Originally posed on Black Book

Constant+ loss mitigation platform helps lenders reduce credit losses and increase recoveries

(Lawrenceville, GA and Portland, ME – February 18, 2021) Black Book, known in the automotive industry for providing timely, independent and precise vehicle pricing and analytics, in an effort to help auto lenders successfully navigate the potential rise in delinquencies and repossessions, announced today the integration of its Black Book enhanced data and analytics, including vehicle valuations, within the Constant+ loss mitigation platform. 

The Constant+ self-service platform unlocks expanded loss mitigation strategies to offer auto lenders agile solutions not otherwise available.  With the integration of Black Book data to Constant+, lenders can minimize credit losses and preserve consumer goodwill by leveraging precise VIN-specific valuations adjusted for vehicle history to strengthen decision making.  The goal is to empower lenders to choose from an expanded list of loss mitigation solutions and select the least costly path forward to maximize recovery and protect narrow margins.

“This year will be as uncertain as 2020.  Increased consumer protection regulations may interrupt traditional repossession strategies, used car prices may continue their decline, and borrowers’ ability and willingness to repay will likely remain volatile,” says Catherine Powers, CEO of Constant. “Lenders will want to be agile and armed with strategies that go beyond extensions, spinning the dialer, and repossession.  To this end, automation is critical.  The data on our platform must be precise and available real-time, and for that reason, we’re excited to add the integration of Black Book’s industry leading data and analytics.

With Black Book data integrated with Constant+, lenders can make the best decision about whether it makes sense to recast or restructure debt or offer a short payoff or voluntary surrender if repossessions are spiking or moratoria are expanding.

“We are excited to partner with Constant+ on this innovative solution for auto lenders.   Black Book provides unparalleled data and analytics tools to support the auto lending process from loan origination, risk mitigation, loss forecasting to asset remarketing.  With Black Book, the Constant+ self-service platform helps lenders evaluate hardships and potential recovery solutions in real-time and with high confidence in the true value and related exposure of the asset,” said Jared Kalfus, EVP of Revenue for Black Book.  

Access to Black Book data is now available for all Constant clients.

About Constant

Constant offers its AI-powered software platform to financial service providers accelerate hardship relief support, applying decision based logic and API-driven analytics to replace manual processes. The company built the platform for the loans it originated to mitigate losses, reduce reliance on the phone channel, and avoid the high costs of distressed loan servicing during a recession. When the COVID-19 crisis accelerated consumer financial stress, Constant’s team offered the technology to other lenders and servicers. For more information or to schedule a demo, contact Carissa Robb at crobb@constant.ai or visit us at https://www.constant.ai/.

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 888.997.3068.

Meet Constant AI.

Curious to learn how our no-touch loan portals increase fee income and help your most financially challenged borrowers get help fast? It’s time to adopt digital solutions and move your team away from administrative duties and fulfillment queues so they can be stellar reps.

Schedule a Demo