Dealerships, especially ones located in the Southeast that have business relationships with SunTrust Banks and BB&T Corp., soon will be working with just one financial institution.
The banks announced on Thursday that both companies’ boards of directors have unanimously approved a definitive agreement to combine in an all-stock merger of equals valued at approximately $66 billion. According to a news release, the combined company will be the sixth-largest U.S. bank based on assets and deposits.
The banks highlighted a new corporate headquarters will be established in Charlotte, N.C., including an innovation and technology center to drive digital transformation. In the current home markets for both companies, the combined company said it will maintain the community banking center in Winston-Salem, N.C., and the wholesale banking center in Atlanta.
“This continued strong presence is also supported by the combined company’s commitment to increase the respective banks’ current levels of community investment,” officials said.
The merger is expected to close in the fourth quarter of 2019, subject to satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of each company.
In a reflection of the equal contribution both banks bring to the new institution, officials explained the combined company will operate under a new name and brand, which will be determined prior to closing. The combined company’s board of directors and executive management team will be evenly split between the two institutions.
Kelly King, chairman and chief executive officer of BB&T and its bank subsidiary, will serve as chairman and chief executive officer of the combined company and its bank subsidiary until Sept. 12, 2021, after which time he will serve as executive chairman of both entities until March 12, 2022. King will continue to serve on the board of directors of the combined company until the end of 2023.
William Rogers Jr., chairman and chief executive officer of SunTrust, will serve as president and chief operating officer of the combined company and its bank subsidiary until Sept. 12, 2021, at which time he will become chief executive officer of the combined company and its bank subsidiary. He will also hold a seat on the combined company’s board of directors through his position as president and chief operating officer and then chief executive officer.
On March 12, 2022, Rogers will also become chairman and chief executive officer of the combined company and its bank subsidiary.
Upon the closing of the transaction, the board of directors of the combined company will consist of members equally split between BB&T and SunTrust’s current directors. David Ratcliffe, current lead director of SunTrust, will serve as lead director of the combined company until March 12, 2022, after which the lead director will be a legacy BB&T director.
The combined company’s executive management team will be comprised equally from SunTrust and BB&T. They include chief risk officer Clarke Starnes and chief financial officer Daryl Bible along with:
—Chris Henson
—Allison Dukes
—Brant Standridge
—David Weaver
—Dontá Wilson
—Ellen Fitzsimmons
—Ellen Koebler
—Hugh (Beau) Cummins
—Joseph Thompson
—Scott Case
“This is a true merger of equals, combining the best of both companies to create the premier financial institution of the future,” King said. “It’s an extraordinarily attractive financial proposition that provides the scale needed to compete and win in the rapidly evolving world of financial services. Together with Bill’s leadership and our new SunTrust teammates, we’re going to bring the best of both companies forward to serve our clients and communities.”
Rogers added, “By bringing together these two mission- and purpose-driven institutions, we will accelerate our capacity to invest in transformational technologies for our clients. Our shared culture embraces the disruption of technology and we will take this innovative mindset to expand our leadership in the next chapter of these historic brands.
“With our geographic position, enhanced scale and leading financial profile, these two companies will achieve substantially more for clients, teammates, associates, communities and shareholders than we could alone,” Rogers went on to say. “I have tremendous respect for Kelly, his leadership team and the BB&T associates. We will leverage our respective strengths as we focus together on the future.”
ID Analytics recently rolled out a tool specifically tailored for finance companies looking to buy a little deeper while still having solid footing with its underwriting.
The Symantec company and consumer risk management provider recently announced Credit Optics Full Spectrum Auto, a new version of its credit score designed specifically to address the needs of the automotive financing industry by providing companies with insights that can help them extend even more compelling credit offers to applicants across the credit spectrum.
The company explained Credit Optics Full Spectrum Auto can distinguish itself from more limited alternative credit solutions by delivering a more complete understanding of credit worthiness on applicants from no-hits to thick-files, subprime to super-prime, helping finance companies to extend more competitive offers and ultimately book more retail installment contracts.
To accomplish this goal, ID Analytics said that it leverages a powerful and uncorrelated assessment of consumer credit risk using event and performance data found in ID Analytics’ ID Network, one of the nation’s largest networks of cross-industry consumer behavioral data. The ID Network can provide deeper insights from data not typically analyzed in traditional credit scores, including transaction data from wireless, cable and utility accounts; online marketplace, payday and subprime lending and other credit-relevant alternative data sources.
To illustrate how a score that looks at both traditional and alternative credit data can reveal a substantial difference in risk within a bureau score band, ID Analytics analyzed a group of prime auto finance applicants with traditional credit scores of 750 and higher. When these applicants were scored using Credit Optics Full Spectrum Auto, the company discovered a significant separation of risk among what are considered excellent credit applicants — with the riskiest 20 percent being more than nine times higher than the lowest risk consumers within the super-prime score band (applicants with 750 scores).
In a rigorous regulatory environment, ID Analytics said credit risk solutions often struggle to meet the evolving demands of financial regulators without compromising performance. ID Analytics shared that it has spent years innovating new techniques designed to help lenders meet their regulatory requirements while minimizing trade-offs on score performance.
“In an increasingly competitive market, Credit Optics Full Spectrum Auto helps lenders gain the insights needed to stay ahead of the competition,” said Ajay Nigam, chief executive officer of ID Analytics.
“Conventional credit scores typically provide only a partial view of consumer behavior and its associated risk,” Nigam continued. “By combining this information with alternative data, automotive lenders can enhance their underwriting strategies with the goals of extending more competitive loan terms to consumers across the credit spectrum, and increasing book-to-look ratios while minimizing their exposure to risk.”
ID Analytics’ Credit Optics Full Spectrum Auto is available today. Interested finance companies can send a message to [email protected] or go to www.idanalytics.com/industries/automotive-lending.
MaximTrak Technologies announced on Tuesday a preferred partnership with Allstate Dealer Services to provide digital F&I solutions for agents and their dealer customers retailing Allstate’s aftermarket products.
MaximTrak highlighted that its platform seamlessly can integrate into auto dealers’ business processes, providing solutions that can help make Allstate Dealer Services’ agents and dealers more successful and profitable.
These solutions include MaximTrak’s FLITE platform, an interactive digital showroom experience, and MaximTrak’s F&I menu system, known as MenuTrak. The platform can help dealers deliver seamless, efficient and consistent aftermarket product presentations that save time, promote trust and engage customers.
Allstate Dealer Services national sales director Thomas Hackett said, “MaximTrak’s technology makes the F&I experience more transparent and helps consumers understand the products and their benefits.
“Allstate’s goal is to ensure consumers have the best vehicle protection products, and our partnership with MaximTrak is a great step towards this goal,” Hackett continued.
As a RouteOne company, MaximTrak also can bring extensive additional sales leverage to Allstate Dealer Services’ customers, including eContracting. RouteOne has booked more than 11 million eContracts to date and has more than 60 finance sources in its rapidly growing eContracting customer base.
Other MaximTrak digital solutions available through this preferred partnership include:
— MenuTrak: Interactive digital menus, sales aids, videos and compliance management.
— ServiceTrak: Menu sales, e-rating and electronic contracting tools for finance and service lane.
— Dashboards: Customizable reporting tool.
—FLITE: Interactive touch technology, smart survey, decisioning engine, risk profile and intelligent product recommendations solution.
“Since we launched FLITE, system usage has rapidly grown along with meaningful results for dealers and their customers,” said Jim Maxim Jr., president of MaximTrak.
“Dealers who retail Allstate Dealer Services’ products will now benefit from the power of FLITE and the MaximTrak global F&I platform to drive more profit from their business, while giving their customers a more engaging and transparent experience,” Maxim went on to say.
Lyft and Uber drivers not only might have a path to generate funds for a down payment when acquiring a vehicle at certain dealerships, they also could take advantage of a solution to help their credit situation.
DriveItAway, a company concentrating on dealer-focused shared mobility, announced on Wednesday that it is partnering with Get Credit Healthy to pilot what the operations say is the first “no strings” free national credit repair/rehabilitation service for Lyft and Uber drivers.
The companies explained this opportunity to rebuild personal credit is free to all drivers in a dealer-supplied vehicle on the DriveItAway Car Sharing platform, with no obligation to use any particular vehicle, dealership provider, or any vehicle purchase commitment.
After a week in good standing, all drivers on the DriveItAway dealer Car Sharing platform can receive a free invitation to utilize Get Credit Healthy’s credit rehabilitation service, which has been seamlessly integrated into the DriveItAway driver app. The service remains free, as long as the driver remains a DriveItAway customer.
On the dealer side, DriveItaway has integrated Get Credit Healthy’s leading fintech platform, to provide its dealer partners with data intelligence and sales lead recovery that turns credit “fall out” into funded vehicle loans and sales.
Chief executive officer John Possumato insisted this life-improvement service is a true differentiator and fits right in line with DriveItAway’s mission to put all of its clients on a “path to ownership.” Possumato explained all ride share drivers will be able to access it right from the platform, free of charge, and it will help all dealers facilitate a vehicle sale to all those drivers who are looking to buy.
“This is an industry first, in that this type of service has not yet been offered in this “no strings” way. Partnering with a company like Get Credit Healthy in order to offer the best comprehensive credit remediation program for our longer-term drivers is a natural step for us,” Possumato said.
“This fits perfectly with exclusively car dealer clients who provide temporary vehicles for Lyft and Uber drivers,” he continued. “It is fully compliant, as there is no obligation for a renter-recipient to buy a vehicle from any specific car dealer, nor is there any obligation to buy a vehicle at all.
“Our goal is to make it a win for all and, with the ‘on-demand’ employment ride sharing provides, improve lives by making it easy for everyone to increase income and improve credit,” Possumato went on to say.
Get Credit Healthy CEO Elizabeth Karwowski elaborated about why her company chose to align with DriveItAway.
“Get Credit Healthy’s traditional partners have been financial institutions, mortgage companies, and municipalities,” Karwowski said. “The common mission of our two companies is to provide our clients with the means to improve their financial lives and provide them with the necessary tools and education to help them sustain those improvements.
At Get Credit Healthy, we are passionate about providing consumers with the tools and resources they need to eliminate debt, build credit and make sound financial decisions,” she continued.
“That’s why we are delighted to be launching this new program with DriveItAway, and to make this life improvement option available for the first time to members of the new ‘gig economy’ in shared mobility,” Karwowski added.
For more information, all current or potential drivers interested in the program are encouraged to visit this website.
DriveItAway will be introducing this new feature to its turn-key car sharing for ride sharing program for dealers at the National Automobile Dealers Convention this week in San Francisco.
To learn more or to set up a private meeting to talk about the benefits of implementing mobility as a service at your store, visit www.driveitaway.com/nada2019.
To cut down on paper usage and streamline operations, Auto/Mate Dealership Systems released a pair of tools on Monday aimed at helping both the finance office as well as the service and parts counter.
The first solution is the company’s eDEAL Signature Capture feature, a digital contracting tool that can allow F&I managers to capture signatures, store electronically signed documents and email digital deal jackets to customers.
In conjunction with eDEAL, Auto/Mate has also released eSign, allowing cashiers, as well as service and parts staff, to accept digital signatures from fixed operations customers.
“It’s time for dealerships to move beyond paper-based processes,” said Mike Esposito, president and chief executive officer of Auto/Mate. “Fortunately, most states, banks and auto dealer associations are finally making the legal changes necessary to enable digital contracts and forms. This is a game changer for dealerships everywhere.”
With eDEAL and eSign, customers only have to sign once, then tap to apply their signature to other required fields. When using eDEAL, the digital deal is downloaded as a zip file that can be emailed or put onto a flash drive. Signed repair orders, warranty forms and other parts and service forms can be emailed directly to the customer using eSign.
Auto/Mate explained eDEAL Signature Capture can be used on any mobile tablet and resides in Desk/Mate, Auto/Mate’s desking tool. All forms are stored as digital PDFs right in the DMS, eliminating the need for physical file storage and third-party scanning solutions.
The company went on to mention eSign can be accessed in the service merchandising or parts modules. Fixed operations employees can go back at any time and reference a list of signed documents along with an indication of whether the document has been signed and cashiered.
Auto/Mate insisted cost savings associated with digital documents are significant.
“Dealers will greatly reduce costs related to printing and storing thousands of documents, including paper form reorders, toner, storage space and labor hours associated with managing manual, paper-based processes,” the company added.
“Unlike expensive competitive options, eDEAL and eSign give dealerships the ability to use digital contracting tools with the same capabilities at a much lower cost,” Auto/Mate went on to say.
For more information visit Booth No. 2301S at the NADA Convention & Expo in San Francisco beginning on Jan. 24. Dealer can schedule a demo at www.automate.com/nada.
Digital Recognition Network (DRN) has new ownership.
According to a news release distributed on Monday morning, Motorola Solutions announced it has acquired VaaS International Holdings, a data and image analytics company that includes DRN and is based in Livermore, Calif., and Fort Worth, Texas.
Motorola Solutions paid a purchase price of $445 million in a combination of cash and equity.
VaaS, a “video analysis as a service” company, is a leading global provider of data and image analytics for vehicle location. The company’s image capture and analysis platform, which includes fixed and mobile license plate reader cameras driven by machine learning and artificial intelligence, can provide vehicle location data to public safety and commercial customers. Its subsidiaries include Vigilant Solutions for law enforcement users and Digital Recognition Network (DRN) for commercial customers, including auto finance companies.
The company’s 2019 revenues are expected to be approximately $100 million.
“Automated license plate recognition is an increasingly powerful tool for law enforcement,” said Greg Brown, chairman and chief executive officer of Motorola Solutions. “With this acquisition, VaaS will expand our command center software portfolio with the largest shareable database of vehicle location information that can help shorten response times and improve the speed and accuracy of investigations.”
The acquisition announcement comes on the heels of DRN highlighting that it secured several milestones in 2018, including that its live hotlist exceeded 410,000 license plate recognition (LPR) assignments in 2018. That figure represented an increase of 33 percent year-over-year.
“Our extensive license plate data and AI technology have opened new commercial applications of our products,” said Todd Hodnett, co-founder of VaaS and president of Digital Recognition Network.
“We believe commercialization of these new applications can be accelerated under the Motorola Solutions brand and reach, and we look forward to working together to grow and diversify our commercial business,” Hodnett continued.
VaaS’ platform can enable controllable, audited data-sharing across multiple law enforcement agencies. Vehicle location information can help accelerate time to resolution and improve outcomes for public safety agencies, particularly when combined with police records. For example, law enforcement has used VaaS’ solutions to quickly apprehend dangerous suspects and find missing persons.
“We are very excited to be joining Motorola Solutions,” said Shawn Smith, co-founder of VaaS and president of Vigilant Solutions. “This acquisition enables us to continue to serve our existing customers and expand our footprint globally, while at the same time supporting a company with a commitment to innovation and growth, guided by a common purpose that aligns with our mission and culture: ‘To help people be their best in the moments that matter.’ It doesn’t get any better than that.”
The company went on to mention license plate reading is a highly specialized practice that requires purpose-built cameras and analytics. VaaS’ fixed and mobile license plate reader cameras can capture and analyze license plate information, which differs greatly by state and country, even when vehicles are moving at high speeds or in low-visibility weather conditions.
It’s like the federal government gave Spireon a holiday present.
The U.S. Patent and Trademark Office has awarded Spireon a patent for its technology approach to managing an automotive dealership’s vehicle inventory by pairing a tracking device to a vehicle. Patent No. 10,089,598, “Methods and Apparatus for Monitoring and Control of Electronic Devices,” covers the technology used in Kahu, Spireon’s connected vehicle solution built for dealers.
This is the 30th patent secured by Spireon for advanced connected vehicle technologies.
“As a technology leader, our intellectual property is critically important to protect, not just for Spireon, but also for the many customers who rely on our solutions to run their businesses,” Spireon chief executive officer Kevin Weiss.
“With this patent, dealers and dealer groups who choose Kahu can be assured they are getting leading-edge technology from an innovative company who will be a long-term partner,” Weiss continued.
Kahu’s patented technology can allow franchised dealers to improve operational efficiency, sales effectiveness, service retention and customer satisfaction scores. By connecting vehicles to Spireon’s award-winning NSpire platform, Kahu can gives dealers and dealer groups the visibility they need to effectively manage lots, service customers and improve the bottom line.
Specific use cases supported by the patented technology include:
• Providing location and battery health information for every vehicle across one or more dealerships, including monitoring and reporting of vehicles with low battery charge
• The ability to search and find vehicles using a partial vehicle identification number (VIN), across multiple dealer inventories
• Managing low power behavior of a device
• Device tamper detection and disconnected battery alerts
• Managing lifecycle and inventory of tracking devices
• Integration with a dealer management system (DMS) to transfer a device from a dealer to a consumer account
“Innovation, coupled with reliability, ease of use and a flexible architecture to evolve as our customers’ needs change, is what sets Spireon apart,” said Rick Gruenhagen, chief technology officer at Spireon.
“We’re extremely proud of our growing patent portfolio, which also includes 16 pending patent applications, as it demonstrates our team’s focus on bringing cutting edge solutions to every market we serve,” Gruenhagen went on to say.
The Federal Trade Commission called for a balanced approach that protects both consumer privacy and innovation in a comment submitted to the Department of Commerce’s National Telecommunications and Information Administration (NTIA) as part of that agency’s consumer privacy proceeding.
In its comment to NTIA, the FTC emphasized its extensive experience in protecting consumer privacy and fostering innovation. The regulator reiterated its main tasks in this sphere, including:
— Collecting information from children online without parental consent
— Deceiving consumers about collection, use, and/or disclosure of their financial, health, video, or other personal information
— Making false promises about compliance with the EU-U.S. Privacy Shield (and the predecessor U.S.-EU Safe Harbor)
— Deceptively tracking consumers online
— Disclosing highly sensitive, private consumer data to unauthorized third parties
— Publicly posting private data online without consumers’ knowledge or consent
— Installing spyware or other malware on consumers’ computers
— Failing to provide reasonable security for consumer data, including children’s information
— Spamming and defrauding consumers
— Making harassing calls about phantom debt and leaving threatening voicemails about debt collection
— Failing to comply with legal requirements when generating automated data used to deny housing to applicants
— Violating Do Not Call and other telemarketing rules
“These enforcement actions send an important message: the FTC holds companies accountable for their information practices,” officials said in their comment to the NTIA that’s available here.
“The FTC is uniquely situated to balance consumers’ interests in privacy, innovation and competition, according to the comment,” the regulator continued. “In particular, the FTC’s dual mission of protecting competition and consumer protection gives the commission a deep understanding of the benefits and costs to consumers associated with the use of their data.
In response to some of the specific topics raised by NTIA, the comment also reiterated the FTC’s commitment to data security. The comment summarized the importance of companies’ making accurate disclosures about privacy.
The FTC went on to maintain a call for a balanced approach to choice, where the level of control would depend on consumer preferences, context and risk. Officials noted that they should continue to be the primary enforcer of laws related to information flows in the marketplace, whether under the existing or a new privacy and security framework.
The regulator added that it will be examining its current authority related to privacy and data security as part of its series of hearings on Competition and Consumer Protection in the 21st Century.
“Data security concerns are an important part of the privacy debate and, in light of the issues described above, the FTC continues its longstanding call that Congress consider enacting legislation that clarifies the FTC’s authority and the rules relating to data security and breach notification,” officials said. “The FTC also understands that both Congress and the administration are considering federal privacy legislation, and the commission strongly supports those efforts.
“Any legislation should balance consumers’ legitimate concerns about the protections afforded to the collection, use, and sharing of their data with business’ need for clear rules of the road, consumers’ demand for data-driven products and services and the importance of flexible frameworks that foster innovation,” the FTC continued. “Should Congress decide to pursue such legislation or otherwise expand the FTC’s enforcement authority, the commission is prepared to share its expertise and assist with formulating appropriate legislation.
“That said, any such process will involve difficult value judgements that are appropriately left to Congress,” officials went on to say. “Ultimately, no matter the specific laws Congress enacts in the privacy or data security area, the commission commits to using its extensive expertise and experience to enforce them vigorously, consistent with its ongoing and bipartisan emphasis on privacy and security enforcement.”
Intellaegis, which does business as masterQueue, announced today during Used Car Week it has named a new operational strategist.
The debt collection software company has named former Ally executive vice president Bill Ploog to its management team.
Ploog joins Intellaegis investor, chief strategist and former CoreLogix co-founder Steve Schroeder, as well as John and Perla Lewis, co-founders of the masterQueue platform, on the team that has been tasked with overseeing the company’s 2019 expansion plans.
Ploog, who spoke at Used Car Week on Monday, brings 33 years of experience driving operational improvements in the industry, including 22 years in executive positions. At Ally, Ploog worked to transform the company’s collections organization to successfully handle substantial non-prime and subprime growth in Ally's $84 billion portfolio, overseeing a staff of 2000.
According to the masterQueue release announcing the news, Ploog also spearheaded the concept and operational expansion of SmartAuction.
"As the probability of a past due account becoming a repossession or a total loss increases with each additional payment becoming past due, I am thrilled to help masterQueue expand its offering. masterQueue makes early stage, no contact collections a much easier process in the race against time to resolve account delinquency," said Ploog.
John Lewis added, “Being an entrepreneur can be a lonely job, but when you have the opportunity to work alongside talented and genuine people like Bill, its awesome.
“I've also had the pleasure to work with and be mentored for years by one of the most successful fintech entrepreneurs, Steve Schroeder, and by the chairman of our board and former Exeter Finance chief executive officer Mark Floyd. When you add in our CISO (chief information strategy officer) and partner Jack Merry who has been with us overseeing security since day one, and at a time when security is more challenging than ever, I am so lucky to be surrounded by such a strong executive team…” he continued.
In addition to adding Ploog to the exec team, the team at masterQueue, a Used Car Week sponsor, also announced this week it has been chosen as a Top 3 Finalist for the Sacramento Regions Most Innovative Software competition.
"When we launched at Finovate in 2011, we knew if we could automatically gather unstructured skip tracing data and add structure in the form of AI and workflow around the use of the data, we could create a compelling platform to automate the historically manual, time consuming skip tracing process. Although we're in the early stages of AI in debt collection, we're honored to receive this recognition alongside some amazing local innovators," John Lewis said.
And speaking of awards, masterQueue lead software developer Sean Downey will also be honored during the Auto Remarketing 40 under 40 awards luncheon at Used Car Week on Thursday.
masterQueue's chief information strategy officer Merry had this to say about Downey’s honor: "Sean has been with us eight years, and he oversaw the difficult transition of our development team seamlessly moving the masterQueue platform from its original lead developer to being under Sean's control, which is no small feat for a platform with well over a million lines of code.
“His being recognized as one of the top developers in the auto finance industry is well deserved. The timing of this award being presented at Used Car Week, a day prior to the release of the most significant feature to date in masterQueue, the new callQueue, is appropriate,” he continued.
The company described callQueue — the first version of which was released over a year ago — as a feature in the masterQueue Software-as-a-Service platform that provides data gathering automation and big data organization with State and Federal regulatory calling compliance, working to eliminate a manual process tedious for collection departments. The tool is designed to streamline the ability for lenders working to establish contact with customers who are behind in payments, and allows them to offer assistance to the customer before the loan goes too far delinquent.
Two prominent industry names — Consolidated Asset Recovery Systems and Digital Recognition Network (DRN) — now are working even closer together.
The two companies that will each have prominent appearances during Repo Con at Used Car Week 2018 announced on Wednesday that they have entered into an agreement to provide license plate recognition (LPR)-enabled repossession management services to the auto-finance industry.
Company leaders explained 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 finance companies 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 one 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 finance companies 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 chief executive officer of 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,” Norwood continued.
Consolidated’s 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, Consolidated noted that 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 and 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,” Wheeler went on to say.
There is still time to join the industry for Repo Con and Used Car Week 2018. Go to www.usedcarweek.biz for the complete agenda and registration details.
