I talked recently with Joel Bowen, President of the California Credit Union Collectors Council (CCUCC). He shared his perspective on the state of credit unions as we continue to emerge from the pandemic. As we’ve heard from other lenders, delinquencies in general are down since the spring of 2020 when COVID-19’s effects were first felt in the U.S. In California, involuntary repossessions are very low as consumers are able to pay off debts because of stimulus checks, higher unemployment payments and rent or mortgage forbearance. Another trend Joel discussed is that loans that were past-due before COVID-19 are an even
DRN prides itself on our strong partnerships with our affiliates. Without them, the continuous stream of license plate recognition (LPR) scans that fuel the auto recovery industry runs dry. Our affiliate team focuses time and effort on building relationships with our agents to ensure they have the technology, resources and
At Used Car Week 2020, I talked with Zach Hallowell from Manheim Digital Solutions about both the challenges and opportunities we observed and experienced across the auto lending and repo industries during COVID-19. One key factor we discussed was how much the pandemic has changed buyer behavior. Zach talked about
Questions 1. What do you like most about working at DRN? What I like most about working at DRN is the atmosphere of growth. Whether that’s in our team, the products we offer, or even our clients’ needs and the industry itself. We are always asking ourselves how we can
The buy here pay here (BHPH) market has traditionally relied on GPS to find vehicles with defaulted loans. Unfortunately, it’s become relatively easy for borrowers to tamper with or disengage GPS systems, making them only somewhat effective in tracking down vehicles. This is where license plate recognition (LPR) technology comes
Jamie Kidd joined DRN in 2017 after working in several field sales roles for other technology companies. Jamie covers midwestern states including Alabama, Arkansas, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Michigan, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Tennessee, Virginia, West Virginia, Wisconsin and has recently expanded his territory to
At Used Car Week 2020, DRN’s sister company MVTrac participated in a panel discussion about effects of the pandemic on the repossession industry, and keys to how it will recover in 2021 and beyond. Some of COVID-19’s most significant impacts on the vehicle repo industry include: Decreased volume: General business
Partnership History: Premier Members Credit Union, based in Boulder, Colorado, began its partnership with DRN in 2017 after hearing success stories from other lenders. DRN’s Location Alerts tool quickly became an important piece in PMCU’s vehicle repossession process and one they relied on heavily as they expanded into other states.
Challenge: A car wash needed to improve target marketing efforts to reach new customers. This car wash operates several locations across the Dallas-Fort Worth area. Former marketing outreach efforts included mass mailing of coupons and special offers based on zip code alone. The business generated from these broad, untargeted efforts
Supporting Public Safety: How License Plate Recognition Data is Fueling Critical Auto Recall Efforts
Since the year 2000, 679 million vehicle and equipment recalls have been issued by Original Engine Manufacturers (OEMs).* On average, only 60-75% of these recalls are actually completed.* Traditionally, OEMs have relied heavily on limited Department of Motor Vehicle or insurance information to locate and contact the current vehicle owner to
License plate recognition (LPR) technology has been an important tool for the auto finance industry for decades, helping lending, collection, repossession, and insurance professionals track down vehicles and owners. DRN pioneered the unique combination of LPR data paired with powerful analytics to build full vehicle stories to help solve lending,
More than 300 enterprise lenders nationwide are using DRN’s Historical Data to lower their charge-offs and increase their recovery rates. If you’re looking to do the same, why not give it a try? DRN collects more than 220 million vehicle license plate scans every month, covering two-thirds of the U.S.
All DRN clients receive training on the DRNsights suite when they begin using our platform. This includes both how-to’s for Address Scoring, Location Reports, Location Alerts and Loss Alerts, but also demos of and education about what these products can do for their business. We also offer ongoing training as