The alliance enables the companies to provide auto lenders faster and more efficient recoveries, helping them to drive increases in recovery rates and mitigate losses
RALEIGH, NC and FORT WORTH, TX – November 6, 2018 – Consolidated Asset Recovery Systems (Consolidated) – a leading provider of software and services for repossession management and remarketing – and Digital Recognition Network (DRN) – an AI and data analytics company that provides vehicle location data and analytics to auto lenders, insurance carriers and other commercial verticals – today announced the companies have entered into an agreement to provide license plate recognition (LPR)-enabled repossession management services to the auto lending industry. The agreement combines the power of DRN’s LPR data and analytics with the strength of Consolidated’s network of repossession agencies, enabling the companies to provide the auto lending market faster and more efficient recoveries.
Consolidated’s managed service offering is used by many of the largest financial organizations throughout the U.S. DRN, through its providers and affiliates, maintains the nation’s largest database of license plate data. By joining forces, Consolidated can now offer LPR staging through its network of more than 600 repossession agencies for clients looking to augment other servicing strategies, while DRN expands the breadth of its affiliate network, improving the forwarding strategy for both existing and future clients. The agreement expands the scope of an existing relationship between Consolidated and DRN, in which Consolidated made DRN’s historical LPR data available to lenders that employ DRNsights through the IBEAM platform.
“DRN has made a substantial impact in the way repossession agents process assignments,” said Steve Norwood President and CEO Consolidated Asset Recovery Systems. “As a technology company that provides services, we recognize the benefits and efficiencies that can be gained by deploying technology to streamline processes. We are excited to add this beneficial service as we continue to evolve our relationship with DRN.”
Consolidated’s industry-leading technology platform for repossession management – Internet Based Electronic Asset Management (IBEAM) – will continue to provide DRN historical data to lenders with DRNsights subscriptions, as well as provide simplified single mouse click assignment features for live LPR and LPR staging. In addition, IBEAM will provide automated assignment processing for Live LPR assignments without the need for a 24-hour call center expediting asset recovery, removing potential delays in response time.
“We are thrilled to build upon our existing relationship with Consolidated, supporting its forwarding service solution,” said Jeremiah Wheeler, Executive Vice President & General Manager of DRN’s FinTech division. “We look forward to working with Consolidated and our affiliates to drive recovery rates higher for the auto lending market.”