FORT WORTH, Texas — Digital Recognition Network (DRN), a provider of asset location technology and services, announced that Santander Consumer USA (SC USA) has selected DRN to provide license plate recognition (LPR) technology and services to aid in recovering targeted vehicle assets.
This new agreement will allow SC USA to immediately implement DRN's national LPR2.0 platform. Working with its existing repossession management service providers and DRN's national network of affiliates, SC USA is well-positioned to offset portfolio losses by utilizing the LPR technology and services provided by DRN.
SC USA is nationwide lender with an $8.6 billion portfolio consisting of prime, non-prime, and sub-prime loans.
"As Santander Consumer USA continues to improve our collections and recoveries process, forging this new relationship with Digital Recognition Network will be a critical component of our long-term operational strategy. The strength of both their technology and affiliate network was an integral factor in our decision to move forward with DRN," said Tom Dundon, chief executive officer of SC USA. "With this in mind, LPR2.0 provides us with the opportunity to implement a powerful and tactical tool that will enhance our loss mitigation process to yield a greater outcome. We look ahead to a strong partnership and great results."
"We are very excited by our new relationship with Santander Consumer USA and look forward to working with them to successfully implement our LPR2.0 platform," said Cort DeHart, president of DRN. "The results generated to date with LPR2.0 have been very promising and we anticipate a tremendous amount of success for SC USA as well."
The LPR2.0 platform was first introduced by DRN in 2008, and reduces the time and expense associated with traditional recovery practices and increasing recovery rates.
DRN facilitates the physical execution of recovering the vehicle at the time it is located. Once a vehicle is located, the information is passed along to these repossession management companies who can immediately confirm the status of the order and authorize the repossession of a vehicle.