Reynolds Announces Pennsylvania Automotive Association (PAA)
Endorses LAW® 553 Universal Retail Sale Contract
DAYTON, OHIO - November 19, 2008 - Reynolds and Reynolds announced today that the Pennsylvania Automotive Association (PAA) is endorsing the Reynolds LAW® 553 Universal Retail Sale Contract to the new car and truck dealerships that it currently represents throughout Pennsylvania. The LAW 553, as it is commonly known, is the most widely used document in automotive finance.
"There are many benefits available to our dealership members from using the LAW 553," said John Devlin, vice president of the Pennsylvania Automotive Association. "We are emphasizing those with our dealers and continue to show them how they can increase their ability to obtain financing, reduce reprogramming fees and errors by using a single contract, and protect their financial reserve by shopping for the best deal. We believe the LAW 553 will provide a positive impact to their business."
In its endorsement, the PAA also recognized how the use of the LAW 553 can deliver further advantages:
- Aid in spot delivery
- Provide improved customer satisfaction through reduced contract preparation time in the dealership
- Provide greater productivity for F&I managers
- Allow a dealer more time to sell other finance products and services
Additionally, by offering the LAW 553 to their dealership members, the PAA can help assure that its members are using sale contracts that accurately reflect Pennsylvania law and industry regulations. The Reynolds LAW 553 is regularly reviewed to keep pace with new legislative and regulatory developments.
The Pennsylvania Automotive Association is one of the larger state dealership associations. It was founded in 1919 and incorporated in 1921, and boasts a membership of over 1,100 new car and truck dealerships.
A state-specific version of the LAW 553 is produced for each state in order to reflect that state's laws and regulations. The Reynolds LAW 553 is also available in a number of different languages and can work with any automobile dealer's dealership management system. For more information, see www.reyrey.com
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Reynolds and Reynolds is the automotive industry's largest and most trusted provider of automobile dealership software, services, and forms to help dealerships improve business results. In Canada, Reynolds is the dealership management system market leader and has operations in Mississauga, Ontario, and Montreal, Quebec. The company is headquartered in Dayton, Ohio, with major U.S. operations in Houston and College Station, Texas, and Celina, Ohio. (www.reyrey.com)