October 10, 2015 — The Banks Report has learned Reynolds and Reynolds has acquired the Assurant Specialty Property’s Title Administration Services. This latest acquisition isn’t going to generate a lot of headlines or rate high on the sexy deal meter, but it adds a critical piece to the Reynolds portfolio of services which includes document management and F&I related solutions.
Up to now, Dealertrack has been the one industry player buying up companies providing vehicle titling services.
The Assurant product, which Reynolds will rename Secure Title Administration (or STA), currently works with numerous auto lenders along with DMVs in all 50 states and the District of Columbia. The solution helps lenders and DMVs manage and track the title throughout the term of the lease or loan — and even over the entire life cycle of the vehicle.
This is one of those basic blocking and tackling pieces that makes the overall transaction in the dealership faster and more efficient. It also cuts down on the potential for fraud and mistakes in the titling process, which in turn, means deals can get approved and funded more quickly. Look for Reynolds to integrate this into its Docupad solution.
STA also provides electronic titling services in 17 different states with another six states soon to be added. It will maintain it current office in the Atlanta area and report to Jon Strawsburg.
This is the third acquisition for Reynolds and Reynolds this year. Last month, it announced the acquisition of Contact Advantage, an European-based CRM company. It also acquired OnLineDrive earlier this year.