One of our most innovative clients is a large, Dallas-Fort Worth, Texas-based subprime lender that began using DRNsights in 2019 as part of their collections and repossession processes. They achieved a significant uptick in overall recovery rates because the DRNsights vehicle location data was being taken into consideration at the time of repossession assignment. “DRNsights address started getting looked at before the assignment went out, which allowed the lender to send higher quality addresses to agents, instead of addresses that the customer self reported” said Kristi Flores, the DRN Strategic Account Manager who works closely with the client.
After successfully increasing recovery rates, and reducing average days to repo, the client started looking at using the data within their risk-based scoring models in order to make more proactive operational decisions. We worked with them to improve their risk analysis process by generating risk scores, based on our vehicle location data and analytics, that indicated the likelihood of successful recovery. The higher the risk score, the harder it would be to find the vehicle. Upon implementing this, the client’s collections teams gained invaluable insights and additional time to make contact with the account. This ultimately led to a decrease in unnecessary repossessions. A win-win.
This client has now fully adopted DRNsights Risk Scoring as part of its overall scoring model and put it into production within its operations. It seems everything is bigger in Texas as this has been a big win for both the client and DRN. The client has improved risk management and improved customer relations by avoiding unnecessary repossessions, while providing a model that DRN can use with other lending clients to help their businesses avoid risk.
To learn more about Risk Scoring, click here.