The location and recovery systems we use must be reliable and efficient, and we believe that MVTRAC is a great fit for our organization
Palatine, IL (Vocus) October 14, 2009
MVTRAC is pleased to announce an exclusive agreement with VW Credit, Inc. (VCI), a subsidiary of Volkswagen Group of America, to provide location and recovery services for the lender's defaulted automobile collateral. VCI will use MVTRAC's Automated License Plate Recognition (ALPR) technology, as well as MVTRAC's location and recovery systems.
"The location and recovery systems we use must be reliable and efficient, and we believe that MVTRAC is a great fit for our organization," said Mark Pipas, VCI General Manager, Customer Accounts. "We expect VCI to benefit from MVTRAC's on-demand ALPR technology and centralized database systems, combined with the company's ability to locate difficult-to-find collateral."
"We are very proud to welcome VW Credit, one of the most respected names in the auto finance industry," stated Ted Brown, Chief Strategy Officer for MVTRAC. We (MVTRAC) have made significant investments in our ALPR technology, as well as our employees and strategic partners, and we are very pleased to be selected by VW Credit. The addition of VW Credit further establishes MVTRAC as the premier leading auto finance technology provider and end-to-end recovery specialist firm."
VCI is the latest of several large auto-finance captives to enlist MVTRAC's leading recovery technology as a one-stop-solution. This increasing industry appreciation for MVTRAC stems from its real-time Automated License Plate Recognition (ALPR) technology, as well as the organization's expertise in recovering mid-line and high-end inventory.
MVTRAC is a leading provider of on-demand data solutions focusing on the U.S. automotive finance industry. Utilizing Automatic License Plate Recognition (ALPR) technology, MVTRAC receives real-time license plate images from remote camera systems via the Internet, and stores the images in a centralized database on our servers. Users are partitioned to receive views of plate reads and can manually connect to the database via web browser to search for plate sightings against continually updated hot lists.
MVTRAC continues to develop relationships 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 on MVTRAC, visit http://www.mvtrac.com.
About VW Credit, Inc.
VW Credit, Inc. (VCI), a wholly owned subsidiary of Volkswagen Group of America, Inc. (VWGoA), was founded in 1981 to function as the financial service arm of VWGoA and is affiliated with Audi of America, Inc. and Bentley Motors, Inc. VCI, a captive finance company, services Volkswagen, Audi and Bentley customers, authorized automotive dealers and their affiliated stores as Volkswagen Credit, Audi Financial Services and Bentley Financial Services. The company provides competitive financial products and services to dealers and their customers in the United States. For more information on VCI, visit http://www.volkswagengroupamerica.com/company/vwcredit.htm.
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