CARMEL, Ind. -

After sharpening the solution for nearly a year, PAR North America is ready to broaden the availability of a service aimed at enhancing the wholesaling of repossessed vehicles.

The KAR Global business unit on Tuesday announced the expansion of its PAR Repo 360 Advantage service.

Finance companies using this digital-first product for their recovered vehicles can launch those units for sale to a potentially nationwide buyer base on ADESA.com and the ADESA Marketplace app directly from the recovery vendor’s lot, potentially saving time and money on both transportation and reconditioning.

Buyers also can benefit by getting first-pick access to fresh inventory of high-quality vehicles nearly two weeks before those units would otherwise be available in auction lanes.

“We’ve watched the digital transformation of the remarketing space over the past two decades, and the time is now right for the repossession segment to take advantage of the upstream, online sales channels that work so well in the wholesale space,” PAR North America president Lisa Scott said in a news release.

“The detailed vehicle information available today, like AutoGrade ratings, condition reports and image capturing technology, has earned buyer confidence, and selling platforms like ADESA Simulcast have grown more sophisticated and efficient,” Scott continued.

“With Repo 360 Advantage, buyers can purchase the high-quality vehicles they are looking for much more quickly, and lenders can sell those assets faster and with fewer costs. It’s a win-win,” she went on to say.

The company explained PAR’s Repo 360 Advantage program can open up an expanding online sales channel to its finance company clients, allowing them to sell recovered vehicles in a relevant, widely recognized method of inventory disposal, before adding transportation or reconditioning expenses. In the pilot with a credit union, PAR’s Repo 360 Advantage service reduced the average days to sale by 11 days and saved the client hundreds of dollars per vehicle in remarketing costs.

The PAR Repo 360 Advantage product is starting its nationwide expansion after being tested and refined since April of last year. The company highlighted vehicles in the Repo 360 Advantage pilot demonstrated a significantly positive conversion rate, and retention was higher overall for vehicles sold on ADESA.com than for those sold in-lane.

“The gains in days to sale and net proceeds due to cost savings have been substantial for the lender in our pilot, as well as seeing improved conversion rate and retention,” said Stacey White, senior vice president of remarketing for PAR North America.

“We’re confident that our other lending institution clients will benefit from the innovative approach of Repo 360 Advantage,” White added.

PAR’s Repo 360 Advantage service leverages the strengths of other KAR Global companies to provide services for its clients.

In addition to accessing the remarketing capabilities of ADESA, PAR North America utilizes AutoVIN to conduct any inspections required at recovery agent lots, and High Tech Locksmiths provides both finance companies and repossession vendors with key replacement services.

These services are integrated into the Repo 360 Advantage product through PAR’s secure, proprietary VIPR/eVIPR system, which can allow clients to receive fast, real-time updates, hold/close notifications, repossession reports, condition reports and other associated documents.

For more information, go to parnorthamerica.com.