Digital Recognition Network (DRN) is finding plenty of work for repossession agents to do, and it’s resulting in record recoveries for auto finance companies.
DRN highlighted on Tuesday that its active hotlist hit an all-time high of 360,000 license plate recognition (LPR) assignments.
The company also reported that in 2017 DRN’s providers recovered collateral totaling a record $2 billion in asset value for finance companies.
In November, DRN announced the hotlist had exceeded 300,000. Hotlist growth continued through the end of 2017 and into this year as more finance companies turned to DRN’s provider and affiliate network for asset recovery.
Closing out a record year in 2017, affiliates captured 1.7 billion scans and recovered more than 165,000 vehicles, according to DRN.
“Over 85 percent of the nation’s largest lenders use our live pick-up providers to mitigate risk and curb charge-off losses. That confidence in our data and our network, coupled with continued growth of auto lending portfolios, has once again driven our hotlist numbers to new highs,” DRN founder and executive chairman Todd Hodnett said.
“As a result, our affiliates see the value of this self-fueling network model — the more they scan, the more vehicles they recover,” Hodnett continued.
“As we enter 2018, we look forward to delivering more value to the entire network of lenders, providers and affiliates and to setting new records,” he went on to say.
Last October, Jeremiah Wheeler, vice president of financial services at DRN, returned to the Auto Remarketing Podcast for a discussion about the impact technology is having on vehicle repossessions. The coversation can be heard through the window below.