(PRWEB) July 24, 2012
Digital Recognition Network (“DRN”) is pleased to announce that a substantial industry milestone was achieved when they surpassed the 25,000 recovery mark with service partner, American Recovery Service (“ARS”). These recoveries were enabled by DRN’s LPR2.0 platform for some of the nation’s leading automotive finance companies that utilize ARS’ comprehensive suite of repossession portfolio solutions.
DRN’s LPR2.0 platform is a signature component of DRN’s suite of Asset Recovery solutions. The LPR2.0 platform is designed to make asset recovery happen faster and more reliably than other standard repossession tactics. LPR2.0 allows the instant, simultaneous cross checking of multiple vehicle location report databases to facilitate real time asset recovery. LPR2.0 goes beyond a residence or place of employment to asset recovery wherever cars congregate. Because LPR2.0 operates in a vast network, both lenders and asset recovery companies benefit from a “network effect,” allowing asset recovery (and recovery of their value) faster. The network effect improves the balance sheet by accelerating the time value of exposed assets, with a corresponding reduction in asset charge offs. In fact, current users of LPR2.0 report that, when added to their current activities for asset recovery, they experience 7% to 10% uplift in their time asset value.
“This is an exciting moment for DRN and its Affiliates, clients, and partners. Reaching this milestone tells us we are properly utilizing LPR technology to make a difference in an industry that has been hit hard by the economy. In fact, in the last few months we are seeing a steady increase in our assignment volume. This is due to the fact that our technology platform is developing traction in the market and clearly delivering a return on asset value. Additionally, increased confidence in our technology, our support protocol, and partners like ARS has enabled us to realize new levels of success,” said Chris Metaxas, Chief Executive Officer of DRN.
American Recovery Service (http://www.pkwillis.com) is the original nationwide repossession and skip-tracing firm and the industry leader with its servicing model. As the largest integrator of LPR and full-service asset recovery, ARS has paved the way by developing the most comprehensive technology integration with DRN. The ARS LPR2.0 database averages approximately 40,000 active accounts on a daily basis, while ARS’ dedicated 24x7 LPR2.0 dispatch team processed peak days exceeding 100 LPR2.0 recoveries utilizing DRN.
“We are very excited to be the first company in our industry to successfully recover 25,000 vehicles using LPR technology. ARS’s partnership with DRN has been fruitful for both companies, but the real winners are our clients, auto lenders nationwide and our repossession partners, who have recovered over $250 Million in asset value through leveraging our platform,” said Peter Willingham, Chief Executive Officer of American Recovery Service. For more information about LPR2.0 through ARS, please contact Jon Foster (firstname.lastname@example.org).
About Digital Recognition Network
Digital Recognition Network is a data company exclusively focused on data derived from vehicles. 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. An industry pioneer in vehicle asset location technology and services, DRN fuels a national network of more than 550 Affiliates employing mobile license plate recognition technology that gathers the data we provide. Because this technology is used in every major metropolitan area in the United States, DRN captures data on up to 50 million vehicles each month. With more than 700 million data points gathered to date, DRN has the largest vehicle location database in existence. We are proud to maintain strict standards for privacy, compliance, and data integrity. For more information about DRN, please go to http://www.drndata.com.