We participated in a webinar hosted by Allied Solutions, where we talked about license plate recognition (LPR) use in vehicle recovery and repossession. Specifically, we discussed how LPR staging is taking the value of license plate data to the next level.
The DRN + MVTRAC partnership has created a great opportunity to expand the power of LPR data. DRN’s historical database of 15 billion images along with 215 million monthly scans – overlaid with public record data – provides vehicle images with time and date stamps, geolocation of each sighting and even a heatmap showing clustered vehicle sightings. This combination provides a clear, real-time picture of where a vehicle has been and where it might go. MVTRAC then offers a full range of national recovery services, including the largest nationwide network of certified and compliant recovery agents.
LPR Staging: How it Works
DRN and MVTRAC are driving higher recovery rates and increasing agent efficiency through LPR staging.
- MVTRAC receives a recovery assignment from a lender. The assignment is placed into a national LPR hotlist that’s accessible by more than 600 MVTRAC-approved recovery agencies across the U.S.
- When one of these agents scans the wanted plate, it can pull DRN’s data in real-time to verify the vehicle and confirm the assignment. Additionally, MVTRAC’s Smart Assign feature can identify the closest, most qualified, pre-approved agent for direct assignment.
- MVTRAC’s Case Claim also gives the agent immediate approval to secure the vehicle when he/she receives a live hit. The manual steps of calling in the scan, waiting for verification, and gaining approval to repossess are eliminated. This saved time often makes the difference between securing a vehicle and losing it.
- By fully automating the vehicle verification and agent approval and assignment, vehicles are recovered faster, agents are more efficient and lenders avoid charge-offs.
New Uses for LPR
Dave Bradford from All In Credit Union joined us for the webinar and said his team uses LPR data from day one of the lending process to assess risk and drive honest conversations with clients. He also said they rely on LPR data throughout the loan cycle to help locate members in cases of relocation, job changes or other life events – which became critical during COVID-19 when so many people were moving or experiencing job, family and other transitions (you can read about DRN’s pandemic migration study by clicking here). When it comes to repossession, he says All In CU has seen a reduction of two weeks in time from assignment to repossession by partnering with DRN and MVTRAC – not to mention the importance of compliance in avoiding litigation and controlling costs.
The Bottom Line
In years past, vehicle repossessions were largely manual. LPR technology has automated the process, helping drive compliance, efficiency and more seamless repossessions. Today’s volume of LPR data along with powerful analytics can be a valuable tool for lenders throughout the lending process, from risk assessment through collections and to repossession. And now with DRN and MVTRAC’s LPR staging, lenders can have more eyes on the road looking for their collateral and can take full advantage of the combined power of data, analytics and a nationwide network of qualified, compliant recovery agents.
Want to learn more about how MVTrac can help your recovery activities? Contact us here.