FORT WORTH, Texas -

Digital Recognition Network has a busy week ahead during the North American Repossessors Summit. From highlighting its new technology to the latest metrics about what license-plate recognition technology can do to push revenue higher, DRN chief executive officer Chris Metaxas gave Auto Remarketing some details in advance of when more than 600 repossession agents gather in the Lone Star State for the three-day event.

“Our goal is to help affiliates make more money and help lenders reduce risk,” Metaxas said. “Our heart has always been in trying to do the right thing. Year-over-year, whether some people believe it or not, we’ve been proving that and proving ourselves to our affiliates to where a lot of people out there count on DRN.

“We just hope some these new initiatives we are taking really make a difference so we can matter even more to these folks. That’s really what it’s all about,” he continued.

The company recently unveiled its Reaper two-camera and four-camera kits to DRN repo agent affiliates. Metaxas explained these new cameras are completely redesigned as the digital signal processors (DSP) are integrated into the device, rather than the need for what he said affiliates called “the brick,” which previously connected the cameras an agent used.

“It’s the next-generation level of improvement that eliminates the cumbersome DSP that we had and puts all of the intelligence in the camera,” Metaxas said. “Wiring the camera is easier. Maintenance is easier. We’re real pleased with the hardware technology that this new generation represents.”

DRN mentioned its Reaper camera kits now provide:

• Superior optical character recognition (OCR)

• License plate image capture at up to 120 MPH

• Camera aiming tools for easy set-up

• Low power consumption at <8W average

• Built-in DSP means less equipment in the vehicle

• Easy troubleshooting with diagnostic tools

• Infrared and color images

• Reduce operating costs

The Reaper is accompanied by new software, Car Detector Mobile 6.0 (CDM 6.0), with new features that can allow the agent to aim cameras easily.

Metaxas mentioned these new cameras already have been tested for about a year in the law enforcement community.

“We know its reliability levels are real strong. Its usability is very good,” he said.

Metaxas went on to highlight two elements about the new technology that might be of most interest to DRN affiliates — new payment options and an expanded warranty.

The new Reaper camera kits come with a 48-month warranty, double the length of the previous one. Furthermore, 100-percent financing is available as is up to a $2,000 credit for affiliates to trade in their current equipment.

“The biggest thing we hear from affiliates is things break over time. These cameras are in trucks,” Metaxas said. “We have the ability now to give affiliates greater assurance and lower their cost of ownership.

“Just like when you buy a car, risks go up over time. We’ve taken on more of the burden of the risk by doubling the warranty,” he added.

DRN indicated that a two-camera kit costs $12,988 plus applicable sales tax while a four-camera kit costs $15,988 plus applicable sales tax.

LPR Helping Affiliates’ Revenue Streams

What jazzed Metaxas more than the technology updates is the data DRN uncovered for how LPR helped to increase the revenue for its affiliate network, which currently stands at more than 400 repo agents scanning a minimum threshold of plates regularly.

Metaxas indicated affiliates using DRN’s LPR technology saw completed repossession assignments jump 110 percent year-over-year, meaning if an agency recovered about 32,000 vehicles in 2013, the company repossessed close to 70,000 units in 2014.

The DRN chief executive officer calculated that repo growth meant more than $20 million in additional revenue for affiliates, which also collected close to $5 million in revenue sharing from the company for using the technology.

“We’re talking about a very substantial amount of top-end revenue as a function of being a part of the recovery network,” said Metaxas, adding that some single affiliates have 20 camera kits so “they’re getting big and strong.”

Metaxas went on to mention finance companies also are turning more to DRN for repossession assignments. He noted DRN’s “hot list” now is at an all-time high with more than 142,000 vehicles currently in need of being repossessed.

“Banks are expecting their return that we’re delivering,” Metaxas said, emphasizing that DRN, its providers and affiliates accounted for nearly 7 percent of all repossessions industry-wide a year ago.

“The lenders are telling us resoundingly that they can’t meet their portfolio objectives without us,” he continued. “Because they’re using us, banks are writing more loans. Consumers are getting more cars. Auto financing is at an all-time high because DRN and its affiliates are contributing substantially to the risk reduction necessary to having a healthy lending environment.”

Additional Component to DRN Affiliate Program

Metaxas closed his conversation with Auto Remarketing by mentioning DRN is rolling out a joint marketing and distribution campaign with Clearplan, a mapping productivity solution geared to streamline routes to help repo agents make the best use of their resources.

“It’s designed solely to optimize the efficiency of routes for repossessions,” Metaxas said.

DRN added that Clearplan bolts onto its product, and 60 beta clients already have used the solution. According to Metaxas, “everyone is demonstrating significant gains in a short period of time.”