Black Book recently rolled out its latest solution for auto finance professionals — Asset Verification Tool — which is designed to help protect finance companies, auction and dealers against vehicle misrepresentation by providing insight on vehicle trim and equipped options.
By confirming the trim and options on a given vehicle, Black Book emphasized a finance company can be confident in the calculated loan-to-value (LTV) ratio. An accurate LTV can help mitigate risk throughout the contract lifecycle and ensure the proper collateral value is used in risk assessment.
Black insisted its new Asset Verification Tool can provide auto finance company with a “trusted” source for vehicle verification. With the click of a button, finance companies can verify the trim level and options on the vehicle, preventing a fraudulent transaction in a more time-efficient manner.
Black Book also provides the data included in Asset Verification Tool as an API for direct integration with automated approval systems or loan origination systems.
And it appears the tool already is being well-received.
“We are excited to work with Black Book to enable industry-leading resources leveraging sophisticated data solutions that alert to red flags for lenders and minimize fraudulent loan opportunities,” Flagship president and chief operating officer Jeff Haymore said in a news release.
“Asset Verification Tool from Black Book protects everyone involved, from the lender to the consumer and the dealer, with quick and easy collateral verification capability,” Haymore continued.
Asset Verification Tool uses Black Book’s Enhanced Vehicle Matching (EVM), a precise VIN-level identification process powered by machine learning and OEM build data that matches 17-digit VINs to a single trim and any applicable add/deducts.
“Asset Verification Tool provides lenders the ability to verify trims and options in a single click, drastically reducing risk,” Black Book executive vice president of revenue Jared Kalfus said. “With Asset Verification Tool, lenders can ensure accurate collateral representation and reduce time spent in manual verification processes.”