Tyler Technologies to Provide Electronic Vehicle Titling and Liens for the State of Kentucky
Tyler’s solutions will make titling and lien processes more efficient for Kentucky’s government, businesses, and residents
PLANO, Texas, September 12, 2023--(BUSINESS WIRE)--Tyler Technologies, Inc. (NYSE: TYL) announced it has signed an agreement with its strategic partner Champ Titles, Inc. and the Kentucky Transportation Cabinet to implement Tyler’s electronic solutions for vehicle titling and liens.
Kentucky State House Bill 284, passed during the 2022 Regular Session, creates a new section of existing law to establish electronic title and lien applications and registration systems that allow submission of required forms and fees electronically. Because of this mandate, the Kentucky Transportation Cabinet needed to select software solutions for electronic vehicle titling and liens.
"We were intrigued by the reviews from our counterpart in West Virginia, where the solution is in production, and the system demonstration revealed it was capable of meeting our requirements," said Heather Stout, executive director of Information Technology, Kentucky Transportation Cabinet. "We’re excited to implement a solution to make the vehicle titling and lien processes more efficient for our constituents."
The county clerks of Kentucky currently process title and lien applications through a paper driven process and wanted more efficient processing capabilities. Tyler and its strategic partner, Champ Titles, will provide several benefits to all stakeholders in the vehicle title and lien ecosystem through this electronic transformation, including serving vehicle retailers, lending institutions, insurance carriers, the Kentucky Transportation Cabinet, and the residents of Kentucky. Some of the notable benefits will include:
Reduced costs. Paperless transaction processing saves time and money for dealers, lenders, residents, and agency staff.
Improved efficiency. It is expected that title transfer times will average less than three days once Tyler’s system is fully implemented. Additionally, one title clerk will be able to process at least five times as many titles as is currently done.
Near elimination of current fraud. Paper processes are prone to errors and can be easily manipulated, allowing for more opportunities to perpetrate fraud. Once digital processes have replaced transacting in paper, most forms of title fraud become impossible.
Increased environmental benefits. By operating in a fully paperless environment, the state of Kentucky and users of the electronic titling system will be able to eliminate the use of more than 15 million pieces of paper each year. In addition, as title and lien transactions become fully digital, commutes to and from county clerk offices to submit documents are reduced.
Tyler and Champ Titles first introduced statewide digital titling in West Virginia in 2021. Already, the digital titling program has eliminated more than 5 million pieces of paper annually, reduced the processing time from 40-60 days to a matter of hours, and increased productivity with title clerks processing five times as many titles per day.
"We’re excited to introduce electronic titling and liens to the state of Kentucky, along with our partner, Champ Titles," said Carlos Luna, general manager for Tyler’s Kentucky state enterprise. "We know that going paperless brings numerous benefits not only to our client, but more importantly to residents. We look forward to helping the Kentucky Transportation Cabinet realize benefits such as reduced costs, streamlined processes, and more accurate and secure information."
About Tyler Technologies, Inc.
Tyler Technologies (NYSE: TYL) provides integrated software and technology services to the public sector. Tyler’s end-to-end solutions empower local, state, and federal government entities to operate efficiently and transparently with residents and each other. By connecting data and processes across disparate systems, Tyler’s solutions transform how clients turn actionable insights into opportunities and solutions for their communities. Tyler has more than 40,000 successful installations across nearly 13,000 locations, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations. Tyler has been recognized numerous times for growth and innovation, including Government Technology’s GovTech 100 list. More information about Tyler Technologies, an S&P 500 company headquartered in Plano, Texas, can be found at tylertech.com.
About Champ Titles
Champ Titles builds technology for governments to solve the problems their constituents have with title and registration. Those constituents include vehicle retailers, vehicle wholesalers, insurance carriers, fleet operators, all of the service providers that serve each of these industry verticals, and consumers. Founded in 2018, Champ replaces state DMV title and registration systems with its intuitive software and enables the constituents of government to reduce the amount of time it takes to create, manage, and transfer a vehicle title and registration. To learn more about Champ, please visit www.champtitles.com.
#TYL_Financial
View source version on businesswire.com: https://www.businesswire.com/news/home/20230912213529/en/
Contacts
Jennifer Kepler
Tyler Technologies
972.713.3770
Media.team@tylertech.com
