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Automotive Professionals Gain Access To Precise Vehicle Values on Cars, Trucks, Specialty Vehicles
Black Book, a division of Hearst that provides industry-leading used vehicle valuation and residual value forecast solutions, today announced that its valuation data and specialty vehicle insights are integrated with Inovatec, a provider of industry leading lending platform.
Under the agreement, Inovatec clients and partners will gain access to Black Book’s History Adjusted Valuations (HAV), as well as valuation data covering Powersports, Heavy-Duty Trucks, CPI, and RV/Camper vehicles throughout the U.S.
History-Adjusted Valuations are a VIN-specific, analytics-driven resource that delivers Black Book’s most precise vehicle valuations, helping automotive professionals determine the impact a vehicle’s history has on its value. Inovatec is leveraging Black Book’s HAV for its loan origination system, whereby clients and partners will have access to precise valuations as a way to flag undesirable deals at origination or prior to acquisition; improve advance amounts to minimize future loss severity; prevent dealer fraud; pinpoint active loans in collections and servicing; and set floors more accurately during remarketing.
Even with the use of vehicle history reports, automotive professionals are still reliant on making an unscientific, educated guess as to the impact a vehicle’s history has on its value, which often leads to mistakes in the valuation process. HAV helps automotive professionals remove the guesswork involved by providing access to a more precise value on each individual vehicle.
“We’re pleased to be able to announce this partnership with Black Book, and we know they provide precise values on cars, trucks and specialty vehicles since we have been leveraging their data in the Canadian market for some time now,” said Vladimir Kovacevic, Managing Partner and CTO at Inovatec. “For our clients, having access to the most precise valuation data possible is important in maximizing solid profit potential on each and every deal, as well as ensuring we help minimize risk against future loss severity in loan environments.”
“In today’s margin-intensive automotive market, it’s important to have access to vehicle values that go beyond the standard make, model and trim level,” said Jared Kalfus, Executive Vice President, Revenue at Black Book. “Understanding each individual vehicle’s unique valuation with exact historical performance helps Inovatec clients gain a significant competitive advantage, and can help minimize risk exposure when evaluating loan portfolios.”
Inovatec offers an end-to-end lending platoform used globaly by lenders, brokers and dealers to drive a highly optimized and streamlined lending process within automotive, equipment and consumer lending verticals. Cotinuous innovation, business expertiese and customer focus have been the key differentiators for Inovatec and continue to be main areas of focus. With a complete suite of products ranging from multi lender origination platform to loan origination system and loan management system, Inovatec is able to offer solutions that meet any requirements. For more information, please visit inovatec.com or call 855.240.3691.
About Black Book
Black Book® is best known in the automotive industry for providing timely, independent and precise vehicle pricing information, and is available to industry-qualified users through online subscription products, mobile applications and licensing agreements. Since 1955 Black Book has continuously evolved to ensure that it achieves its goal of delivering mission-critical information to its customers, along with the insight necessary to successfully buy, sell, and lend. Black Book data is published daily by National Auto Research, a division of Hearst, and the company maintains offices in Georgia, Florida, and Maryland as well as the Canadian Black Book in Toronto. For more information, please visit BlackBook.com or call 800.554.1026.