DRN Vehicle Recovery Hotlist Hits All-Time High of 410,000 License Plate Recognition Assignments and is on Pace to Exceed $2.5 Billion in Asset Value for Vehicles Recovered in 2018
FORT WORTH, Texas, Dec. 21, 2018 /PRNewswire/ -- Digital Recognition Network (DRN), an AI and data analytics company that provides vehicle location data and analytics to auto lenders, insurance carriers and other commercial verticals, today announced it has reached a critical milestone in its 10-year history as the company's live hotlist has exceeded 410,000 License Plate Recognition (LPR) assignments, an increase of 33 percent over last year at this time. Additionally, our DRN affiliates have already attained more than 204,000 live vehicle recoveries year-to-date in 2018 on behalf of their clients. This equates to more than $2.5 billion in recovered vehicles for 2018, contributing to a total of $10.5 billion in recovered assets since the company's inception.
"We are extremely proud of the growth of our hotlist and the value that recovered assets provide to our lender clients," said Todd Hodnett, Executive Chairman and Founder of DRN. "With that said, it is critical to note that our hotlist success simply would not be possible without our forwarder partners and our affiliates. They are the driving force behind its success and are the heart of the recovery industry. We are grateful for their hard work and honored that DRN's revenue share program helped affiliates to generate $6.2 million in 2018."
In August 2018, DRN announced that we hit a new record of more than 20,000 live vehicle recoveries in one month. That momentum has continued to date with each month since August setting new vehicle recovery records.
"While we are extremely pleased with our hotlist numbers for 2018, we expect that this is just a preview of even greater benefits for our DRN affiliates to come in 2019," said Hodnett. "We anticipate continued hotlist growth, which translates to increased growth in affiliate repossession revenue from their clients and increased revenue share that is paid by DRN. DRN is so committed to ensuring that our affiliate network reaps the benefit of their work that we have committed to a goal of $10 million for revenue share payments to our affiliate network. We know that when affiliates win, everybody wins: lenders are able to better mitigate risk, providers make more assignments and affiliates pick up more cars and achieve greater revenue share. We look forward to working with our providers and affiliates to continue to achieve success for all."
ABOUT DRN
DRN is a leading provider of AI and data analytics to the Financial Services, Insurance and Asset Recovery industries. Our solutions enable our clients to more effectively optimize their portfolios, reduce losses, detect fraud, and manage risk. An industry pioneer in vehicle location data and license plate recognition technology and services, DRN covers every major metropolitan area in the United States and maintains the largest vehicle location database under strict standards of privacy, compliance, and data integrity. To find out more, visit www.drndata.com, or call (817) 877-0077.
Media Contact
Mary Alice Johnson
(703) 606-2413
mjohnson@drndata.com
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SOURCE Digital Recognition Network
