LAWRENCEVILLE, Ga. — Pricing data provider Black Book announced the launch of its latest solution for auto lending professionals: Asset Verification Tool, a new system designed to help protect auto finance sources against vehicle misrepresentation by providing insight on vehicle trim and equipped options.
By confirming the trim and options on a given vehicle, bank and finance company personnel can be confident in the calculated loan-to-value ratio, the accuracy of which helps mitigate risk throughout the loan lifecycle and ensure the proper collateral value is used in risk assessment, executives said.
Asset Verification Tool uses Black Book’s Enhanced Vehicle Matching, a precise VIN-level identification process powered by machine learning and OEM build data that matches 17-digit VINs to a single trim and any applicable adds or deducts, according to the provider.
“Asset Verification Tool provides lenders the ability to verify trims and options in a single click, drastically reducing risk,” said Black Book’s executive vice president of revenue, Jared Kalfus. “With Asset Verification Tool, lenders can ensure accurate collateral representation and reduce time spent in manual verification processes.”