In the latest installment of the annual Power 300 issue of AuSM, we go behind the scenes with some of the leading companies in the used-car space and their top executives with a few Q&A features.
Next up is Lisa Scott, president of PAR North America.
AuSM: What are some of the top challenges/needs right now that you’re watching in the vehicle recovery segment?
Lisa Scott: The recovery industry is constantly facing new compliance and regulatory obligations that vary state to state, which is why we’ve invested in the technology to track not only the regulations, but also the data points that keep all parties in compliance. I’m always watching for opportunities to leverage integrations with our technology partners, especially those within the KAR group of companies. And PAR has had some big wins on this front in our Platinum Compliance product.
Because we are such a data-driven entity, like the rest of the auto remarketing industry, the recovery industry is challenged to protect that data and mitigate risk by following business- and client-mandated IT security requirements.
We’re also challenged to balance the pressure from clients to reduce expenses with the need to avoid further erosion of fees paid to agents.
Lisa Scott, PAR North America
AR: How is PAR North America implementing new technologies (like AI, for instance) in aiding its clients?
LS: To some extent, PAR is using predictive analytics in our automation. We are focused on eliminating redundancy, leveraging intelligent data and creating strong vendor relationships. One example of how we’re leveraging our data in automation is our Recovery Agent Locator (RAL), a proprietary system that identifies the agent best suited for an assignment based on location, capacities and recovery rate. Data is also driving some of our key initiatives, including repo automation, center, structured data purchasing, inventory rotation, waterfall enforcement and compliance monitoring.
We are a great contributor when it comes to data collection as well: Thanks to our agents with license plate recognition (LPR) cameras, we are one of the top forwarders for scan density rankings.
AR: You’ve held several roles within the KAR family, including positions with ADESA Canada and OPENLANE. In your current role, how is PAR working with some of its sister companies at KAR?
LS: PAR leverages the strengths of other KAR entities to provide wide-reaching services for our clients. We work with RDN/ClearPlan every day, as they supply the operating system for most of our agent network. AutoVIN conducts any inspections required at agents lots for our Repo 360 Advantage product. High Tech Locksmiths provides both our lenders and agents with key replacement service. And of course, ADESA and TradeRev are obvious avenues for remarketing inventory for our clients.
AR: PAR launched the Platinum Compliance portal last October. What are some of the early learnings and back around that?
LS: One of our goals last October was to enhance the customer experience by creating the leading compliance platform in the recovery industry. And we met that goal: Platinum Compliance is the most comprehensive real-time database of due diligence and compliance documentation. But we recognize that we need to keep listening to our clients, meeting their needs and enhancing our product to stay relevant.
The ongoing back from clients is outstanding. We hear that they especially value the state-by-state requirements data. But while they appreciate the current portal’s offerings, they also need one single solution for managing all their vendors. Leveraging our KAR connections, we are currently working with RDN/ClearPlan to provide this solution to the industry as a whole.
We are releasing two new features this summer: a vendor-facing platform and a resolutions portal. Vendors will now be able to upload the documents themselves, PAR will review for verification and then the document will be visible for all parties. The resolutions portal will be the new system of record for the internal PAR Resolutions team. Complaints and issues will be tracked from initial log to completion and all reporting will be pulled from this system.