Commerce Bank and Copart Announce Revolutionary Digitized System to Speed Up Insurance Industry’s Salvage Settlement Process
November 09 2021 - 10:00AM
Business Wire
Commerce Bank and Copart, Inc. (NASDAQ:CPRT), a global online
vehicle auction company, announced today the implementation of a
revolutionary payment system designed to significantly speed up the
time to complete a salvage total loss settlement in the insurance
industry.
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the full release here:
https://www.businesswire.com/news/home/20211109006102/en/
Traditionally, the long-accepted insurance industry standard for
completing the titling paperwork, making multiple phone calls,
gathering a letter of guarantee and mailing a settlement check to
the customer has been, on average, 30 days.
Commerce and Copart have developed a solution to complete those
steps in a fraction of the time for Copart’s transactions using
CommercePayments® PreferPay® and have now shortened that 30-day
cycle to only five days. This solution automates time-consuming
manual processes and expedites the payment process, providing
consumers faster access to their funds without increasing the
burden on the paying companies.
“We’re thrilled to be able to bring this innovative solution to
Copart and to the insurance industry,” said Roger Williams, senior
vice president and director in Commercial Payments with Commerce
Bank. “Our commitment is to be a collaborative financial partner to
our customers and to use innovation to solve real business
challenges.”
The COVID-19 pandemic and related business closures, shifts to
remote working and significant shipping delays further exposed the
need for a streamlined, touchless payments option. Through the
Commerce-Copart relationship, an estimated 1.5 million payments
from Copart transactions will be processed each year through
CommercePayments® PreferPay®.
For more information, visit www.commercebank.com/preferpay and
www.copart.com.
About Commerce Bank
With $34.5 billion in assets1, Commerce Bancshares, Inc.
(NASDAQ: CBSH) is a registered bank holding company offering a full
line of banking services, including payment solutions, investment
management and securities brokerage. Commerce Bank, a subsidiary of
Commerce Bancshares, Inc., leverages more than 150 years of proven
strength and experience to help individuals and businesses solve
financial challenges. In addition to offering payment solutions
across the U.S., Commerce Bank currently operates full-service
banking facilities across the Midwest including the St. Louis and
Kansas City metropolitan areas, Springfield, Central Missouri,
Central Illinois, Wichita, Tulsa, Oklahoma City, and Denver. It
also maintains commercial offices in Dallas, Houston, Cincinnati,
Nashville, Des Moines, Indianapolis, and Grand Rapids. Commerce
delivers high-touch service and sophisticated financial solutions
at regional branches, commercial offices, ATMs, online, mobile and
through a 24/7 customer service line. Learn more at
www.commercebank.com.
1. As of September 30, 2021
About Copart
Copart, Inc., founded in 1982, is a global leader in online
vehicle auctions. Copart’s innovative technology and online auction
platform links sellers to more than 750,000 Members in over 170
countries. The company offers services to process and sell salvage
and clean title vehicles to dealers, dismantlers, rebuilders,
exporters, and in some cases, to end users. Copart sells vehicles
on behalf of insurance companies, banks, finance companies,
charities, fleet operators, dealers and individual owners. With
operations at over 200 locations in 11 countries, Copart has more
than 125,000 vehicles available online every day. Copart currently
operates in the United States (Copart.com), Canada (Copart.ca), the
United Kingdom (Copart.co.uk), the Republic of Ireland (Copart.ie),
Brazil (Copart.com.br), Germany (Copart.de), the United Arab
Emirates, Oman and Bahrain (Copartmea.com), Spain (Copart.es) and
Finland (Copart.fi). For more information, or to become a Member,
visit Copart.com/Register. Join the conversation and follow Copart
on Facebook.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211109006102/en/
Julie Krueger, 913.402.8050 or
Julie.Krueger@commercebank.com
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