OPENLANE Partners with PRIOS for Repossessed Vehicle Remarketing
OPENLANE and the Professional Repossessors Interactive Operating System finalized a partnership Monday resulting in financial institutions and recovery agents now being able to remarket and sell repossessed vehicles for their lenders online.
Officials explained PRIOS is a Web-based communications system conceived by an industry consortium of recovery agencies. They stated PRIOS can allow repossession companies and lenders to streamline processes, reduce paperwork and gain new business by creating a “paperless” environment.
As a result of this partnership, PRIOS users and lenders now can remarket vehicles online through the PRIOS system and OPENLANE. The companies believe the opportunity to immediately market repossessed vehicles this way rather than through physical auctions can be more efficient and less costly.
“The PRIOS system was designed with the ability to streamline all recovery processes by taking them online to make the lives of agents and their clients easier,” noted Chris Dunleavy, president of PRIOS.
“In partnering with OPENLANE, we’re taking the process one step further by now allowing agents to sell cars for their clients online through one, easy-to-use system that encompasses the entire recovery process from assignment through sale and transport,” Dunleavy added.
OPENLANE emphasized the PRIOS integration continues its recovery industry momentum and ongoing commitment to partnering with the leading technology providers in the sector to provide comprehensive online remarketing solutions to agents and lenders.
“Online auctions provide a tremendous opportunity for the recovery industry to extend their services to better serve lenders and to boost their profit margins and selection of service offerings,” insisted Zach Hallowell, business line director at OPENLANE.
“We’re committed to partnering with leading repossession automation systems such as PRIOS to provide the recovery sector with efficient, easy-to-use solutions for managing the recovery and remarketing process online,” Hallowell went on to say.
