PALATINE, Ill. — MVTRAC recently announced an enhancement to its MVFastTrac solution suite through a strategic partnership with CenterOne Financial Services.

Executives explained the arrangement is meant to offer seamless remarketing services. They claim this model can reduce the cycle time, resources and management required for default management and recovery divisions while significantly improving loan value and ROI.

Through this partnership, MVTRAC will integrate into CenterOne's multi-channel remarketing platform, facilitating the disposal of recovered assets through an automated process of inspection, certification, auction and payout for the lender.

"With increasing delinquencies and high depreciation for motor vehicles, speed of recovery is imperative for loan value," noted Ted Brown, chief strategy officer for MVTRAC.

"However, historically, default management for these loans can be a timely, piecemeal process," Brown continued.

"MVTRAC facilitates superior coordination between risk departments, field agents and remarketing efforts, minimizing a lender's time and resources and, in turn, maximizing return on investments," he added.

Brian Johnson, director of business development and client services for CenterOne, shared why his company entered into a partnership with MVTRAC.

"We saw the strength in MVTRAC's services and knew our remarketing solution could round out MVTRAC's product offering by further mitigating client losses," Johnson stated.

Scott Jackson, chief executive officer of MVTRAC, believes this new arrangement with CenterOne extends his company's commitment to provide lenders with the tools needed to process recoveries well.

"We spent a great deal of time and resources to determine what remarketing company has the best processes to bring the best value, speed and ROI to the lenders," Jackson pointed out.

"Collectively, MVTRAC's leadership in successfully locating and recovering the vehicles coupled with the best remarketing company in the industry, equates to a win-win partnership between the recovery industry and the auto finance industry," he concluded.