Black Book will begin offering vehicle verification information to automotive lenders to help reduce misrepresentation about a vehicle's trim and equipped options, the valuation firm announced.
The Asset Verification Tool helps lenders confirm trim and options as a part of the process of calculating loan-to-value ratios, which would reduce risk and ensure a proper collateral value assessment.
Lenders can verify the trim level and options on the vehicle via a web portal so they can prevent a fraudulent transaction in a more time-efficient manner. Black Book also provides the data as an API for direct integration with automated approval systems or loan origination systems.
Asset Verification Tool uses Black Book's Enhanced Vehicle Matching, a VIN-level identification process powered by machine learning and OEM build data that matches 17-digit VINs to a single trim and any applicable additions or deductions.