American Recovery Association Compliance Tracking Tool Assists Lenders in Selecting Agents for Assignment
FOR IMMEDIATE RELEASE
CARMEL, Ind. – October 16, 2019 – KAR Auction Services, a global vehicle remarketing and technology solutions provider d/b/a KAR Global (NYSE: KAR), announces a new, seamless application interaction between its business unit Recovery Database Network (RDN) and the American Recovery Association (ARA) that provides RDN customers instant access to recovery agents’ compliance status. This additional visibility into real-time information offers increased confidence when considering an agent for assignment.
“By working with the ARA, the industry’s leading voice for establishing universally accepted compliance standards, RDN customers gain peace of mind.” said Justin Zane, president of RDN and Clearplan. “The new ARA Compliance System will provide all industry stakeholders a comprehensive, verified one-stop solution for compliance management that operates in real-time. This is a big step forward for our industry, and we believe it will deliver great value to all current and future customers.”
Any lender or agent who assigns or accepts assignments through RDN can take advantage of the transparency offered by the new compliance status feature. To access the benefits of this new compliance tool, lenders and agents can simply enroll in the ARA Compliance program.
When logging a new case in RDN, color codes under an additional “ARA” column indicate whether an agent is ARA Standards Compliant: red for non-compliant or incomplete, green for compliant, and yellow for pending status. Lenders can quickly filter agents based on current compliance status. An “ARA Compliant Agent(s)” filter option is also available for agency management. For more information, download the flyer.
“ARA is uniquely positioned to lead and manage the oversight of these compliance initiatives for the benefit and mutual success of all stakeholders in the recovery space,” said Dave Kennedy, president of ARA. “Together with RDN, we will strive to protect and serve the interests of lenders, forwarders and the repossession community while increasing the efficiency and effectiveness for how compliance is engaged and verified.”
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.
Members of ARA, the world’s largest association of recovery and remarketing professionals, specialize in locating and repossessing collateral on behalf of lending institutions such as banks, savings institutions, finance companies, credit unions, rental/leasing companies, and auto, truck and equipment dealers. The nonprofit organization’s members serve 27,000 national and international cities. All members are certified independent business operators. For more information, visit the website at http://www.repo.org/.
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About KAR Global KAR Auction Services Inc. (NYSE: KAR), known as KAR Global, provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. KAR Global’s unique end-to-end platform supports whole car, salvage, financing, logistics and other ancillary and related services, including the sale of nearly 3.5 million units valued at over $40 billion through our auctions. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in more than 70 countries. Headquartered in Carmel, Indiana, KAR Global has approximately 15,000 employees across the United States, Canada, Mexico, U.K. and Europe. For more information, go to www.KARglobal.com. For the latest KAR Global news, follow us on Twitter @KARspeaks
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