ARA Teams with DRN to Help Recovery Agents Improve Returns for Lenders
DALLAS — The American Recovery Association and Digital Recognition Network, which specializes in license plate recognition, announced this week that they have joined together for a three-year marketing and sales agreement.
The agreement means ARA will utilize DRN's license plate recognition technology to help recovery agents locate vehicles.
The goal of this partnership is to help ARA members increase recovery rates and efficiencies, allowing them to better serve the lending community, officials indicated.
ARA members will receive a "significantly reduced rate" for each LPR camera kit purchased, in addition to 90-day, no interest financing, the companies announced.
"We are very pleased about reaching this agreement with ARA," explained Cort DeHart, president of DRN. "ARA represents recovery agents who provide the highest level of service in the industry to their clients.
"With DRN's vehicle location program, we can equip ARA members with the latest advanced technology to enhance the quality of service they provide the lending community," he continued.
Offering a glimpse into what DRN's technology can do, the company said that in 2008, its national network of more than 350 LPR cameras found more than 17,000 wanted vehicles, worth more than $100 million.
"With camera coverage expanding rapidly, recoveries are expected to dramatically increase in 2009," DRN officials highlighted.
Art Blanchette, president of ARA, said, "ARA is confident DRN's vehicle location program and business model offers the best opportunity for our members to maintain their independent relationships with their clients.
"DRN is the only company that provides a system that allows lenders and ARA members to continue their existing relationships, while still utilizing the most advanced technology to increase recoveries and bottom lines for both recovery agents and lenders," he added.