Finance companies that use Recovery Database Network (RDN) now have some additional assurance their repossessions are being completed according to state and federal regulations.
On Wednesday, the KAR Global business unit rolled out a seamless application interaction with the American Recovery Association (ARA) that is designed to provide RDN customers instant access to recovery agents’ compliance status.
Both RDN and ARA insisted 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,” Zane continued in a news release. “This is a big step forward for our industry, and we believe it will deliver great value to all current and future customers.”
Any finance company 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, finance companies 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.
“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,” ARA president Dave Kennedy said.
“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,” Kennedy went on to say.
For more than 10 years, RDN’s software-as-a-service technology has been designed to deliver improved recovery performance and increased operational efficiency while providing full security and transparency.
Similarly, Clearplan’s digital platform can provide 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, can connect thousands of recovery agents and automotive finance companies 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, www.repo.org.