The repossession industry has spoken, and DRN has listened. And a very reliable source has informed me that Digital Recognition Network (DRN) has taken action. DRN, the world’s largest license plate recognition network, has terminated their relationships with four national repossession forwarding companies.
The names of those forwarding companies may not come as much of a surprise to those in the repossession industry, but to their business partners, who will soon be cut off from access to the nation’s largest aggregated pool of vehicle location data, it could prove to be an issue.
Named as terminated are;
- Primeritus (including all Primeritus companies)Â
- Burns National, LLCÂ
- Victory Recovery Services, Inc.Â
- Millennium Capital and Recovery, Corp.Â
According to the source, all of the above companies have been notified as well as most of their LPR participating lenders, but a termination date is undisclosed at this point.
Their reasons for termination have not been publicly disclosed, but in a January 2022 podcast episode of Repo America, DRN CEO, Jeremiah Wheeler had eluded to at least one possibly being terminated. The reasons stated at the time were service related and the, then considerations were weighed on after input from DRN’s agent owners panel who had been voicing their longstanding acrimony with a number of these forwarding companies.
The revelation that four have been terminated may not come as a huge surprise to agency owners, but to the forwarding companies and their business partners, this sudden deficiency in access to license plate recognition data could prove damaging to their recovery rates and recovery agency participation.
The termination of Primeritus, which includes all of their family of companies; Roquemore, Find Track Locate and Consolidated Asset Recovery Systems and Global Investigative Services, is without a doubt the most dramatic change to the repossession forwarding landscape and perhaps is a warning shot to the rest of the forwarding industry. How this effects their relationships with major lenders like Toyota Financial and others is yet to be seen, but it would come with little surprise that they would eventually begin to hemorrhage clients.
How much this impacts the survivability of any of these companies is anyone’s guess, but a thinner herd of repossession forwarding companies does benefit the repossession industry. This is four less forwarders to under bid each other for fees. The unfortunate side is, the impact on their employees should client volume eventually subside.
Related Articles;
Primeritus threatens to withhold fees, but with a smiley face!
A must listen episode of Repo America
Forwarders – Who’s the worst?
DRN cuts four repossession forwarders – License Plate Recognition – LPR
Facebook Comments