Palatine, IL (October 28, 2010) – MVCONNECT, LLC’s MVTRAC, provider of the leading motor vehicle data network for public and private organizations, today announced it has officially added Santander Consumer USA, Inc. (“Santander”) to its network of automotive lenders. As an indirect/direct lender and portfolio purchaser with more than 12,000 relationships with automobile dealerships nationwide, Santander brings many thousands of VINs and an ongoing daily supply of recovery cases to MVTRAC’s patented Intelligent Data Network™.
Santander Consumer USA is a leading company in the automotive finance sector, providing auto lending programs on direct and indirect platforms, and is a well-known trend setter in portfolio purchasing. The company began originating loans in 1997, and is owned by global banking leader Banco Santander (NYSE: STD), which was named “Best Bank in the World” by EuroMoney Magazine, and one of the “Top 10 Safest Banks” by Global Finance Magazine.
According to MVTRAC Vice President of Operations Garry Jackson “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 ALPR equipped Recovery Agents as well as our teams of internal skip professionals. Purchasing a portfolio is an art-form they’ve certainly done well, and their management team realized we preserved the value of their purchased assets because we could accelerate the recovery and liquidation time exponentially. After an initial test period with our services, it was easy to conclude through historically factual data MVTRAC is the most experienced cradle-to-grave all encompassing provider in ALPR, Skip Locating and Recovery Services and assigned their entire skip portfolio of VINs and thousands of additional cases to our Intelligent Data Network and National Expediter Division both. I’m so excited for the Recovery Industry, which will benefit from increased cash flow and more. 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.”
Expounding on the composition of the network, MVTRAC Chief Strategic Officer Ted Brown explains, “Our Intelligent Data Network is currently servicing the nation’s top auto finance lenders, captives and credit unions in the industry – and this network grows daily. These relationships are the result of proven results, which are backed by stringent network security, compliance and privacy measures. At the heart of this performance however, are the recovery agent subscribers in the network, and we do everything in our power to promote their success and continually increase our customer service to and for them all.”
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.
Noting the importance of user training on the network, Luke Smith, Senior Vice President of Business Development for MVTRAC, elaborates, “To ensure our subscribers’ success, we provide turnkey installation of the system along with training and ongoing support. We are committed to helping our agents be as successful as possible, and will continue to pave the way for an evolved asset recovery industry that minimizes risk and time while maximizing results. 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.”
About MVTRAC — Home of The Intelligent Data Network™, MVTRAC is a leading provider of on-demand data solutions for auto finance, government and law enforcement organizations. Utilizing a national network of digital recognition technology devices, MVTRAC receives real-time data capture from these systems and archives the intelligence in a centralized database. Recognized as the largest data capture network in the world, MVTRAC continues to grow through partnerships with government agencies and third-party camera owners at traffic lights, tollbooths, airports, major transportation hubs, security centers and retail/commercial parking lots to create. For more information visit www.mvtrac.com.