NewswireToday - /newswire/ -
Greensboro, NC, United States, 2007/09/18 - New integrated License Plate Reading (LPR) solution recovers 4 vehicles in just 24 hours saving lenders $16,500. New technology is delivering significant financial savings for lenders and productivity improvements for auto recovery companies.
Remington-ELSAG and Re-Pros announced that a single vehicle equipped with a Remington MPH-900 License Plate Reading system powered by the Re-Pros Repossession Software Suite successfully located and recovered four (4) wanted vehicles in a 24-hour period. Collectively, the four vehicles had been outstanding for a combined 38 months and represented an aggregate value of $16,500 to two lenders. All four assignments had “gone cold” and were classified in a pending status for over six (6) months. The four recovered vehicles included:
Year/Make/Model Loan Balance:
• 2004 Kia Sedona $9,000
• 2000 Honda Accord $1,000
• 2005 Buick Park Avenue $4,000
• 2000 Chrysler 300M $2,500
“We are extremely pleased and excited that our technology is delivering this level of financial value to auto lenders and recovery companies.” says Mark Windover, President, Remington-ELSAG. “It validates that Remington-ELSAG’s state-of-the-art LPR technology integrated with the Re-Pros Repossession Software Suite has the potential to fundamentally advance how auto lenders and recovery companies conduct business by driving greater overall value to each trading partner.”
Mr. Windover went on to say: “Lenders benefit through shorter recovery periods, fewer/shorter skip assignments, and of course, reduced overall carrying and write-offs costs. Recovery and skip tracing companies benefit through lower investigative costs, higher and faster recovery rates, increased equipment utilization, and overall organizational capacity improvements.”
“Re-Pros is extremely gratified and excited about these results because they validate the Re-Pros model – to deliver accurate and complete repossession information directly to the in-field tow truck operator in real-time.” says John Rhodes, President of Re-Pros. “We originally chose to partner with Remington-ELSAG because we felt they had the best LPR technology on the market along with a product that was fully vetted by an exhaustive global client base. Remington-ELSAG also recognized that Re-Pros was the only company able to provide real-time, dynamic, web-delivered assignment information to its units throughout the day – a capability that increases LPR-generated results by a factor of 2 or 3 versus units without dynamic data.”
“Today all installed Remington LPR systems powered by the Re-Pros Repossession Software Suite are fully integrated. They are specifically designed to work seamlessly - in any vehicle - with laptops running any operating system – and requiring virtually no involvement by the tow truck operator. Current license plate “hot list” data is fed to each system automatically – without driver involvement– via a wireless Internet connection and updated dynamically several times throughout the day.”
Listed here are repossession highlights of the installed user base of Remington MPH-900 LPR systems powered by the Re-Pros Repossession Software Solution. Results are listed “per installed system.”
• A successful recovery occurs every 12,000 “reads” or less. This figure improves as more lenders and recovery companies contribute their respective “hotlists” of target vehicles to Re-Pros;
• About 1 in 2 recoveries involves a 3rd party Re-Pros client who may not be the actual owner of the Remington-ELSAG LPR equipment;
• Operators who install a Remington-ELSAG LPR system directly on a tow truck (versus an investigator’s vehicle, for instance) can nearly double recovery rates since tow truck delays (to the scene) are eliminated.
• The average vehicle repossessed through Remington-ELSAG LPR technology has been out for assignment for over 6 months. The longest was 18 months.
• The average value to the lender of a Remington-generated recovery is $6,825. The largest was $17,000 and scheduled for full write-off the following day.
• The average fee paid to the recovery company (by the lender) for a Remington-generated recovery is $350.
About the Loan Loss Recovery/Repossession Industry
Defaulted auto loans cost the lending industry $8.4 billion per year. According to Manheim Consulting the total number of used-car repossessions increased 5% in 2006 to 1.4 Million vehicles. The average cost of a defaulted loan to a lender exceeds $6,000 per vehicle.
Remington-ELSAG (remingtonelsag.com) is the leading manufacturer of License Plate Reading (LPR) systems in the U.S. Its Mobile Plate Hunter (MPH-900) system has an installed user base of nearly 1,000 satisfied customers. The typical MPH-900 mobile system includes two cameras and a CPU processor which can be moved easily from vehicle to vehicle or permanently installed. The portable cameras can be mounted on a tow truck or investigative vehicle and read up to 4 lanes of traffic (2 on either side). The high-speed cameras read 18-20 plates per second — 5,000-10,000 plates per 8-hour shift. With each “read” the computer processor instantly compares each license plate to a known list of active repossession assignments updated constantly and in real-time through the Re-Pros system.
About Re-Pros (MBSi Capital Corp.)
Founded in 2003, Re-Pros (re-pros.com) provides the repossession industry a state-of-the-art, cost effective and easy-to-use repossession software solution to help lenders and repossession companies increase recoveries. Most unique to Re-Pros is its ability to provide tow truck operators and Remington MPH-900 users a real-time dynamic data flow between client, home office, and field agent/driver. The primary benefit of this dynamic data flow is to allow the tow truck operator to focus only on active repossessions and in the right geographic areas where a recovery is most likely to occur.
For Re-Pros contact: John Rhodes
P: 602-864-7847 - E: jrhodes[.]re-pros.com.