Centennial, Co. Peak5 has announced the release of Test Drive Peak5, a benchmark program designed to allow motor vehicle finance companies to test their internal servicing strategies. The company hopes that Test Drive will help finance companies to stay on top of regulatory and compliance issues while maintaining best practices.
The new program is designed to allow lenders to explore the benefits of new servicing strategies, validate existing ones and discover new techniques that could make a strong impact on their organization’s servicing efforts. Test Drive is designed to perform in parallel with finance companies’ existing servicing strategies in order to minimize any risk concerns.
According to the company, the test is undertaken using a statistically valid subset of its debtor base. The new strategy is deployed and, at the end of the Test Drive, Peak5 provides a comparative analysis and professional consultation to reveal the benefits of the Peak5 approach. An informed decision can then be made on whether to resume regular practices or to implement the recommended modifications supported by the Test Drive results.
“Test Drive Peak5 is the ideal solution for finance companies whether they service their loans in-house or outsource servicing, as it enables organizations to discover the strengths and weaknesses of current servicing efforts,” said Kevin Barry, CEO of Peak5. “Clients will learn best practices for handling particular types of accounts and will gain insight as to the impact our state of the art technology has on reaching account holders and collecting payments. I believe that as we continue to see some deterioration in portfolio performance throughout the credit spectrum during these challenging times, the ability to utilize the additional resources and custom designed alternatives of Peak5 gives lenders an immediate option to strengthen their current servicing efforts. We can have them on board and fully functional for the Test Drive in a very short period of time.”