Averts losses using vehicle location data for right party contact and faster recoveries.
Title lenders serve a market need for under-banked customers, people in a financial crunch that need rapid relief and continued access to transportation. The title lenders we support tell us that it is critically important to maintain ongoing contact with their customers and to know how to locate their assets. Many of these title lenders employ an “all-in” strategy for keeping the connection with their customers and their assets including starter interrupters and GPS. Now, increasingly they are turning to vehicle location data.
It’s easy to see why vehicle location data has become an important part of the mix for title lenders. Unlike starter interrupters or GPS, vehicle location data requires no added technology in the vehicle that can be disabled, and it is not susceptible to fraud. DRNsights delivers over 4.5 billion nationwide vehicle sightings, plus over 140 million more collected monthly. These sightings make up the vehicle location data and include the plate images, dates, times and locations of the sightings. Powerful analytics make sense of the sightings and can tell title lenders whether an address is a good or bad address for making contact, and can also provide additional new addresses for making contact.
DRNsights focuses on locating the asset – giving title lenders insights on the best locations to make right party contact or recover an asset if necessary. Vehicle location data goes beyond loan application data to provide actual data about where the asset has been seen versus where you think it should be. And when you consider that customers often move or may even share vehicles, you can see why that real-time vehicle location data is so important.
23% Increase in Recoveries Adds to a Title Lenders Bottom Line
Here is an example of how one title lender leveraged DRN’s vehicle location data to improve recoveries.
Goal: This title lender sought to improve their recovery rate.
Before: They were using DRN’s vehicle location data for live pickup through an approved provider after being assigned for 30 days.
After: During a three-month trial, they applied DRNsights at day one of repossession assignment. This enabled them to leverage DRN’s 4.5 billion historical sightings and scoring to locate more vehicles using new DRN locations – these new locations included locations NOT provided by the lender’s customers, but were actual clustered vehicle locations where the vehicle had been seen. These locations included places of work or other residential locations not indicated on the customers’ loan application scores.
Results: The title lender achieved a 23% increase in recoveries by using the vehicle location data earlier via RDN (Recovery Database Network) and sending better-scored addresses to agents. And, the lender was able to make contact with customers, and in many cases secure payment, thereby avoiding the need to recover altogether.
Title lenders need alternatives to starter interrupters and GPS to help them make right party contact and recover vehicles faster. Now, these title lenders have access to all of DRN’s live and historical data for a flat rate. DRN’s historical data made all the difference for this lender and enabled them to increase their recovery rate by 23%.
- How Are You Staying Compliant with Active Duty Servicemembers - March 18, 2019
- Lenders Speak Up at UCW Roundtable, Revealing Top Challenges - December 13, 2018
- Data Due Diligence: A Three-Pronged Approach to Risk Mitigation - October 29, 2018
- Three Takeaways from the Automotive Intelligence Summit - August 22, 2018
- Five Take Aways from the Collections and Recovery Solutions (CRS) Conference - May 31, 2017
- AFSA Issued a Hard Challenge for Auto Lending in the Big Easy: Innovate or Face Obsolescence - February 17, 2017
- Title Lender Boosts Recoveries by 23% - November 10, 2016
- Attention Credit Unions: You Really Should Be Better - October 24, 2016
- Invest in higher compliance standards. Invest in DBA. - July 6, 2016
- Door Knockers Plus Vehicle Location Data Cures Loans - June 21, 2016