PALATINE, Ill. — MVTRAC struck an exclusive agreement with VW Credit Inc. (VCI), a subsidiary of Volkswagen Group of America, to provide location and recovery services for the lender's defaulted automobile collateral. VCI will use MVTRAC's Automated License Plate Recognition (ALPR) technology, as well as MVTRAC's location and recovery systems.

"The location and recovery systems we use must be reliable and efficient, and we believe that MVTRAC is a great fit for our organization," said Mark Pipas, VCI general manager of customer accounts. "We expect VCI to benefit from MVTRAC's on-demand ALPR technology and centralized database systems, combined with the company's ability to locate difficult-to-find collateral."

"We are very proud to welcome VW Credit, one of the most respected names in the auto finance industry," stated Ted Brown, chief strategy officer for MVTRAC. “We (MVTRAC) have made significant investments in our ALPR technology, as well as our employees and strategic partners, and we are very pleased to be selected by VW Credit. The addition of VW Credit further establishes MVTRAC as the premier leading auto finance technology provider and end-to-end recovery specialist firm."

VCI is the latest of several large auto-finance captives to enlist MVTRAC's leading recovery technology as a one-stop-solution. This increasing industry appreciation for MVTRAC stems from its real-time ALPR technology, as well as the organization's expertise in recovering mid-line and high-end inventory.