Days to Sell Reduced by 11 Days in Test Results
PAR North America (PAR), a business unit of global vehicle remarketing and technology solutions provider KAR Auction Services d/b/a KAR Global (NYSE: KAR), announces the expansion of its PAR Repo 360 Advantage™ service. Lenders 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, saving time and money on both transportation and reconditioning. Buyers 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,” said Lisa Scott, PAR president. “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. 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.”
PAR’s Repo 360 Advantage program opens up an expanding online sales channel to the company’s lending institution 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 2019. 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. “We’re confident that our other lending institution clients will benefit from the innovative approach of Repo 360 Advantage.”
PAR’s Repo 360 Advantage service leverages the strengths of other KAR Global companies to provide wide-reaching services for its clients. In addition to accessing the remarketing capabilities of ADESA, PAR utilizes AutoVIN to conduct any inspections required at recovery agent lots, and High Tech Locksmiths provides both lenders 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 allows clients to receive fast, real-time updates, hold/close notifications, repossession reports, condition reports and other associated documents.