LAWRENCEVILLE, Georgie and PORTLAND, Maine – Black Book, known in the automotive industry for providing timely, independent and precise vehicle pricing and analytics, in an effort to help auto lenders successfully navigate the potential rise in delinquencies and repossessions, announced the integration of its Black Book enhanced data and analytics, including vehicle valuations, within the Constant+ loss mitigation platform.
Increased consumer protection regulations may interrupt traditional repossession strategies, used car prices may continue their decline, and borrowers’ ability and willingness to repay will likely remain volatile.
The Constant+ self-service platform unlocks expanded loss mitigation strategies to offer auto lenders agile solutions not otherwise available. With the integration of Black Book data to Constant+, lenders can minimize credit losses and preserve consumer goodwill by leveraging precise VIN-specific valuations adjusted for vehicle history to strengthen decision making. The goal is to empower lenders to choose from an expanded list of loss mitigation solutions and select the least costly path forward to maximize recovery and protect narrow margins.
“This year will be as uncertain as 2020. Increased consumer protection regulations may interrupt traditional repossession strategies, used car prices may continue their decline, and borrowers’ ability and willingness to repay will likely remain volatile,” says Catherine Powers, CEO of Constant. “Lenders will want to be agile and armed with strategies that go beyond extensions, spinning the dialer, and repossession. To this end, automation is critical. The data on our platform must be precise and available real-time, and for that reason, we’re excited to add the integration of Black Book’s industry leading data and analytics.
With Black Book data integrated with Constant+, lenders can make the best decision about whether it makes sense to recast or restructure debt or offer a short payoff or voluntary surrender if repossessions are spiking or moratoria are expanding.
“We are excited to partner with Constant+ on this innovative solution for auto lenders. Black Book provides unparalleled data and analytics tools to support the auto lending process from loan origination, risk mitigation, loss forecasting to asset remarketing. With Black Book, the Constant+ self-service platform helps lenders evaluate hardships and potential recovery solutions in real-time and with high confidence in the true value and related exposure of the asset,” said Jared Kalfus, EVP of Revenue for Black Book.
Access to Black Book data is now available for all Constant clients.