License plate identification helps keep drivers in their vehicles

Digital Recognition Network (http://www.drndata.com), the world leader in license plate identification, asset recovery solutions and fraud mitigation.

Fort Worth, TX (prHWY.com) November 5, 2012 - Ft. Worth, Texas - October 31, 2012--Digital Recognition Network (http://www.drndata.com), the world leader in license plate identification, asset recovery solutions and fraud mitigation reports that a little known and rarely discussed attribute of license plate identification technology is the ability to locate a vehicle's location, which in turn allows a lender to often get in touch with the vehicle owner holding the loan. Doing this, allows both parties to reach an equitable asset recovery solution, often without repossessing the vehicle. This keeps the driver in the car while also maximizing asset value for the lender. Looking at the broader picture license plate identification also keeps interest rates lower because lenders costs are lower and that helps everyone.

"I don't know of any lender that really wants to repossess a vehicle," said Chris Metaxas, CEO of DRN. "It's a lose-lose situation for everyone. "The lender has to realize all the costs associated with late or no payments, the cost of sending a truck out to get the vehicle and the significant expense of preparing and then selling that vehicle on the market," he said. "License plate identification makes it so lenders can get in touch with drivers, and they often reach a solution," Metaxas explained. The lender gets the bad debt off the books immediately, which lowers costs and the driver doesn't lose the vehicle."

About DRN
Digital Recognition Network (DRN) is a data company exclusively focused on license plate identification, asset recovery solutions, fraud mitigation and on automotive data derived from license plate identification. By recovering, storing and grouping data on vehicle location, where vehicles go and who drives them, DRN is able to provide value to clients to help them make better, more profitable decisions while preserving asset value. An industry pioneer in vehicle asset location technology and asset recovery solutions, DRN fuels a national network of more than 550 affiliates employing mobile license plate recognition technology that gathers the automotive data. Because this license plate identification technology is used in every major metropolitan area in the United States, DRN captures automotive data on up to 50 million vehicles each month. With more than three-quarter billion data points gathered to date, DRN has the largest vehicle location data base in existence. We are proud to maintain strict standards for privacy, compliance, and data integrity. For more information visit: http://www.drndata.com

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Tag Words: auto repossession, asset recovery solutions, asset recovery

Categories: Technology

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