LAS VEGAS — PRA Location Services contends it has found a way for repo agents to take advantage of license-plate recognition technology without operators needing to invest thousands of dollars in equipment and more.

The Las Vegas-based subsidiary of Portfolio Recovery Associates recently launched RecoveryNet, a subscription-oriented platform that can allow repo agents to submit as many as 500 vehicle plates for a monthly fee of $299.

Andy Robinson, senior vice president of location services who oversees PRA Location Services, explained RecoveryNet's value proposition during an interview with sister publication Auto Remarketing.

"We created RecoveryNet based on the word we were hearing from agents across the country. They wanted a better solution than what was available to them today," Robinson said.

"In today's environment, in order for them to really be able to maximize LPR, they need to put $10,000 or more of their own money and invest in some type of camera system. Then they have to hire the drivers to drive spotter cars or they have to install them on their trucks," he continued.

"That's a significant investment, and they just haven't been happy with the results and don't feel they're getting a return on their investment," Robinson added.

Here's how Robinson indicated RecoveryNet is designed to operate:

—RecoveryNet has a fleet of vehicles and a team of drivers in more than 30 of the nation's largest cities.

—The drivers navigate a predetermined route based on GPS information gleaned from skip-tracing and debtor data shared by a lender.

—Agents receive unlimited hit emails. When drivers find a plate submitted into the system, they verify the make and model, as well as the plate. The hit messages also include photos of the vehicle and its plate and GPS location.

—No matter if an agent picks up just 50 vehicles or all 500 units submitted that month, the subscription fee remains $299.

—Along with RecoveryNet, with drivers going along routes determined by a dispatch center, they also scan plates at areas with a high concentration of vehicles such as shopping malls and apartment complexes.

"All of the expense of monitoring the cars and driving cars and routing them, it takes off their plate," Robinson emphasized to Auto Remarketing. "We absorb that cost, and all  they have to do is pay a monthly subscription fee for the service."

"The real thing they like about it is it's a monthly fee, a set amount," he continued. "It's unlimited the amount of live hits they can get. Right out of the gate, the subscribers we have are very excited and really overwhelmed by the response they're getting and the amount of pickups they're receiving because of the live hit emails."

Even though RecoveryNet is still relatively new, Robinson shared some early indication of how successful the solution can be.

"Lenders realize that LPR technology can be a game-changer as far as recovery rates. When I say game-changer, we're talking about lift rates between 3 and 8 percent depending on the market as far as incremental recoveries in a month," Robinson projected.

"If you take a 3 to 8 percent lift to a lot of these places, that's a significant difference. Lenders are looking for more and more options. What we're finding is lenders are signing up for multiple LPR companies because it's better to have multiple eyes on the street than just one. We're seeing that lenders see LPR as not the wave of the future; it is now, and they're looking to take advantage of it full force," Robinson went on to tell Auto Remarketing.

PRA Location Services, a company in existence since 1995, began to set up RecoveryNet in 2009, about five years after it was acquired by Portfolio Recovery Associates, which has its headquarters in Norfolk, Va., and handles a variety of debt recovery segments.

Robinson closed his discussion with Auto Remarketing by again reiterating what RecoveryNet can do for a repo agency eager to leverage LPR technology but has been hesitant about the cost.

"We're pricing it in a manner where can have hundreds of agents sign up, and it makes it worth everyone's while," Robinson noted.

"It's significantly more efficient for the end user, the agent, who has subscribed to our service," he continued. "Any business wants to find the most effective way while at the same time minimizing costs. I believe what we will find some agents will decide in these markets to abandon the spotter cars and just allow our subscription process to identify the cars.

"That remains to be seen but what we do know is what agents tell us every day and the current process of putting cameras on their own trucks and driving around is not cost effective, as well as the significant upfront expense for a camera system that they have to pay on their own dime is not cost effective either," Robinson added.

"We feel this is an effective turn-key solution. It's priced right and what we're seeing right away is subscribers are excited about what they're seeing so far," he went on to say.

To learn more, send a message to recoverynet@vlslocate.com.

"If they send us an email, we'll be responsive very quickly," Robinson concluded.