LAWRENCEVILLE, GA (June 19, 2019) – Black Book, known in the automotive industry for providing timely, independent and precise vehicle pricing information, announced today its latest solution for auto lending professionals – Asset Verification Tool, helping protect lenders against vehicle misrepresentation by providing insight on vehicle trim and equipped options.
By confirming the trim and options on a given vehicle, a lender can be confident in the calculated Loan-to-Value (LTV) ratio. An accurate LTV helps mitigate risk throughout the loan lifecycle and ensures the proper collateral value is used in risk assessment.
Asset Verification Tool from Black Book provides auto lenders with a trusted source for vehicle verification. With the click of a button, lenders can verify the trim level and options on the vehicle, preventing a fraudulent transaction in a more time-efficient manner. Black Book also provides the data included in Asset Verification Tool as an API for direct integration with automated approval systems or loan origination systems.
“We are excited to work with Black Book to enable industry-leading resources leveraging sophisticated data solutions that alert to red flags for lenders and minimize fraudulent loan opportunities,” said Jeff Haymore, President and COO of Flagship. “Asset Verification Tool from Black Book protects everyone involved, from the lender to the consumer and the dealer, with quick and easy collateral verification capability.”
Asset Verification Tool uses Black Book’s Enhanced Vehicle Matching (EVM), a precise VIN-level identification process powered by machine learning and OEM build data that matches 17-digit VINs to a single trim and any applicable add/deducts.
“Asset Verification Tool provides lenders the ability to verify trims and options in a single click, drastically reducing risk,” said Jared Kalfus, Executive Vice President, Revenue at Black Book. “With Asset Verification Tool, lenders can ensure accurate collateral representation and reduce time spent in manual verification processes.”
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 Hearst company, and maintains offices in Georgia as well as the Canadian Black Book in Toronto. For more information, please visit BlackBook.com or call 800.554.1026.