VINData & Inovatec integrate to boost underwriting, spot potential risk
VINData, a provider of trusted vehicle history and remarketing information, recently announced a partnership with Inovatec, a leader in cloud-based loan origination and loan management solutions for the automotive sector.
Through this relationship, VINData will integrate its offerings into Inovatec’s platforms, giving finance companies across the United States and Canada “unprecedented” visibility into the histories of specific inventory to identify potential risks, and improve the management of their collateral portfolios.
The integration into the Inovatec LOS can enable finance companies to seamlessly access VINData information at the time of contract decisioning to quickly and easily evaluate used vehicle collateral risk.
Furthermore, the LMS integration can allows Inovatec clients to monitor the health of their collateral portfolio and identify potential risks before they become financially detrimental.
VINData provides DMV title and brand information, along with data from the National Motor Vehicle Title Information System (NMVTIS) regarding insurance loss and salvage and junk information.
Other data includes active and issued recall data, open liens, active thefts, and vehicle values from leading value guide providers Black Book and NADAGuides/J.D. Power and Manheim Market Report® (MMR).
“We are delighted to work with VINData and provide the company’s vehicle history and associated data to our lenders in a way that makes it easy for them to use,” Inovatec chief executive officer and co-founder of Vlad Kovacevic said in a news release.
“VINData’s highly customizable approach lets us tailor the data to meet specific lender requirements, and we anticipate that the offerings from VINData will be an important source of information to lenders who book multiple vehicle types, both in the U.S. and Canada,” Kovacevic continued.
VINData president Adam Siner added, “Inovatec is exactly the type of integration partner we look for.
“The company’s platform is the perfect conduit to deliver the real-time vehicle history and decisioning information that lenders need to optimize profits and reduce risk. We are very proud to partner with Inovatec and join their efforts to provide world-class services,” Siner went on to say.