Santander Consumer Joins MVTRAC's Vehicle Recovery Network
MVCONNECT LLC’s MVTRAC, a motor vehicle data network provider, has added Santander Consumer USA Inc. to its network of automotive lenders.
PALATINE, Ill. — MVCONNECT LLC’s MVTRAC, a motor vehicle data network provider, has added Santander Consumer USA Inc. to its network of automotive lenders.
As an indirect and direct lender as well as portfolio purchaser with more than 12,000 relationships with automobile dealerships nationwide, Santander brings thousands of VINs and an ongoing daily supply of recovery cases to MVTRAC’s patented intelligent data network.
Santander began originating loans in 1997, and is owned by global banking leader Banco Santander, which was named “Best Bank in the World” by EuroMoney Magazine and one of the “Top 10 Safest Banks” by Global Finance Magazine.
“Santander is a well respected organization that realized streamlined ALPR and asset recovery would help offset lower originations and higher costs. MVTRAC promotes increased portfolio values by utilizing our network of the most professional and patented [Automatic License Plate Recognition] equipped recovery agents as well as our teams of internal skip professionals,” said Garry Jackson, MVTRAC vice president of operations.
Recovery agents in the network are equipped with MVTRAC’s patented Automatic License Plate Recognition (ALPR) System. The MVTRAC MVP PowerPak consists of four dual-lens slate cameras mounted in various configurations on the vehicle and a touch screen Panasonic ToughBook with a built in GOBI cellular wireless card, all of which allows for the recovery agents to print an immediate real-time repossession order and recover the vehicle on the spot.
“It’s a win for Santander and it’s a real victory for the entire network of agents. Our dashboard is going off like crazy, alerting me of Santander recoveries. The agents are really excited and putting in the extra effort,” he added.
“Santander Consumer USA is the perfect client to realize the potential of their portfolios, and because they are a consistent originator of auto loans, the long term synergy between our companies will continue to grow and our network of Recovery Agents will reap the benefits,” said Luke Smith, MVTRAC senior vice president of business development.
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