December 10, 2023

Repo Buzz

Collateral Recovery Repossession News And Directory

RALEIGH, N.C. – Consolidated Asset Recovery Systems (CARS) recently brought three more finance companies into its client portfolio.

Flagship Credit Acceptance announced today that it has selected the CARS’ IBEAM (Internet Based Electronic Asset Management) web portal for managing the repossession and remarketing of non-performing assets in its automotive loan portfolio.

Crescent Bank and Trust has selected CARS’ vendor manager and servicing solution, Market Place Manager, to support its repossession and remarketing needs.

Zinc Auto Finance also announced that it has selected CARS’ IBEAM web portal for managing the repossession of non-performing assets in its contract portfolio.

CARS — among the companies to gather for Used Car Week 2018 beginning on Nov. 12 in Scottsdale, Ariz. — reiterated that it provides technology and services to finance companies, forwarders and repossession agents that is designed to enhance repossession and remarketing performance.

After completing a long-term evaluation of the IBEAM product, Flagship determined that it would standardize its repossessions and remarketing operations with a single technology.

“IBEAM allows us to manage all of our forwarding partners and remarketing consigners under a single platform,” Flagship loan servicing senior vice president Steve Biehl said. “By allowing us to consolidate data from field-based tasks and analytics through a central technology, we can enhance our performance.

“Analytical insights are key to Flagship’s ability to operate efficiently,” Biehl continued. “IBEAM gives us a way to manage multiple collection operations distributed across the country by creating a centralized view, applying artificial intelligence and allocating assignments efficiently.”

Consolidated Asset Recovery Systems chief executive officer and co-founder Steve Norwood touched on the company’s relationship with Flagship Credit Acceptance before this decision. Flagship Credit Acceptance is headquartered in Chadds Ford, Pa., with offices in Irving, Texas, Phoenix, Irvine, Calif., and Indianapolis. Flagship has successfully grown its portfolio to $2.9 billion in managed receivables. The company currently purchases indirect auto contracts from a nationwide network of more than 10,000 dealers and originates direct to consumers in 46 states.

“Flagship and Consolidated Asset Recovery Systems have been partners for years,” Norwood said. “Their use of analytics has informed many of the enhancements and reporting capabilities in IBEAM, raising the bar for what is considered essential best practice today.

“They truly represent best in class, and we are excited to continue to pioneer new solutions with them that will benefit our clients and the industry,” Norwood continued.

Crescent Bank and Trust chief collections officer Dan Boozer explained the methodology behind the company’s decision to leverage CARS’ capabilities. Crescent Bank and Trust specializes in providing auto financing to high-risk consumers in offices across 23 states.

“We have been partners with Consolidated for several years and have seen the company grow and value the partnership they provide, recognizing their continued thought leadership in the market we are excited as they roll out new solutions and in their ability to drive change in the industry with products like Market Place Manager,” Boozer said.

“The ability to have a predictable cost of service and consolidated invoices, combined with comprehensive reporting has improved our efficiency and allowed us to reduce internal headcount,” Boozer continued.

The IBEAM platform can automate many functions Crescent had to perform with internal resources and has provided the ability to view total cost, supplier performance, event timing, SLA compliance and complaint resolution. It also can retain all the historical records for the field-based activities associated with the repossession and remarketing process which Consolidated performs.

“Crescent was the first company to utilize Market Place Manager,” Consolidated Asset Recovery Systems co-founder Terry Groves said.

“By combining the best parts of sourcing their servicing needs, with the flexibility to engage other service providers through the vendor managed service gateway, they gain efficiencies without limiting their success or results,” continued Groves, who is among the experts set to appear during Used Car Week.

Meanwhile, Zinc Auto also revealed its decision to standardize on the IBEAM platform for repossession management. IBEAM (Internet Based Electronic Asset Management) is a web-based portal that can provide analytics, status and field-based updates for tasks.

CARS explained that IBEAM is unique in that it is built on an architecture that does not allow data to be localized. The benefit is better security of information compared to the traditional technology approach that synchronizes hosted data with licensed applications that may be installed on devices that do not have the property security protections.

Zinc Auto Finance specializes in non-prime retail installment contracts for both new- and used-vehicle purchases. The company is based in Fresno, Calif., servicing franchised and independent dealerships in Alabama, California, Florida, Georgia, Michigan, Missouri, Nevada, Oklahoma, Tennessee, Texas and Virginia.

“IBEAM provides us with efficiencies in managing our direct relationships with agents,” Zinc chief operating officer Rene Strong said.

“We can use the reports and dashboards to determine best performing supplier in a particular market to help improve portfolio performance. IBEAM also allows use to capture all historical data which is useful in evaluating compliance and adherence to our SLAs,” Strong went on to say.

IBEAM can help Zinc audit suppliers to assure compliant execution of repossession assignments and document and address issues that arise through an integrated complaint log. Dashboards allow ZINC to look at suppliers’ history over time to see if there are reoccurring issues or complaints that may underscore a higher risk

“Zinc Auto utilizes IBEAM to self-manage their direct repossession agency relationships accessing features and functions not available in other software solutions,” Groves said. “In addition, our technology stack provides the highest uptime rating in the industry yet it remains unique in its ability to assure data security by leveraging responsive design a technology that emulates web apps and licensed software without pulling data out of the level-3 secure data center.

“This provides the user an experience the same as if the data resided on their device without exposing clients to the risk and effort required to audit and manage all suppliers and users who consume data from the IBEAM portal,” Groves went on to say.

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