Remarketing in auto financing space refers to re-sell of customer asset(s) through auctioning. To recover bad debt, Auto-Lending institutions integrate with external auctioning service providers to manage vehicle remarketing portfolios of repossessed customer asset(s).

OFSLL provides a generic interface to support remarketing with middle layer integration between Auto Lending institutions and auctioning service providers. Starting from initiating a remarketing request till invoice validation, processing, status updates, and refunds tracking, all correspondence with the third party auctioning systems are handled within OFSLL.

Following are the stages of collateral remarketing:

• Assignment Allocation
  • Define Vendor Assignment Criteria
  • Vendor Assignment Allocation
• Remarketing Request
  • Interfacing Remarketing Details with Third Party Auctioning System
• Invoicing
  • Post Transaction
  • Business Rules for Invoice Validation