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Jeremiah Wheeler, of DRN, will discuss the impacts of COVID-19 on auto collections and recoveries. With fewer cars on the road and more staying parked due to business closures and shelter-in-place orders, vehicle location data may be more accurate than ever. This can help lenders and recovery agents more efficiently locate borrowers and vehicles. In addition, DRN has used its exclusive data and analytics to study how borrowers have relocated during the shutdown. All of these powerful insights can play a meaningful role in our partners’ strategies as they plan to restart their businesses safely and effectively.

Takeaways:

  • Stay-at-home orders, business shutdowns and work-from-home orders related to COVID-19 have increased the accuracy of license plate scans, making vehicles easier to find.
  • Using proprietary data and analytics like DRN’s in a migration study can provide powerful insights as lenders plan to restart their businesses as the pandemic recovery progresses.
  • Some states are lacking active recovery agents to perform repossessions. Networks like DRN’s Affiliate ensures lenders can find qualified, operating agents to locate their assets using powerful data and analytics.