With Cox Automotive chief economist Jonathan Smoke making note of them this week, vehicle repossessions might be an even higher priority for finance companies nowadays.

To help with the situation, Loanbridge.AI and AutoSquared.AI reiterated their partnership is aimed to improve how contracts are managed, risks are assessed, and assets are recovered

Loanbridge.AI can bring real-time data on impounded vehicles, while AutoSquared.AI uses smart automation to simplify vehicle release or repossession.

“This partnership is critical, with loan delinquencies rising and lending rates expected to increase in 2024 and 2025,” the companies said in a news release.

Together, Loanbridge.AI and AutoSquared.AI said they can shorten the vehicle repossession process to just three hours using instant tow alerts and improved procedures. They said their collaboration also can help to cut down on the average impound fees of $1,200 per vehicle.

“This joint effort between Loanbridge.AI and AutoSquared.AI uses technology and data to set new standards for managing loans, handling risks, and recovering assets in auto finance,” the companies said, adding that they’re “not just tackling today’s challenges but also preparing for future advancements in the industry.”