ATLANTA – Auto Auction Services Corp. (AASC), providers of the AutoIMS auction inventory management software, and Balboa Insurance Group has created a solution enabling auto lenders to improve the recovery of insurance proceeds on repossessed vehicles with insurable damage.
AutoIMS now offers an immediate automated Internet feed of information on vehicles arriving at the repossession lot with damage to Balboa’s Web-based claims filing and recovery service, RepoSource. This interface improves both timeliness and accuracy and enables RepoSource to integrate more seamlessly with lender remarketing processes. By completing claims filing activity during the redemption period, the solution eliminates both bypassed claim opportunities and sale holds.
“Every day you keep a car, it loses value in the used-car world,” said Don Meadows, CEO of AASC. “Through AutoIMS, Balboa will be able to systematically access condition report data which, in turn, reduces the number of vehicles their appraisers have to inspect and moves vehicles through the system faster. Our position in the data pipeline between auctions and the auction suppliers means we offer information that companies like Balboa need when performing services on behalf of lenders.”
“Auto lenders will reap both increased efficiency and financial advantage using AASC and Balboa technology,” said Jim Sigafoos, executive vice president with Balboa Insurance Group. “RepoSource works particularly well for clients who also utilize Balboa’s Collateral Protection Insurance program, because many claims on repossessed vehicles can be paid under a collateral protection insurance program. With RepoSource, both collateral protection insurance and outside insurance claims are paid much sooner.”
The new service will be demonstrated at the Conference of Automotive Remarketing (CAR), March 8-10 at Caesar’s Palace, Las Vegas. AutoIMS is a Premier Sponsor.