Not long after founding his company -- a provider of training and development for automotive dealers -- in 1982, Jim Maxim Sr. embraced car phone technology. Today, the company, renamed MaximTrak
, is still pushing forward when it comes to technological innovation, this time "to support dealers and make for a more transparent car buying experience," says James Maxim Jr., who serves as company president.
The Wayne-based company offers three cloud-based, digital products. Its MenuTrak allows automotive dealers to streamline financing and insurance procedures, saving time, money and a lot of paperwork. The technology is a profit generator, Maxim Jr. says, boosting dealer revenue by 30 percent, saving more than 15 minutes per deal and improving customer satisfaction.
Another product, Dashboards, pulls and aggregates data into a real-time reporting system for dealership executives. E-Trak, MaximTrak’s newest offering, is an electronic contracting platform, allowing dealers to get error-free VIN ratings and execute e-contracts with insurers and financing companies.
Maxim Jr., who joined the company in 2003, says that further development of e-contracting is a focus right now. Most auto financing work is still done on paper, a situation compounded by the need for car dealers to comply with an array of state and consumer lending requirements. "We hope to digitize all processes from front-end sales to auto registration," he explains. The company is also focusing on developing more mobile technologies -- "So you can buy a car with an IPad," says Maxim Jr.
And MaximTrak is currently emphasizing international sales. Through a network of distribution partners, Maxim Jr. expects to move into Canada (where it already has a small presence), Mexico, Brazil, Chile, China and the European Union nations in the next few years.
MaximTrak has about 3,000 dealers in its network and is growing fast, posting 40 percent annual revenue gains. The company added nine jobs in 2013, growing to about 40, mostly in Wayne, and expects to add another three positions this year.
Source: James Maxim, Jr., MaximTrak
Writer: Elise Vider