The Byrider 20 conference in Austin Texas was a great chance for Byrider franchise owners to gather to share best practices and understand overall company direction from their corporate leaders. Going into the conference, our objective for DRN was to talk to franchisees about our Active Duty Alerts tool – one of the most overlooked but essential platforms for the Buy Here Pay Here (BHPH) market. I was happy to learn that Byrider leadership was also very interested in this same topic.
Active Duty Alerts can help lenders stay in compliance with the Servicemembers Civil Relief Act (SCRA) and avoid wrongful repossession. The SCRA provides financial protections for active military members, which can include auto leases and loans. If a lender wrongfully collects on a service member’s loan or repossesses a vehicle, it can face stiff penalties – not to mention a big hit on its reputation. DRN’s Active Duty Alerts compare a lender’s accounts directly to Department of Defense records to help identify if a servicemember is on active duty. This can be a very time-consuming process to perform manually, and our Active Duty tool fully automates and scrubs the records daily to help ensure compliance.
License plate recognition (LPR) data is a relatively new tool to the BHPH market, which has traditionally relied on GPS to find delinquent accounts. LPR may not need to replace GPS for all lenders, but it can be an effective second layer of protection for lenders when GPS fails or is tampered with. As delinquencies and collections continue to increase, lenders are looking for new ways to stay ahead of risk. Whether it’s for collections, repossession, loss alerts or Active Duty Alerts, our goal is to serve our lending partners using DRN Data.
Contact us today if you’d like to learn more about Active Duty Alerts or other DRN tools that can help you meet your business goals.