Fort Worth, Texas — February 25, 2013, Digital Recognition Network (http://www.drndata.com), the leader in LPR data and collections and recovery solutions wants lenders to recover assets more efficiently by getting the data they need to find assets earlier in the process.
“Typically a lender spends 180 days using different recovery agents in addition to skip tracing to look for a car before they turn to us and our collections and recovery solutions, said Chris Metaxas, CEO of DRN. “Lenders don’t want do collections and recovery; they want to reach a resolution with people. By turning to LPR data sooner, DRN can provide as much as a 10% lift in the value of an asset and reduce collections.”
To date, DRN has located and recovered more than 100,000 vehicles, with $700 million in assets located and returned to lenders. With more than 1 billion LPR data scans in its database, lenders get the benefit of being everywhere all the time when it comes to looking for assets. “We call it the network effect,” said Metaxas. “It allows lenders to reduce operating expenses and asset risk while boosting the balance sheet and lowering charge-offs from collections and recovery.”
DRN’s national network continues to grow and new LPR data scans are added to the database at the rate of 50,000 per month. In all, 70% of the top 100 lenders use DRN LPR data services.
“We know that 41% of all successful collection and recovery for repossessions occur in the first 15 days,” Metaxas said. “We give lenders a viable alternative to recover additional vehicles quickly while getting the lift they’re looking for.”
About DRN Asset Recovery Solutions
Digital Recognition Network (DRN) is a data company exclusively focused on license plate identification, asset value preservation, fraud mitigation and on automotive data derived from license plate identification. By recovering, storing and grouping data on vehicle location, where vehicles go and who drives them, DRN is able to provide value to clients to help them make better, more profitable decisions while preserving asset value.
An industry pioneer in vehicle asset location technology and asset recovery solutions, DRN fuels a national network of more than 550 affiliates employing mobile license plate recognition technology that gathers the automotive data. Because this license plate identification technology is used in every major metropolitan area in the United States, DRN captures automotive data on up to 50 million vehicles each month. With more than three-quarter billion data points gathered to date, DRN has the largest vehicle location data base in existence. We are proud to maintain strict standards for privacy, compliance, and data integrity. For more information visit: http://www.drndata.com.