Manheim Auctions received Jan. 11 Treasury & Risk Management magazine’s Alexander Hamilton bronze award in the technology category for its Internet Vehicle Consignor Payments System.

"We are very honored to receive this award," said Kathy Decker, Manheim’s manager of treasury operations. "The award recognizes the innovative efforts that we are making to conduct business more efficiently and effectively."

Decker, Evelyn Hatton and Jill Marciniak developed the payment system. It allows Manheim to pay the larger consignors of vehicles sold at auctions nationwide in a more accurate and timely fashion. Because of the new system, 99.9 percent of the payments processed each month are now error-free, according to Manheim.

Manheim first started using the new system at two auction locations with large payment volumes and eventually expanded it to all Manheim auction sites.

"Before this system, all 116 Manheim auctions had to use a central treasury to process payments, resulting in an overload," Decker said. "Having the auctions process their own payments through the Web site freed up 15 hours of treasury staff time per week."

The award was given at Treasury & Risk Management’s Sixth Annual Best Practices Summit.

About Manheim Auctions

Manheim Auctions offers services that impact every stage of a used vehicle’s life cycle. These include transaction, reconditioning and certification services, managed remarketing, end-of-lease term management services, vehicle transportation, dealer floor planning, retail inspection and government auction services. The company also assists auto manufacturers, fleet and lease companies, banks and other financial institutions in selling their used vehicle inventories.

A wholly owned subsidiary of Cox Enterprises, Inc. with more than 34,000 employees at its 125 auctions and related businesses, Manheim is a global remarketing organization with 85 auctions in North America and additional operations in France, the United Kingdom, Australia and New Zealand.