Reynolds and Reynolds and California New Car Dealers Association in Strategic Alliance to Develop F&I Forms Library
State-of-the-Art Library to Offer Paper and Electronic F&I Forms
DAYTON, Ohio - Oct. 12, 2011 - The Reynolds and Reynolds Company today announced a new strategic alliance with the California New Car Dealers Association (CNCDA) to jointly develop a library of standardized finance and insurance (F&I) forms that will be made available to California motor vehicle dealers in both paper and electronic formats.
The purpose in developing a state-of-the-art forms library is twofold: First, create a repository of readily accessible forms that enable dealerships to efficiently meet stringent compliance requirements and to improve productivity in F&I departments. Second, the forms library will provide an important foundation to help advance the new age of electronic transactions that lies ahead.
Additionally, as part of the new alliance, Reynolds will begin supplying to California dealerships all of the custom and stock dealership forms that previously had been offered through CNCDA.
"The California New Car Dealers Association is recognized as a leader in working with their members on business forms and forms management," said Jerry Kirwan, senior vice president of Document Solutions at Reynolds and Reynolds. "We're proud to align with them as we apply our expertise in compliance as well as the document solutions business to California's dealerships and to the challenge of creating a forms library for CNCDA members."
Since the 1920s, Reynolds and Reynolds has been known as the leader in serving automobile dealerships nationwide with standard and custom business and vehicle sales forms to help dealers manage their operations and serve their customers more effectively. The flagship product of Reynolds Document Solutions is the LAW® 553 universal retail sales contract - the retail contract most widely used by franchised car dealers across the United States. In addition, Reynolds offers a full suite of other document solutions suitable for F&I processes.
In commenting on the new partnership, CNCDA President Peter Welch said: "One of our highest priorities at CNCDA is helping member dealerships reduce litigation risk by providing legally reviewed documents that help standardize the F&I process. Our board chose Reynolds for this project because Reynolds shares our vision and also brings to the table expertise necessary to help our members move forward into the era of electronic transactions."
CNCDA is the country's largest state association of franchised new car and truck dealers, representing more than 1,200 members. Last year CNCDA dealer members sold over 2 million new and used cars with aggregate total sales of more than $65 billion.
Kirwan concluded: "In a regulatory environment that is constantly evolving, automobile dealerships, state agencies, and financial institutions continue to look for ways to gain efficiencies in their F&I processes and to ensure the appropriate levels of compliance. Developing a state-of-the-art forms library can be a big step forward to help ensure that dealerships are compliant and, ultimately, can help lead to the adoption of electronic transactions, which will make the F&I process more efficient and productive."
About Reynolds Documents Solutions
Reynolds document solutions and 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.
Reynolds and Reynolds is the automotive industry's leading provider of automobile dealership software, services, and forms to help dealerships improve business results. The company is headquartered in Dayton, Ohio, with major operations in Houston and College Station, Texas, and Celina, Ohio.(www.reyrey.ca)
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