In modern business, AI and big data have become increasingly prevalent. And for the most part, this data has proven to be invaluable when it comes to decision-making and process improvements. This could not be more accurate in the world of automotive repossessions. As a repossession management company, Resolvion is able to use this data to determine the best, most efficient repossession agents to use when distributing assignments from lenders.
However, the most impressive function of this process is just how much we are allowed to zoom in to a geographical area. The insights we collect with our data permit us to gauge repossession activity all the way down to a zip code level. To compare, previous data would show data on a broader level, but could include outliers, consequently distorting the average recovery rates among agents. In being able to drill down data within zip codes, average recovery rates are more accurate, due to outliers having much less of an effect.
So how does all this benefit lenders? Essentially, it sets off a chain reaction. By collecting data on a granular level, forwarders are able to assess the performance and productivity of recovery agents. This ensures forwarders are selecting the best agents in the field to complete assignments. Subsequently, lenders are able to use this data to conduct the same assessments among competing forwarders in order to choose who to supply their assignments. With such precise data, forwarders and lenders alike are able to maintain a constant gauge on performance.
If you would like to better understand how data can improve your repossession rates, please contact us at 760.431.6014 or email us at firstname.lastname@example.org.