2015 was a great year for DRN affiliates. We saw a huge increase in daily scans (we had several days that reached 5+ million), major improvements to overall efficiency with tools like ClearPlan, and most importantly a boost in revenue from LPR for our affiliates.
The repo industry experienced big changes the last few years and license plate recognition has changed the way recovery companies locate and recover vehicles. Technology like ClearPlan has changed the way they make decisions. Here are four industry trends we expect to see in 2016.
More Use of Analytical and Planning Tools
Every business owner wants to operate more efficiently and make better decisions quickly. DRN Integrations with RePros, iRepo, RDN and ClearPlan give owners a full set of tools for managing the logistics of their operations. ClearPlan has spotlighted inefficiencies and enabled agency owners to change workflow logistics. These changes improved more than just total repos. They are organizational, providing positive impact for the business as a whole.
Many affiliates are increasing their recovery rate per month with ClearPlan because it makes their business more transparent. Real-time, 24-hour rolling analytics cuts decision making time and gives better insight for building a strong staff and strategy.
More companies will adopt spotter cars
More Affiliates utilized spotter cars in their fleets than ever before. In addition to a good field account management platform, spotter cars have helped them improve recoveries and in many cases reduce operational cost. Spotter cars out scan tow trucks by a 3 to 1 ratio and are making up a majority of new scans.
Spotter cars get better MPG, are more maneuverable, are cheaper to maintain – think about a Honda Civic versus a tow truck. In the coming year Affiliates will hone their LPR practices and use data analytics to find ways to scan more vehicles – more repo agents will place value on scanning and switch to spotter cars to gather scans efficiently.
More Scans, More Data, More Revenue
Affiliates are scanning more plates now than ever before. In 2015 DRN Affiliates recorded over 100 million scans per month, this represents a 43% increase over 2014! This is in part due to an increase in the number affiliates using LPR cameras, and better scanning practices. As LPR technology develops our affiliates, along with us, are improving scanning practices.
This is great for everyone involved! The more scans the more data for recoveries, more recoveries, more revenue for affiliates. In 2016 Affiliates will make more money from profit sharing from their own scans, as well as, recovering more vehicles by purchasing other Affiliate data.
Use of Historical Data
Building on the previous point, Affiliates are beginning to build a wealth of historical scan data that can be used to their advantage. This historical data makes finding vehicles easier.
In 2016 Affiliates will have a clearer picture to make decisions by analyzing historical LPR data to improve their scanning practices and recover vehicles more efficiently.