Lisa Scott took charge of PAR North America (PAR) last August with a specific objective near the top of her agenda as she began to oversee this segment of KAR Auction Services.
“One of my goals was to enhance the customer experience by creating the leading compliance platform in the recovery industry,” Scott told SubPrime Auto Finance News via email.
Well, now the industry can begin its evaluation of the robustness of PAR’s compliance endeavors. On Wednesday, the company launched its new web-based, self-service portal with real-time access to PAR’s compliance data and the compliance data of more than 600 vehicle recovery vendors across the U.S.
PAR — a provider of vehicle transition services in the U.S. with coast-to-coast solutions for recovery management, skip-tracing, remarketing and title services — indicated that Platinum Compliance offers this transparency tool in one easy-to-use dashboard.
“Our customers are facing increased scrutiny and heightened regulatory requirements,” Scott said in a news release. “Platinum Compliance gives our customers the peace of mind that only qualified, experienced and trained recovery vendors are working their assignments.
“Never has our industry had a more comprehensive real-time database of due diligence and compliance documentation — including current state-level recovery vendor requirements across all 50 states,” she continued.
In the email exchange with SubPrime Auto Finance News, Scott explained that vice president of compliance and operations Jessie Herdrich has been key on this project, working closely with the company leadership team to develop PAR Platinum Compliance. Herdrich is among the executives set to appear during Used Car Week 2018, which begins on Nov. 12 in Scottsdale, Ariz.
“We know that our customers are feeling the pressure as the industry faces increased regulatory scrutiny. We have always had a robust vendor management program but didn’t have a streamlined database or a real time point of access for our clients,” Scott said.
“Our biggest vendor management challenge is gathering and organizing information for our network of more than 600 recovery vendors,” she continued. “In the Platinum Compliance system, we have supporting documentation for all recovery vendors — a comprehensive database of state-level requirements, and PAR and vendor due diligence, including insurance certificates, relevant licensing, operational and enterprise policies and even employee-level compliance.
“This is all information our clients review during routine audits and it is now accessible to our clients at any time via a secure login,” Scott added.
Through the Platinum Compliance portal, customers can access due diligence and supporting compliance documentation for all recovery vendors. The comprehensive real-time database includes state-level recovery vendor requirements, and all PAR and vendor due diligence including insurance certificates, relevant licensing, operational and enterprise policies.
Scott reiterated that streamlining what was once an onerous process for collecting, reviewing and storing information, audits are now faster and more efficient.
The all-inclusive dashboard automates reminders and facilitates fast and easy uploading of updated compliance documentation allowing recovery vendors to remain in good standing. Only recovery vendors who are Platinum Compliant with PAR’s compliance checklist may receive recovery assignments.
Scott explained how critical that stipulation is to clients.
“We have earned our customers trust and want to keep it. So when we list recovery vendors as being PAR Platinum Compliant, our customers can trust that they are up-to-date on all required documentation and in good standing,” Scott said.
“That’s why we have developed an efficient, easy to use portal that ensures the compliance of recovery vendors. A comprehensive dashboard empowers every vendor manager to check the status on our checklist of due diligence items. The new system also automates reminders and facilitates fast and easy uploading of updated compliance documentation — making it simpler than ever for agents to remain in good standing,” Scott went on to say.
Scott closed the email exchange by reinforcing a message to finance companies about PAR’s commitment to excellence via this latest endeavor.
“Customers now have direct, self-service access to a single, user-friendly system housing all due diligence and compliance documentation for both PAR and our third-party recovery vendors,” Scott said.
“As a result, customer audits will be faster and more efficient. Customers will also be able to quickly reference state-level statutes and regulatory requirements,” she concluded.