Reynolds Announces Massachusetts State ADA Endorses LAW® 553
Reynolds LAW 553 Provides Business Benefits to
Massachusetts State Automobile Dealers Association Members
DAYTON, OHIO - August 12, 2010 - Reynolds and Reynolds announced today that the Massachusetts State Automobile Dealers Association is endorsing the Reynolds LAW® 553 Universal Retail Sale Contract for the nearly 500 franchised auto and truck dealerships the association represents throughout Massachusetts.
The LAW 553, as it is commonly known in the industry, is the most widely used document in automotive finance. Reynolds offers a Massachusetts-specific LAW 553 Retail Installment Contract that is accepted by a wide range of funding sources.
“We’re pleased to add the Massachusetts State Association to the large group of organizations actively endorsing the LAW 553,” said Jerry Kirwan, senior vice president of Reynolds Integrated Document Solutions. “It is a proven, cost-effective tool to help increase productivity and profitability in a dealership and using it is one more step dealers can take to improve their business operations.”
Using LAW contracts can help decrease the time it takes to process a vehicle loan and the potential for errors, since one standard contract and set of procedures can be used consistently for all retail finance deals. LAW contracts also help simplify lending processes between automotive retailers and financial institutions.
In its endorsement, the Massachusetts State Association recognized several additional benefits for its members in using the LAW 553:
- Greater productivity for F&I managers.
- More time available to sell other finance products and services.
- Improved customer satisfaction due to shorter contract preparation time in the dealership.
- Increases in spot delivery percentages.
Additionally, by offering the LAW 553 to their dealership members, the Massachusetts Automobile Dealers Association can help assure that its members are using sale contracts that accurately reflect Massachusetts law and industry regulations. The Reynolds LAW 553 is regularly reviewed to keep pace with new legislative and regulatory developments.
About LAW 553
LAW forms are available in all 50 states and have been endorsed by a number of state automobile dealers associations for the benefits they provide for dealerships, lenders, and consumers. The Reynolds LAW 553 is also available in different languages and is able to work with any automobile retailer’s dealership management system.
Reynolds and Reynolds was founded in 1866 as a business forms printer. Today, Reynolds is recognized as the leading provider of automobile dealership software, services, and forms that help dealerships improve business results. The company is headquartered in Dayton, Ohio. (www.reyrey.com)