MVTrac partners with more than 500 recovery agents nationwide. And because these agents play such an important role in the repo process, we wanted to understand more about how they work and the challenges they face.
Recovery agents typically work six days a week, with 8-10 hour shifts during the day or at night. Shifts begin with a meeting at a central dispatch location where agents receive their assignments. Agents typically run their trucks in areas where camera cars are actively scanning – often running close behind the cars so that when a camera scans a vehicle, the agent can get to it quickly. When the camera captures a vehicle on the hit list, the MVTrac system notifies dispatch immediately, then the agent receives approval to secure the car. All of this is done digitally, making it a seamless and almost immediate process. The removal of paperwork and waiting for approvals by phone makes the agents’ job easier and saves valuable time – up to an average of 30 minutes.
This quick turnaround means a few things for agents:
- Faster approvals translate to a higher success rate because vehicles haven’t had time to move far from where they were scanned.
- Less down time waiting on confirmations and approvals decreases exposure for agents and improves their safety.
- More efficient pickups mean agents can complete more recoveries during a shift.
LPR camera systems and analytics have increased recovery rates for agencies, with large agencies averaging 450-500 repossessions per month, and some reaching as high as 600 per month. Smaller agencies may average 125 repos monthly – but their efficiency rate also has increased with use of LPR and tools like Case Claim, MVTrac’s digitized, automated process that leads to safer vehicle recoveries and compliant repossessions.
Agents are currently working through extremely high volumes, with rising delinquencies minimizing the seasonal highs and lows the industry usually sees. Consumers are also becoming more savvy about the repo process and are able to recognize camera cars, adding even more challenge to the recovery process. All of this makes use of effective camera technology and analytics platforms even more critical for agents to be successful.
Want to learn more about how MVTrac can help your recovery activities? Contact us here.