LAWRENCEVILLE, Ga. — Black Book (div. Hearst Automotive) announced that its valuation data and specialty vehicle insights are integrated with lending platform provider Inovatec. Under the agreement, Inovatec clients and partners will gain access to Black Book’s History-Adjusted Valuations, as well as valuation data covering powersports, heavy-duty trucks, CPI, and RVs and campers throughout the U.S.
Black Book’s HAV is a VIN-specific, analytics-driven resource designed to deliver Black Book’s most precise vehicle valuations, helping automotive professionals determine the impact a vehicle’s history has on its value. Inovatec is leveraging Black Book’s HAV for its loan origination system, whereby clients and partners will have access to precise valuations as a way to flag undesirable deals at origination or prior to acquisition; improve advance amounts to minimize future loss severity; prevent dealer fraud; pinpoint active loans in collections and servicing; and set floors more accurately during remarketing, executives said.
“In today’s margin-intensive automotive market, it’s important to have access to vehicle values that go beyond the standard make, model and trim level,” said Jared Kalfus, executive vice president of revenue at Black Book. “Understanding each individual vehicle’s unique valuation with exact historical performance helps Inovatec clients gain a significant competitive advantage and can help minimize risk exposure when evaluating loan portfolios.”
Even with the use of vehicle history reports, automotive professionals are still reliant on making an unscientific, educated guess as to the impact a vehicle’s history has on its value, which often leads to mistakes in the valuation process. HAV was designed to help automotive professionals remove the guesswork involved by providing access to a more precise value on each vehicle.
“We’re pleased to be able to announce this partnership with Black Book, and we know they provide precise values on cars, trucks, and specialty vehicles since we have been leveraging their data in the Canadian market for some time now,” said Vladimir Kovacevic, managing partner and CTO at Inovatec. “For our clients, having access to the most precise valuation data possible is important in maximizing solid profit potential on each and every deal, as well as ensuring we help minimize risk against future loss severity in loan environments.”
Originally posted on Auto Dealer Today