LPR (License Plate Recognition) technology plays a pivotal role in reducing car title lending defaults and expedites asset recovery. LPR use benefits our car title loan operators as well by reducing our fixed and variable costs; enabling lenders to charge lower fees to consumers experiencing a temporary financial challenge.
An LPR camera solution, employed by an asset recovery specialist, enables the repossession of vehicles when the title loan borrower defaults on a loan . License plate recognition technology also contributes to lower insurance and interest rates for car drivers and owners.
Additionally, LPR provider Vigilant Solutions, “Has documented over 750,000 instances where their vehicle location data helped public safety officials in criminal investigations involving murder, rape, kidnapping, terrorism, assaults, and crimes involving children.” Digital Recognition Network (DRN), “Has helped recover over 190,000 vehicles worth over $1.3 billion.
If you’re a car title loan lender and not yet using LPR technology, it’s time to get on board. Do the research, understand the benefits and improve your profitability.