ProMax Dealer Updates

ProMax Version Release 2018.3.13.3 - March 14, 2018

Military Lending Act (MLA)

Are you compliant with the new MLA Final Rule?

ProMax has a solution!

The MLA Final Rule states it is the financial institution's responsibility to confirm an applicant's MLA Covered Borrower Status in accordance with the changes made to the Military Lending Act of 2016. ProMax's new solution automatically checks your buyer's MLA Covered Borrower's Status from the Department of Defense's database whenever a Credit Bureau is pulled.

If your customer is covered, you'll see it noted throughout ProMax: on the Customer Workscreen, the Prospect Logs, in the Compliance Review Report, and on the bureau itself. If you desk a deal that's out of compliance, you'll get a popup telling you so.

Don't get caught out of compliance with this rule! Ensure safe harbor and avoid penalties with our foolproof MLA solution.

For more information about MLA or to get signed up, contact your Dealer Support Specialist at 844-322-9034.

 

New Header and Navigation Color Scheme

Notice anything different? That's right, we've gone in for a new coat of paint and some detailing!

None of the navigation has changed; you'll find everything where it used to be- just with a new, sleeker look.

 

DealerTrack DMS Improvements

We made a lot of improvements to the DealerTrack DMS in this version. Here are the highlights:

• We removed the locking of deals that have been sent to DT DMS, which enables a dealer to make changes to a deal and resend without having to rebuild a new deal in ProMax. [Item 444706]
• We enhanced the deal export to enable the sending of Incentives/Additions to Profit. [Item 445570]
• We added the ability to send Deal Fees based on sold vehicle type. [Item 445578]
• We added the ability to override the DMS Acquisition Fee and the DMS Finance Reserve in the deal send. [Items 444621 & 445567]

 

ProMax Version Release 2018.3.5.1 - March 6, 2018

 Military Lending Act (MLA)

Free Trial From Equifax

ProMax and Equifax have partnered to ensure you stay compliant with the new MLA Final Rule which states it is the financial institution's responsibility to confirm an applicant's MLA Covered Borrower Status in accordance with the changes made to the Military Lending Act of 2016.

ProMax automatically checks your buyer's MLA Covered Borrower's Status from the Department of Defense's database and simultaneously pulls an Equifax credit bureau.

Key Benefits:

• Help ensure safe harbor compliance with the expanded MLA requirements effective October 3, 2016
• Save time and resources with an automatic status check in ProMax prior to origination or closing
• Maintain safe harbor and help avoid penalties or uncollectable loans associated with MLA non-compliance

All current customers of ProMax and Equifax are automatically activated and covered starting March 6, 2018. After a 2-week free trial, the cost will only be $.10 per check. If you have another solution in place, or would prefer to manually check via the DOD website, simply call us at 563-344-7605 or email us at [email protected].

 

 

LAW® Contract Laser Forms

Now Available in ProMax

The Reynolds & Reynolds LAW® 553 Retail Installment Sale Contract (commonly known as the "LAW Contract") is now available in ProMax for printing as a laser form. Legally sufficient in all 50 states, the LAW Contract form in ProMax will increase the speed and efficiency of your deal process and deliver perfectly aligned forms every time. This is the first of many laser forms that we will be licensing in the near future.

For more information about how the LAW® Contract form in ProMax can help your dealership, or to get activated today, contact your Dealer Support Specialist at 844-322-9034.

 

Other Changes & Fixes in This Version

• We added a separate "Clear Filter" button to the Salesperson Inventory Report. [Item 441120]
• We fixed an issue with the BDC & Sales Management Report that was preventing certain Lead Source groupings from saving. [Item 425692]
• We updated incentives for lease deals so they would be pre-selected where appropriate even without a retail dollar value. [Item 437631]
• We fixed a display issue with the Lead Management & Results Report. [Item 425768]

Training Spotlight - Report Builders

 

Training Spotlight of the Month

Report Builders

 

Report Builders are a great way to customize reports based on your needs.

Watch this month's video to learn about the different Report Builders and how you can use them to maximum effect.

 

 

• Prospect Activity Report: used to gather all information related to prospects (contact information, desired vehicle, customer trade, etc.)
  
  
• Sold Vehicle/Profit Report: used to gather all information related to sold customers and delivered deals (contact information, delivered vehicle, aftermarket products sold, profit calculations, etc.)
  
  
• Inventory Report: used to gather all information related to current inventory (vehicle specifics, book values, etc.)