Collections and Recovery Performance

Client Need: The auto finance division of a $60 billion bank sought to improve collections and recovery performance by investigating ways to reduce vehicle liquidation costs, increase sales prices on liquidated assets, improve recovery rates, and reduce gross losses.

Solution: BenchMark Consulting documented the current operating environment including workflows, processes and procedures. Analysis of this data resulted in recommended key performance metrics for increased collector effectiveness, and a staffing model to better measure and monitor work. A new plan to outsource the sale of liquidated assets was developed along with new system configurations to increase the control of this process.

Results: Improvements in collections and recovery performance with an annual savings of approximately $3.7 million were achieved with the implementation assistance of the BenchMark Consulting team.