NCCI & PAVE look to solve 2 repo challenges via strategic partnership
NCCI, a provider of risk resolution outsourcing (RRO) solutions with actionable intelligence to auto finance companies and other firms in the financial services industry for more than 25 years, formed a new strategic partnership with PAVE, a company that leverages its award-winning inspection platform to deliver intelligent vehicle inspections from photos alone.
The companies see this move as solving two potential challenges that might intensify as auto defaults and vehicle repossessions rise. They include:
—Time-consuming paperwork: Repossession companies are required to complete detailed documentation of the repossession process, including photos of the vehicle and detailed condition reports. This paperwork can be time-consuming and detract from the company’s core operations.
—Inefficient communication with clients: Repossession companies may have difficulty communicating with clients, particularly if the client is difficult to reach or does not respond to inquiries promptly. This can lead to delays in the repossession process and reduce overall efficiency.
NCCI can provide customized, client centered and compliance focused outreach solutions. Whether it’s in-person, remote verification or virtual services, NCCI Connect, NCCI Verify and NCCI eVerify services can provide outreach solutions for its clients’ customers, assets and sites.
The firm’s services can mitigate risks and generate resolutions. NCCI is already called upon by its clients for collateral inspections, in-person outreach, loss mitigation support and property inspections.
Armed with PAVE’s technology, NCCI will add additional value to its existing clients and promote PAVE’s award-winning technology in the process.
“This is fantastic technology that will definitely help our auto financing clients better manage their risk,” NCCI president Matthew Preuss said in a news release. “Putting tools like this into the hands of our nationwide network of on-the-ground risk mitigation specialists will bring real value to our finance industry clients. I’m proud to be working with the team at PAVE.”
PAVE can provide detailed and graded condition reports, highlighting damages and anticipated costs for repair, in just a few minutes.
PAVE’s automated vehicle inspection platform has already won three awards this year, taking the 2023 Big Innovation Award from the Business Intelligence Group, as well as two Merit Awards in the automotive and transportation categories.
“It’s become widely accepted that our technology platform is an excellent application of AI and the latest in advanced technologies to solve real world problems many in the automotive and transportation industries face today,” said Mike Francis, vice president of sales for PAVE.
“Putting our inspection platform into the hands of people who know how to add value to our mutual clients in the auto finance industry is the best way for us to build our brand and serve more customers. I’m very excited about this new partnership and the opportunities ahead with NCCI,” Francis went on to say.