Coming on the heels of multiple discussions during Used Car Week 2019 about improving efficiencies during the recovery process, a pair of KAR Global business units rolled out key platform enhancements meant to accomplish that objective.
Recovery Database Network (RDN) and Clearplan announced a pair of “innovative” improvements on Tuesday designed to enable better account management for both finance companies and recovery agents.
According to a news release, the features include standardized data fields for updates, making data entry more efficient for agents and providing much-needed clarity to the thousands of daily updates between agents and finance companies.
Furthermore, a real-time geostamping feature for agent updates adds transparency by confirming the location of the agent at the time of the update, according to the companies.
“RDN and Clearplan are committed to continuously making enhancements, and these new features enable our clients to leverage the latest technology and take control of their data,” said Justin Zane, president of RDN and Clearplan. “Keeping up with the more than 500,000 text messages sent each day has been nearly impossible for agents and lenders, but having standardized updates enables them to extract more value from field data and operations.
“Reporting is significantly enhanced, leading to efficiency, better decision making and ultimately more profitability for lenders and agents alike,” Zane continued.
Recovery agents can utilize the new features on both the RDN platform and the Clearplan app. Finance companies can interact with the augmented data points on the RDN platform.
The Check-In Update field and the New Address Discount field can provide drop-down lists of standard status updates, focusing on actionable data. Choosing from a list of options instead of typing in a free-form text response can save “priceless time for the agent and results in clear, unambiguous updates,” the companies said.
Furthermore, RDN and Clearplan believe finance companies can experience substantial advantage from cleaner, more purposeful data.
“Both agents and lenders benefit from the ability to filter and sort through more easily decipherable updates, extracting valuable data points and flagging items that require action,” the companies said.
Finally, RDN and Clearplan explained the geostamping functionality can measure the distance between the agent and the recovery address and can automatically mark where the agent is located when the update is entered, for complete transparency between agent and finance company.
For more than 10 years, RDN’s software-as-a-service technology has been designed to deliver improved recovery performance and increased operational efficiency for finance companies while providing full security and transparency.
Similarly, Clearplan’s digital platform can provide recovery agents, drivers, forwarders and finance companies with a centralized, mobile, cloud-based hub for repossession workflow and logistics management.
Together, Clearplan and RDN, both business units of KAR Global, can connect thousands of recovery agents and finance companies to a streamlined vehicle recovery process — “with reduced redundancies and increased actionable data.”
For more information, visit recoverydatabase.net.