The Illinois Independent Automobile Dealers Association
Endorses the Reynolds LAW® 553 Retail Sale Contract
DAYTON, OHIO - December 16, 2008 - Reynolds and Reynolds today announced that the Illinois Independent Automobile Dealers Association (IL-IADA) has endorsed the Reynolds LAW® 553 Universal Retail Installment Sale Contract for the 3,900 automobile dealerships that it represents throughout the state of Illinois. The LAW 553, as it is commonly known in the industry, is the most widely used document in automotive finance.
In its endorsement, the IL-IADA recognized how the use of the LAW 553 by automotive dealerships can deliver a number of benefits:
- Universally accepted by a wide range of funding sources
- Increases the dealers' ability to shop finance transactions
- Provides improved customer satisfaction through reduced contract preparation time in the dealership
- Increases spot delivery percentages
- Results in fewer errors and less paperwork thanks to using one standardized form
- Provides greater productivity for F&I managers
- Allows a dealer more time to sell other finance products and services
Additionally, by offering the LAW 553 to automotive dealerships in the state of Illinois, the IL-IADA can help assure that the dealerships are using sale contracts that accurately reflect Illinois law and industry regulations. The Reynolds LAW 553 is regularly reviewed to keep pace with new legislative and regulatory developments.
When speaking about the endorsement, IL-IADA Executive Director Bruce Eklund, said, "The Illinois IADA believes the LAW 553 would lead to greater productivity and profitability for our dealership members. The benefits of using the LAW 553 are numerous, and two of the most advantageous are saving money and remaining in compliance with industry regulations and specific state requirements. The fact that the LAW 553 is regularly reviewed takes a tremendous burden off our dealership members."
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)