Repossession companies rely heavily on data relating to people and assets to recover vehicles. A Texas-based repossession company that is retained by clients on a contingency fee basis recognizes how essential it is to have the most accurate data to recover vehicles.
Repossession Industry: Increased Recovery Rates with idiCORE™
Challenge
As a growing asset recovery services provider in the industry, it became apparent that legacy data solutions lacked the effectiveness and efficiencies to support the company at scale, creating the need for a more advanced solution that was both accurate and cost effective. Locating assets, and finding addresses of individuals and their relatives, with the ability to deep-dive into data for complex cases, was essential to helping staff work more efficiently and increase recovery rates.
Repossessing the wrong vehicle is never an option.
We spoke with the vice president of the company on how data intelligence is leveraged for asset recovery and its effect on recovery rates.
We find people, not cars. Accurate data intelligence gives us the ability to verify information in order to locate the vehicle, including if the debtor is still at the same address, or go down the chain to see family members, and accurately locate people and vehicles efficiently. It was time to seek out a data intelligence provider that was accurate, cost-effective, able to provide customizable solutions, transparency, and a level of customer service we could count on.
— Vice President, Repossession Company
Solution
The Texas-based repossession company first utilized idiCORE strictly for vehicle identification purposes and then, once experiencing the advanced nature of the solution, moved all of its data-related investigative functions to idiCORE to realize the full benefits of the solution.
idiCORE™ is a next-generation identity intelligence solution used to address a variety of organizational challenges, including investigations, due diligence, risk mitigation, identity authentication, individual and asset location, and regulatory compliance.
Results
The repossession company estimates that using the idiCORE solution to pre-skip accounts has improved overall recovery rate by 30%.
30% INCREASE IN OVERALL RECOVERY RATE
Increased recovery rates, in turn, increases credibility and brings opportunities for more business.
Increased eficiency and recovery rates:
Accuracy and Intuitiveness
IDI was pitted against the top names in skip tracing. The repossession company declined renewals for three other providers due to the accuracy and intuitiveness of the idiCORE solution.
Customized Cost Structure
The company’s rapid expansion required a customized cost structure to allow for growth while keeping transparency in billing which only IDI offered.
Training
The ease of use of the idiCORE solution made training company employees seamless, allowing staff to be effective and efficient more quickly
Vehicle Data
The idiCORE vehicle data and associated linking was the most accurate of all the solutions tested, increasing overall recovery rates significantly