KAR Auction Services Inc.

05/21/2019 | Press release | Distributed by Public on 05/21/2019 08:14

Recovery Database Network Launches Industry-First All-in-One Solution for Tracking Repossession Status

May 21, 2019

'On-Hook Status' Feature Integrates RDN with Clearplan to Provide Lenders with Instantaneous Notifications

Recovery Database Network (RDN), a business unit of global vehicle remarketing and technology solutions provider KAR Auction Services Inc. (NYSE: KAR), announces the launch of an industry-first, all-in-one solution that enables recovery agents and automotive lenders to seamlessly track - in real-time - the repossession status of a vehicle in a single environment. RDN's new On-Hook Status feature fully integrates Clearplan data, enabling lenders to be notified instantly that the repossession is complete, at no additional cost to lenders or recovery agents.

'RDN is continuously making enhancements through data science and building on its digital suite of solutions,' said Justin Zane, president and CEO of RDN. 'On-Hook Status is just the first product enhancement to come from the alliance of RDN and Clearplan. Recovery agents can now check status and process collateral recovery information seamlessly through the Clearplan app, reducing the need for multiple system logins and the potential for error. It ensures the fastest, most accurate recovery information back to lenders.'

A unique green, yellow or red status color code in the Clearplan app indicates whether recovery agents can proceed, hold, or cancel the repossession. It protects agents against unintended repossessions and provides them with increased operational efficiency, greater access to lenders, and seamlessly integrated third-party services.

'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,' said John Sibbitt, vice president of business development for Clearplan. 'Integrating Clearplan data into RDN reduces or eliminates manual processes for the lender and provides both lenders and recovery agencies with access to real-time reporting, immediate assignment verification, and instant notification of repossession status. Connecting the lenders and forwarders to the agents in the Clearplan app, the platform of choice for the majority of agents, is an obvious advantage to clients across the industry.'

RDN and Clearplan are complementary business units of KAR Auction Services. RDN provides specialized software and data solutions to customers across the repossession and disposition value chain. 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 connect thousands of recovery agents and automotive lenders to a streamlined vehicle recovery process - with reduced redundancies and increased actionable data.