Powered by Data, Enhancements Add Transparency and Efficiency to Repossession Process
Recovery Database Network (RDN) and Clearplan, two business units of global vehicle remarketing and technology solutions provider KAR Auction Services d/b/a KAR Global (NYSE: KAR), announce key platform enhancements. The innovative improvements enable better account management for both lenders and recovery agents. The innovative features include standardized data fields for updates, making data entry more efficient for agents and providing much-needed clarity to the thousands of daily updates between agents and lenders. A real-time geostamping feature for agent updates adds transparency by confirming the location of the agent at the time of the update.
“RDN and Clearplan are committed to continuously making enhancements, and these new features enable our clients to leverage the latest technology and take control of their data,” said Justin Zane, president of RDN and Clearplan. “Keeping up with the more than 500,000 text messages sent each day has been nearly impossible for agents and lenders, but having standardized updates enables them to extract more value from field data and operations. Reporting is significantly enhanced, leading to efficiency, better decision making and ultimately more profitability for lenders and agents alike.”
Recovery agents can utilize the new features on both the RDN® platform and the Clearplan™ app. Lenders interact with the augmented data points on the RDN® platform.
The Check-In Update field and the New Address Discount field provide drop-down lists of standard status updates, focusing on actionable data. Choosing from a list of options instead of typing in a free-form text response saves priceless time for the agent and results in clear, unambiguous updates. Lenders experience substantial advantage from cleaner, more purposeful data. Both agents and lenders benefit from the ability to filter and sort through more easily decipherable updates, extracting valuable data points and flagging items that require action.
The geostamping functionality measures the distance between the agent and the recovery address and automatically marks where the agent is located when the update is entered, for complete transparency between agent and lender.
For more than 10 years, RDN’s software-as-a-service technology has enabled automotive lenders with improved recovery performance and increased operational efficiency while providing full security and transparency. Similarly, Clearplan’s digital platform provides recovery agents, drivers, forwarders and automotive lenders a centralized, mobile, cloud-based hub for repossession workflow and logistics management. Together, Clearplan and RDN, both business units of KAR Global, connect thousands of recovery agents and automotive lenders to a streamlined vehicle recovery process — with reduced redundancies and increased actionable data. For more information, visit recoverydatabase.net.