MVTRAC and Recovery Industry Services Company (RISC) highlighted six benefits of their partnership designed to streamline workflows, reduce administrative overhead, and cultivate a compliant and effective network of repossession agents.

Among the key automations and workflow efficiencies are:

— Insurance validation: RISC’s automated systems can allow MVTRAC to quickly and accurately verify agent insurance coverage, ensuring compliance and reducing risk.

— Agent Certification: RISC’s platform can make it easy for MVTRAC to verify the credentials of agents, ensuring they meet industry standards.

— Site inspection tracking and remediation: RISC can monitor site inspections in real-time, improving transparency and accountability through uploaded photos and ensuring all sites meet MVTRAC’s and its lenders requirements. Additional tracking of remediating points of failure has also reduced risk for the agent, MVTRAC and lenders.

— Automation for increased efficiency: The companies said automation of compliance checks and document management has reduced manual processing, allowing MVTRAC to reallocate resources to more strategic tasks.

— Cost reduction: Automation of administrative tasks has significantly reduced labor costs and improved operational efficiency.

— Vendor education and compliance training: Ongoing educational resources from RISC can ensure MVTRAC’s agents stay up to date with industry regulations and best practices.

The companies said this partnership has fostered stronger relationships with more than 650 agents and more than 1,400 storage locations.

“Lenders benefit from streamlined communication and transparency provided by MVTRAC through RISC’s platform,” the companies said in a news release. “The compliance tools also protect lenders by reducing the risk of potential legal or insurance-related issues, ensuring their confidence in working with MVTRAC.

“The ongoing education and compliance training offered by RISC further supports agent satisfaction by providing the knowledge needed to navigate regulatory changes and avoid costly mistakes. As a result, MVTRAC has fostered stronger relationships with its agent network, increasing trust and loyalty,” the companies went on to say.