In today’s world where it might seem the only auto-finance element lengthening in time involves terms of consumers’ retail installment sales contracts, Digital Recognition Network (DRN) and American Recovery Service (ARS) are reaching a significant milestone — their 10th anniversary of doing business together in the repossession and recovery spaces.
DRN executive vice president and general manager of fintech Jeremiah Wheeler shared with SubPrime Auto Finance News what it’s like to have a business relationship stretch to a decade.
“I believe it is fairly rare to have such a long-standing relationship with two companies because people and visions change,” Wheeler said. “The main driver behind our long-lasting partnership is the value we both bring to the industry and the process of repossession. We both understand the work that goes into the process of producing very larger returns for lenders.
“Our equal investment in technology to create higher returns for lenders and massive improvements to the agents’ process in the field are major pieces that bond us together,” Wheeler continued. “We will continue to innovate and grow together as we achieve the next level of milestones in this industry and look forward to the next 10 years of success.”
ARS and DRN’s partnership began in 2009 when ARS decided to embrace the use of license plate recognition (LPR) technology through a pilot program for a dispatch center leveraging DRN’s data and analytics. After the successful launch, both DRN and ARS realized the power of combining DRN’s data and analytics with ARS’s recovery operations to generate more revenue opportunities for recovery agents.
Since partnering, ARS has driven the recovery of more than 400,000 vehicles valued at $4.8 billion for auto finance companies. The company indicated those recoveries contributed to more than $110 million in revenue to the repossession agent and affiliate market.
ARS is DRN’s elite provider of live pick-up services.
“The relationship between ARS and DRN has been built on a foundation of a mutual commitment to teamwork and innovative technology,” ARS chief operating officer Dave Copeland said in a blog post on DRN’s website.
“Our mutual collaboration and integrated solutions have illustrated our dedication to delivering the best in class performance for our client partners. We truly value and appreciate the partnership we have built with DRN,” continued Copeland, whose company also is celebrating 25 years of operations in 2019.
After 10 years of working together, Wheeler added in that blog post, “DRN and ARS have cemented our spot at the forefront of revolutionizing the repossession industry by creating and adopting innovative technology to help advance our agents and the recoveries for their lenders. Congratulations, ARS, on your 25 years of excellence. We are excited to continue this partnership for many years to come.”
Wheeler and DRN — also a member of the Auto Intel Council — will be discussing business relationships, fintech and more this summer in Raleigh, N.C. Wheeler is one of a host of experts set to appear during the Automotive Intelligence Summit (AIS), which runs July 23-25.
AIS is gathering of professionals at the edge of technology in auto to provide ample networking opportunities to progress your business and make lasting professional connections. Companies range from firms such as MK & Associates and Deloitte, to digital retailing experts like MotoInsight and CarNow. An early bird registration discount is available through June 14. Registration can be completed here.
The complete AIS agenda and more details are available at www.autointelsummit.com.