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 in.
The DRNsights LPR data platform can be a great complement to GPS by bridging the gaps in what GPS offers in terms of location data. In addition to over 20 billion historical license plate scans and more than 220 million new scans added monthly, DRN now incorporates an infusion of public record data multiplying effective collections and recovery efforts. Through our patented analytics platform, we use all of this data to build full vehicle stories that can help dealers locate vehicles quickly.
Example: AmeriDrive needed to make recoveries faster and with lower costs. Because of their relatively small loan portfolio, their per-recovery costs were high. They began using DRNsights.
When GPS data wasn’t enough. The speed and accuracy of DRN’s data and analytics meant AmeriDrive could recover more vehicles faster and lower their charge-offs, which is crucial for lenders with smaller portfolios. You can read a case study on AmeriDrive’s success with LPR by clicking here.
To illustrate this a bit more – one of my favorite examples from AmeriDrive was when they’d been using GPS to try to find a vehicle, with no luck. The GPS showed the vehicle wasn’t being driven, yet also wasn’t visible at the stated address. Once AmeriDrive pulled in DRN data, they saw multiple scans that showed the vehicle really was being driven. So what about the GPS? The borrower had removed it from the vehicle and placed it on a riding lawnmower that was parked in the garage. AmeriDrive may not have ever found the vehicle without the LPR data.
Are you currently achieving maximum results in your portfolio management and recovery? If not, please contact me at firstname.lastname@example.org. We look forward to showing you how LPR can work with your current GPS processes to make you more successful by bridging the gap in data available to you.
– Noel Pena, Senior Channel Inside Sales Manager