To understand LPR staging, it’s best to look at repossession assignments as two different types (active and passive). An active assignment is a typical assignment a lender would give to a repossession vendor. The repossession vendor is actively looking for the vehicle based on location data provided by the lender. A passive assignment is one that is placed with a Forwarder and the Forwarder repossesses the car only when an authorized DRN affiliate generates a live scan. This passive assignment is most commonly known as an LPR staged assignment. This creates a safety net for lenders, significantly increasing their recovery rates and reducing days to repo.
The partnership between DRN and MVTRAC has created valuable synergies, combining the power of DRN’s historical data and analytics machine to create an industry leading LPR Staging product. Lenders that stage with MVTRAC are seeing up to 50% increases in recoveries.
LPR staging isn’t a new practice, but is gaining speed as lenders continue to implement an LPR staging strategy earlier in the repossession process. It is becoming more clear to lenders that a well rounded repo strategy that includes active and passive assignments simultaneously will optimize recovery results.
To learn more about how LPR staging with MVTRAC can add efficiency to your repo process and ultimately save you time and money, contact us on our website.
