One of the benefits of Used Car Week is the networking that happens among auto finance service providers. Some of the fruit of that ongoing networking between two of Used Car Week’s staunchest supporters ripened on Monday.
Digital Recognition Network (DRN) and Intellaegis, which does business as masterQueue, announced that DRN’s vehicle location data has been added to the masterQueue platform for finance companies that have adopted the DRNsights Enterprise data solution, which has been designed to reduce losses drastically and make right party contact.
DRN’s vehicle location data is gathered from nationwide license plate recognition (LPR) sightings 365 days a year. The LPR data includes the date, time and location of each sighting.
Now, this data will be added and compared to other public records information inside the masterQueue platform. Merging multiple data sources can help finance companies better determine the chance for positive collection or recovery resolution.
John Lewis, president and founder of masterQueue, explained it this way, saying, “masterQueue adds value to DRN’s LPR data by automating the gathering process, then merging and scoring it with other public records information. This can result in a higher masterQueue ‘Findex’ score when key, unique DRN data is delivered to our platform.
“Simply put, this allows users to focus on the most relevant LPR data first,” Lewis continued. “The Findex score helps lenders determine the probability of locating a customer they’ve lost touch with, or of repossessing their collateral if collecting the debt is no longer an option. The value driven from DRN’s historical data adds new insights to make more right party contacts or to locate more lost assets — insights that you can only get from the type of high-quality LPR data DRN delivers in masterQueue.”
As part of the integration, DRN’s data has been added to the masterQueue automated workflow to alert users of which LPR data to look at first.
For example, if the customer’s address of record and public records data shows the customer living in Florida, but the LPR data shows the vehicle is in Texas; this unique data can allow the finance company to make a more informed decision on what the most appropriate next step should be.
“The integration of our data into masterQueue for DRNsights Enterprise customers makes our data more readily available to collectors,” said Jeremiah Wheeler, vice president of financial services at DRN.
“When you add our vehicle location data to masterQueue’s other data sources and automated workflow, you get improved resolution rates and can make more right party contact. Together, we help auto lenders reduce loss and better manage risk,” Wheeler went on to say.