FORT WORTH, Texas -

Re3 Conference presenting sponsor Digital Recognition Network launched new product on Tuesday that the company is calling its Enterprise Solution — a value-based subscription model for “all-you-can-eat” access to vehicle location data.

Finance companies that rely on DRN’s vehicle location data to recover more assets now can employ this data across their portfolio of loans for a for more efficient collection practices.

As full balance charge-off losses increase, DRN chief executive officer Chris Metaxas insisted that finance companies need to leverage new collections and recovery tactics. That’s where DRN’s vehicle location data can come into play.

“As repossession rates continue their steady growth, charge-off rates are rising to the point that they compromise portfolio values. With our Enterprise Solution, lenders mitigate charge-offs to return the value to their portfolios and reduce risk,” said Metaxas, who will be one of the featured speakers next month during the Re3 Conference at Used Car Week in Scottsdale, Ariz.

“In fact, every lender that has shifted away from legacy strategies and instead employed DRN’s data insights is seeing over a 300-percent return,” he continued. “How? If you can locate a car before charge-off, your ability to connect with your customer or to get it back improves greatly.

“And here’s what we are hearing from these lenders — they are being hailed for creating new best practices using our vehicle location data, practices that align with their charge to deliver increased portfolio returns,” Metaxas went on to say.

DRN explained that opening up its pricing model to be value-based has also opened up new possibilities for finance companies for finding new ways to use the data to improve collections and recovery.

In a delinquent loans scenario where the finance companies has tried to contact borrowers at given addresses with no success, DRN locations provided new addresses for up to 30 percent of the vehicle installment contracts.  These new addresses helped the finance company to establish contact and secure payments in an otherwise dead-end scenarios.

In an ever-changing pool of borrowers, Metaxas insisted that finance companies have to stay on their toes to keep loans current.

“And DRN’s exclusive data helps them do just that,” said Metaxas, who will be part of the contingent of industry leaders at the Re3 Conference on Nov. 18.

“It just made sense that if you use our data earlier in the cycle you end up making contact with more of your customers and you may even prevent loans from going to repossession,” he continued. “Our customer experiences are shaping up to show that our data delivers real results — fast.” 

To see how DRN can help avoid charge-off losses, visit http://drndata.com/reduce-charge-offs for a custom analysis.