DAYTON, Ohio — Reynolds and Reynolds and COINdata recently reached an integration partnership intended to strengthen a critical part of the vehicle sale process.

Executives explained the agreement means the Reynolds LAW 553 Universal Retail Installment Sale Contract now is the standard retail sale contract in all docuPAD products. They explained that docuPAD is COINdata's electronic, on-screen interactive F&I selling and document processing system. It's a solution that's designed to help dealers increase the accuracy, compliance and speed at which the typical F&I process is completed.

Both companies noted that the retail installment sale contract is often referred to as the most important document signed when financing a new or used vehicle — for both the consumer and dealership. Reynolds asserts the Reynolds LAW 553 can meet specific automotive financing laws and regulations from every state and is continuously reviewed and updated as regulations change.

Officials stress that by combining LAW 553 contracts with docuPAD can simplify the lending process between retailers and financial institutions. They also contend the arrangement supports a consistent, repeatable business practice in the way dealerships handle vehicle financing.

Furthermore, both Reynolds and COINdata consider the adoption of one standardized financing process and retail sales installment contract form in a dealership can decrease the time it takes dealers to process a vehicle loan application and reduce potential errors and liabilities.

Executives emphasize both docuPAD and the LAW 553 solution can work seamlessly with any dealership management system or franchise nameplate.

"Our vision for docuPAD all along has been to create the ‘gold' standard in F&I compliance without abandoning dealership profitability," explained Mark Singleton, chief executive officer of COINdata.

"Partnering with Reynolds and Reynolds and adopting the LAW 553 puts us a giant step closer to making that vision a reality," Singleton continued. "The LAW 553 is the most widely accepted finance document in the automotive industry. Having the LAW 553 digital version to use as the cornerstone of each and every docuPAD system ensures widespread lender acceptance while maintaining dealership flexibility and control."

Jerry Kirwan, senior vice president at Reynolds, also expressed his enthusiasm about this partnership with COINdata.

"The LAW 553 continues to gain acceptance among dealerships and prominent lenders in automobile financing," Kirwan stated.

"By adding COINdata as a partner, we can further expand the use of the LAW 553 and support F&I departments becoming even more efficient and profitable," he concluded.