With increasing delinquencies and high depreciation for motor vehicles, speed of recovery is imperative for loan value. However, historically, default management for these loans can be a timely, piecemeal process
Palatine, IL (Vocus) February 11, 2010
MVTRAC, the premier provider of location and recovery solutions and home of The Intelligent Data Network™, is pleased to announce it has elevated its comprehensive remarketing services into its MVFastTrac™ solution suite for auto finance suppliers. In addition to delivering superior technology and field resources for location and recovery of motor vehicle assets, MVTRAC will now offer seamless remarketing services for the collateral through a strategic partnership with CenterOne Financial Services LLC (CenterOne), a division of World Omni Financial Corp. (World Omni). This model reduces the cycle time, resources and management required for default management and recovery divisions, significantly improving loan value and ROI.
Through this partnership, MVTRAC will integrate into CenterOne’s multi-channel remarketing platform, facilitating the quick disposal of recovered assets through an automated process of inspection, certification, auction and payout for the lender.
”With increasing delinquencies and high depreciation for motor vehicles, speed of recovery is imperative for loan value. However, historically, default management for these loans can be a timely, piecemeal process,” explains Ted Brown, Chief Strategy Officer for MVTRAC. “MVTRAC facilitates superior coordination between risk departments, field agents and remarketing efforts, minimizing a lender’s time and resources and, in turn, maximizing return on investments.”
Discussing the relationship with MVTRAC, Brian Johnson, Director of Business Development and Client Services for CenterOne, commented, “We saw the strength in MVTRAC’s services and knew our remarketing solution could round out MVTRAC’s product offering by further mitigating client losses.”
Scott Jackson, Chief Executive Officer of MVTRAC points out that the relationship with CenterOne provides multiple benefits for lenders, “We spent a great deal of time and resources to determine what remarketing company has the best processes to bring the best value, speed and ROI to the lenders.”
In addition to being the industry’s premier platform for remarketing services, CenterOne’s integrity and success in the industry are complementary to MVTRAC’s own commitment to the highest industry standards.
Jackson says “Collectively, MVTRAC’s leadership in successfully locating and recovering the vehicles coupled with the best remarketing company in the industry, equates to a win-win partnership between the Recovery Industry and the Auto Finance Industry.”
About MVTRAC -- Home of The Intelligent Data Network™, MVTRAC is a leading provider of on-demand data solutions for auto finance, government and law enforcement organizations. Utilizing a national network of license plate recognition technology devices, MVTRAC receives real-time data capture from these systems and stores the intelligence in a centralized database. Recognized as the largest data capture network in the nation, MVTRAC continues to grow through partnerships with government agencies and third-party camera owners at traffic lights, tollbooths, airports, major transportation hubs, security centers and retail/commercial parking lots. For more information visit http://www.mvtrac.com.
About CenterOne Financial Services LLC -- CenterOne Financial Services LLC (CenterOne) (http://www.centeronefinancial.com), headquartered in Deerfield Beach, Fla., leverages more than two decades of experience in the automotive industry. Bringing a wealth of knowledge and expertise to its clients, CenterOne’s servicing solutions include originations, loan and lease servicing, collections, pro-active “pre-term” remarketing, repossession remarketing, back-up servicing and training. From start to finish, its services are designed to provide value-added solutions. In 2004, in recognition of the company’s servicing processes, CenterOne was the first retail auto loan and lease servicer to earn the highest Standard & Poor’s servicer rating of “STRONG,” a rating that the company maintains today.
CenterOne is a part of World Omni Financial Corp,, a division of JM Family Enterprises, Inc. (JM Family) (http://www.jmfamily.com), a diversified automotive corporation ranked by Forbes magazine as the 30th-largest privately held company in the United States. JM Family is currently ranked No. 28 by FORTUNE® as one of the 100 Best Companies to Work For, its 12th consecutive year on the list. The company is also ranked No. 8 on Computerworld’s list of “100 Best Places to Work in IT.” Its principal businesses focus on vehicle distribution and processing, financial services, finance and insurance products and services, retail sales, marketing and consulting and dealer-focused technology products and services.
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