DAYTON, Ohio — Reynolds and Reynolds announced Wednesday that the Michigan Automobile Dealers Association is endorsing the its LAW 553 Universal Retail Sale Contract to the more than 700 new car dealerships that group currently represents throughout the state.

The LAW 553, as it is commonly known in the industry, is the most widely used document in automotive finance. It helps simplify lending processes between automotive retailers and financial institutions, officials noted.

Using LAW contracts also can help decrease the time it takes to process a vehicle loan and reduce the potential for errors, since one standard contract and set of procedures can be used consistently for all retail finance deals, executives added.

"It's gratifying to add the Michigan Automobile Dealers Association to the large group of organizations actively endorsing the LAW 553," said Jerry Kirwan, senior vice president of Reynolds Integrated Document Solutions.

"It is a proven, cost-effective tool to help increase productivity and profitability in a dealership and using it is one more step dealers can take to improve their business operations," he continued.

In its endorsement, the MADA also recognized several other advantages of the LAW 553:

—Universally accepted by a wide range of funding sources.

—Improved customer satisfaction, with less time spent in contract preparation in the dealership.

—More opportunity for F&I managers to focus on selling other F&I products and services.

Additionally, by offering the LAW 553 to their dealership members, the MADA can help assure that its members are using sale contracts that accurately reflect Michigan law and industry regulations. The Reynolds LAW 553 is regularly reviewed to keep pace with new legislative and regulatory developments, according to Reynolds.

LAW forms are available in all 50 states and have been endorsed by a number of state auto dealers associations for the benefits they provide for dealerships, lenders and consumers. The Reynolds LAW 553 is also available in different languages and is able to work with any automobile retailer's dealership management system.