Digital Recognition Network and American Recovery Service Reach Industry Milestone
July 27, 2012
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FORT WORTH, Texas — Digital Recognition Network surpassed an
industry milestone this week with one of its service partners - nationwide
repossession and skip-tracing firm American Recovery Service.
The companies joined forces to exceed 25,000 recoveries; a figure officials said was enabled by DRN's LPR2.0 platform for some of the nation's leading automotive finance companies that utilize ARS' comprehensive suite of repossession portfolio solutions.
DRN's LPR2.0 platform is a signature component of DRN's suite of asset recovery solutions. The LPR2.0 platform is designed to make asset recovery happen faster and more reliably than other standard repossession tactics.
LPR2.0 can allow the instant, simultaneous cross checking of multiple vehicle location report databases to facilitate real time asset recovery. LPR2.0 is designed to go beyond a residence or place of employment to asset recovery wherever vehicles congregate.
Because LPR2.0 operates in what the company stresses is a vast network, DRN believes both lenders and asset recovery companies can benefit from a "network effect," allowing asset recovery (and recovery of their value) faster.
The company contends the network effect can improve the balance sheet by accelerating the time value of exposed assets with a corresponding reduction in asset charge offs.
In fact, DRN shared that current users of LPR2.0 reported when they add the platform to their current activities for asset recovery, they experienced 7 to 10 percent uplift in their time asset value.
"This is an exciting moment for DRN and its affiliates, clients, and partners," DRN chief executive officer Chris Metaxas said. "Reaching this milestone tells us we are properly utilizing LPR technology to make a difference in an industry that has been hit hard by the economy.
"In fact, in the last few months we are seeing a steady increase in our assignment volume," Metaxas continued. "This is due to the fact that our technology platform is developing traction in the market and clearly delivering a return on asset value.
"Additionally, increased confidence in our technology, our support protocol and partners like ARS has enabled us to realize new levels of success," he went on to say.
Officials indicated the American Recovery Service LPR2.0 database averages approximately 40,000 active accounts on a daily basis, while ARS' dedicated LPR2.0 dispatch team processed peak days exceeding 100 LPR2.0 recoveries utilizing DRN.
"We are very excited to be the first company in our industry to successfully recover 25,000 vehicles using LPR technology," American Recovery Service CEO Peter Willingham stated.
"ARS's partnership with DRN has been fruitful for both companies, but the real winners are our clients, auto lenders nationwide and our repossession partners, who have recovered over $250 million in asset value through leveraging our platform," Willingham declared.
For more information about LPR2.0 through ARS, contact Jon Foster at firstname.lastname@example.org or visit the company's website at www.pkwillis.com.
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