evolving automotive industry, efficiency and agility are paramount for maintaining an edge. This is especially the case for automotive fleets, which have experienced major disruptions across the industry with unsettling economic conditions that have impacted nearly every aspect of fleet operations. From increasing maintenance costs to higher fuel prices, the cost of doing business is rising. Fortunately, the advancement of digital titling solutions is offering the very relief that many fleets are looking for.
Digital titling, which is the process of managing vehicle titles electronically, provides transformative benefits for automotive fleet businesses by streamlining operations and reducing costs.
For example, one of the challenges faced by fleets is the slow and cumbersome process of acquiring vehicles, particularly as it relates to titling. Historically, fleets have had to wait up to 60 days for the official transfer of a vehicle title, due to the paper-based system. This is problematic because a vehicle legally cannot join a company’s fleet until the transfer of ownership in their name is complete. Instead, fleet operators are often left with vehicles lying idle in their parking lots, which eats into profits and hurts their bottom line. Larger fleets that operate thousands of vehicles across the country are especially vulnerable to the mounting costs of keeping their vehicles parked until the system eventually validates ownership. But the industry is changing, and fleets no longer have to wait months to transfer a title into their name.
As of 2023, the process can be completed in hours, thanks to launch of the nation’s first National Digital Titling Clearinghouse (NDTC), offered by West Virginia and powered by Champ Titles and Tyler Technologies. This revolutionary innovation is available to fleets across the country, no matter which states they’ve purchased their vehicles in or where they operate. The proven technology offers unmatched speed, convenience and stability, providing a competitive advantage to businesses and enabling them to grow with the NDTC as they see fit.
By eliminating paperwork, digital titling also significantly cuts the paper, printing and mailing costs, which can add up for larger fleets. The environmental benefits alone are significant, as the state of West Virginia says that its digital solutions save as much as 6 million pieces of paper per year. When it comes to streamlining operations, the automation that’s inherent with digital titling fosters a more efficient and consistent process, reducing administration costs and decreasing many opportunities for human error that arise from manual processes.
But fleets also have to worry about title and registration fraud, as they can be deceived about the true condition of a vehicle when purchasing it. A common method, known as "title washing," is the practice of altering or manipulating vehicle titles to hide information about the vehicle's history, including past damage, salvage status, or liens. The NDTC’s digital solutions largely remove this concern because all information on each vehicle’s history and status is updated in real time and secured with immutable records, ensuring data integrity and protecting against fraud while adhering to regulatory standards.
Ultimately, fleets are discovering that digital titling is becoming a necessary tool for success. The ability to access an authentic, fully digital title that’s ready to use or be printed when needed provides fleet operators with unprecedented flexibility and control. Not to mention, the cost of doing business is greatly reduced, creating a significant advantage in today’s increasingly competitive market.
Learn how fleets can utilize the National Digital Titling Clearinghouse here.
