Used car values in the wholesale marketplace have been very strong since this summer. With the prospect of additional federal stimulus in the hands of consumers, coupled with the advent of the 2021 tax season, used car prices a likely to remain very high. Dealers have been paying over guidebook prices for vehicle’s at auction and even buying at retail prices. For the automotive finance professional, that means taking on greater risk with each sale. The greater the cash in deal of each finance contract, the greater the necessity to protect that collateral with the best GPS tracking device possible, as well as utilizing the powerful set of analytics that come along with those devices.
If knowledge is power, then anything that makes the acquisition of knowledge easier should be on your shortlist to maximize the value of your finance portfolio and protect your collateral. To that end, we have developed, tested, and now introduced the Industry’s only onboard VIN authenticator, Evo VIN Verify, to the marketplace.
By listening to the voice of the customer we heard that locating, then entering VINs into a database, physically or electronically, was cumbersome. Entering 17-digit codes into any database could be prone to error, was definitely time consuming, and when malfeasance was present could result in very expensive fraud or regulatory compliance fines. Given the higher prices of inventory, it’s vital to utilize the best available technology to ensure the VIN and contract information match exactly.
Evo VIN Verify collects the VIN information digitally. The embedded VIN reader also provides other data such as Make, Model and Year from the vehicle’s onboard diagnostics port. This ensures no inaccurate data is entered into the system, saves time, and ensures compliance with related-finance and third-party finance companies. Now, that you’ve acquired the vehicle, once VIN Verify is installed, the VIN is entered into your database. When you have an accurate VIN, you can use various decoders to acquire the vast amount of data it includes — trim levels, open recalls, repairs, and more.
By knowing more about your collateral, you can justify higher loan amounts and current higher acquisition fees at auction. For those retail buy here-pay here dealers who are floor planning their inventory or using third-party capital providers, using VIN Verify assists with lot checks and inventory audits. Capital providers and floor planners are very comfortable knowing the vehicle they’ve financed is the actual vehicle in the hands of the consumer or awaiting sale on the lot.
Knowledge is power, and making that knowledge readily accessible through automated processes such as what occurs with VIN Verify, gives you the power to boost sales, enhance your bottom line, and gives you the peace of mind that comes with knowing your floor planners or lenders, customers, and legal and regulatory agencies have all the information they need about the vehicle you’ve financed.