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News Flash

Roadside Assistance Co. Employs New Technology

HONK, a digital assistance platform and vehicle transport company, plans to deploy its accident-scene information services solution, FirstOnScene. With this service, insurance carriers can receive photos, video and information detailing vehicle damage while the vehicle is still on scene. HONK claims that as a result, carriers can reduce the claim cycle time by three to five days, cutting the time required to settle roughly in half. Tow operators from the HONK network capture photos and video via HONK’s platform, which optimizes them for analysis by third-party AI platforms. Images and video are also available to claims adjusters for viewing via their preferred claims management software. Insurance carriers receive the data points required to settle a claim while the customer’s vehicle is still at the

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scene of an accident. Customers can receive a settlement or their repaired vehicles back faster. Also, insurers save up to $800 per claim by reducing costly delays such as vehicle storage, impound fees, secondary tows and rental car days. “HONK’s nationwide network of tow providers and our technology platform create a powerful combination that’s ideally suited to accelerate the accident scene claims process,” said Rochelle Thielen, Chief Revenue Officer at HONK. Source: wfxrtv.com

Used Car Market Heats Up

The used-vehicle market is heating up again, spiking 5.3 percent in

September, after three months of declines. The report comes from Manheim, the largest auto auction operator in the U.S. Several factors are causing an increase in demand of used vehicles and the spike in prices. First, there are tight supplies of new vehicles due to chip shortages and factory closures resulting from the covid crisis. The low supply is also a result of a sharp decline in sales at auctions by the three largest categories of sellers in the wholesale market: rental vehicles, offlease vehicles and repo companies selling repos. Since rental companies are having a harder time getting their hands on new vehicles, they are holding their rental cars longer. For the repo business, low lending rates and a moratorium on repos during the covid crisis have reduced the numbers of cars at used-vehicle auctions. Source: wolfstreet.com

AmericanTowman.com | November 2021 • Midwest 71