Recovery Manager Pro recently released its new historical plate information function for its integrative cloud solution.

The company indicated the newest addition to its cloud-based Web portal can enable users in both the recovery and auto finance industries to purchase information on previously spotted vehicles of interest, utilizing MVTRAC’s license-plate recognition patent.

Recovery Manager Pro said the ability to purchase historical information can provide a convenient method of obtaining valuable information regarding the location of defaulted collateral and vehicles.

Furthermore, management said users can manage and audit revenues generated from the historical purchasing process.

“RMP is always growing and evolving to satisfy the needs in both the recovery and auto finance industries,” declared Recovery Manager Pro’s Patrick Wren.

“Purchasing historical data is a concept that creates a winning outcome for everyone,” Wren continued. “From the agent’s perspective, they are saving time and money in being more efficient. Consequently, lenders win by recovering a higher volume of wanted vehicles and saving money through minimized asset depreciation.

“In the programming stages, we beta tested large pools of data from outside sources and found the results are far beyond what we had predicted they would be at this stage of our business plan,” Wren went on to say. “The impact to the lender and recovery agent is huge. In one case, 60 percent of all vehicles in the pool had been previously spotted by an MVTRAC system.

“Although this result may not be duplicated unilaterally, it certainly shows the growth of the system and the confidence level agents have in running them. And now, they’ll get paid for their efforts,” he added.

Recovery Manager Pro noted that during an initial 90-day pilot period, access to the patented historical information will be exclusively offered to full and limited users of RMP that are either a current member of the MVTRAC Intelligent Data Network, part of the overall MVCONNECT network of registered lenders.

Wren continued to explain that the entire system will be credit-based, requiring eligible participants to purchase credits through RMP in order to partake in the information sharing system. Users can earn or purchase credits and exchange credits for information.

Wren also stated buyers will have the option of purchasing either a single historical hit on a specific plate or an entire package of all historical hits on a specific plate, at a slightly higher cost.

The company pointed out that each historical hit contains information that includes GPS coordinates, an infrared plate image, a color overview image and information regarding when the information was collected.  Upon the purchase of the entire historical hits package, the buyer can obtain all historical hits on the specific plate — going back years in some cases — in addition to all hits generated 30 days into the future.

“Working in tandem with MVTRAC’s Intelligent Data Network allows RMP users to experience the full benefits of purchasing historical data,” Wren declared
“There are two necessary ingredients that create a successful historical information system; one being the presence of large amounts of accurate data and the other being a network of quality agents. Collaborating with MVTRAC certainly ensures that both conditions are satisfied,” he added.

MVTRAC executive vice president of business development Luke Smith commented that, “Partnering with RMP allows us an optimal avenue to stream our patented historical data in such a way that will benefit our extended network of agents and auto finance clients.

“This is a concept that we have been refining and are confident will instantly increase ROI for all current and future members of our network,” Smith continued. “With all the promise that this initiative holds, it’s difficult not to be extremely excited.”

More reaction to the collaboration came from Maria Olson, director of the Recovery Industry Advisory Board.

“The strong collaborative efforts between agents, clients, the Recovery Industry Advisory Board and MVTRAC was the driving force behind successfully developing the best possible and transparent model,” Olson emphasized.

“As a result, the agents will receive an equal share of all generated revenues as a testament to the effort they put forth not only in the completion of this initiative, but also through their MVTRAC systems and investment spending in fuel, vehicles, personnel and more,” she pointed out.

“As an entrepreneur and businesswoman, knowing that I have a say in what happens and the ability to audit instantly allows continued confidence that the model is working the way it was intended. This is a huge victory for our board and agents nationwide,” Olson went on to say.

Agents can register to be a part of initiative at recoverymanagerpro.com.