New technology will reduce collateral charge-offs for lenders
DALLAS, TX – The American Recovery Association, Inc. and Vigilant Video today announced a collaboration with the Digital Recognition Network to enable recovery agents to more effectively recover vehicles nationwide.
ARA is the world’s largest organization of professional finance adjusters and certified recovery specialists; Vigilant Video is a provider of specialized video processing, adaptive optical character recognition and data mining algorithms; the Digital Recognition Network is a data exchange network designed to reduce losses in the automobile finance and insurance markets.
The new initiative introduces the second phase of a secure Web-based recovery management software application that ARA has provided to members since 2005. The current application enables ARA collateral recovery specialists to receive assignments and data off-site and allows lenders to electronically communicate directly with ARA members. The new technology provides ARA members with the ability to use automated, intelligent data capture products to more efficiently locate vehicles lenders are seeking to recover.
“In the past, recovery agents utilized a manual and paper intensive process to cross check license plates against the database of license plates that they are authorized to recover on behalf of their lending institution customer. Through the use of License Plate Recognition software and hardware, our members can now automate this process, which in turn will provide for a higher ratio of successful recoveries for ARA Members,” said Tom Crosby, ARA president.
“For over two years, the Digital Recognition Network has consulted with ARA regarding LPR technology, and together with Vigilant Video they have co-developed a LPR product that is customized specifically for the recovery industry,” said Shawn Smith, Vigilant Video president.
The License Plate Recognition product will provide ARA members with an easier and more cost effective way to automate the search for vehicles being sought for recovery. Additionally, functionality needed by the management of recovery agencies such as GPS tracking and maintenance of their fleet has been included, at a price point that is only 25 percent of the cost of typical LPR solutions within the law enforcement market.
About the American Recovery Association, Inc.
Every year ARA distributes free directories and electronic presences containing a comprehensive list of members by region served to lenders across the United States.
About Digital Recognition Network
About Vigilant Video
Swapalease.com’s latest report show U.S. lease approval rates improved slightly to 70.9% in October following a 3.9% dip in September.