New Platform Raises Due Diligence Requirements to Most Extensive in the Industry
PAR North America (PAR) launches 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 is a leading provider of vehicle transition services in the U.S. with coast-to-coast solutions for recovery management, skip tracing, remarketing and title services. The newly launched Platinum Compliance offers the vehicle recovery industry’s newest, most extensive compliance, due diligence, and transparency tool in one easy-to-use dashboard.
“Our customers are facing increased scrutiny and heightened regulatory requirements,” said Lisa Scott, PAR president. “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.”
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. 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.
PAR is a business unit of KAR, a global automotive company powering the world’s most trusted vehicle marketplaces through innovation, technology and people.