MVTRAC Company Profile

Background

Founded in 1990, MVTRAC is a leading provider of on-demand data solutions specializing in license plate recognition (LPR) technology. The company serves the automotive finance industry, government agencies, and law enforcement organizations by offering software and data solutions that streamline the tracking, locating, recovering, and remarketing of motor vehicles associated with fraudulent or delinquent accounts. MVTRAC's mission is to enhance asset recovery processes through innovative technology, thereby improving efficiency and compliance for its clients.

Key Strategic Focus

MVTRAC's strategic focus centers on delivering comprehensive LPR data and analytics solutions that empower lenders and repossession agents. The company's core objectives include:

Enhancing Recovery Rates: Utilizing advanced LPR systems to increase vehicle recovery rates by up to 50%.

Expanding Agent Networks: Providing access to over 600,000 assignments per month, enabling agents to grow their businesses and generate new revenue streams.

Leveraging Advanced Analytics: Employing historical data and analytics to identify high-probability recovery locations, thereby streamlining the repossession process.

Financials and Funding

In July 2017, MVTRAC secured a growth recapitalization investment from Bison Capital Asset Management, LLC. This investment aimed to accelerate the company's growth by expanding sales and client service resources, enhancing its technology suite, and pursuing acquisitions. The financial backing has positioned MVTRAC to better serve the portfolio requirements of major financial institutions in auto financing.

Technological Platform and Innovation

MVTRAC distinguishes itself through its proprietary technological platforms and innovative methodologies:

Intelligent Data Network™: A comprehensive LPR data and analytics solution that provides lenders with access to one of the largest historical and active vehicle location databases in the United States.

Case Claim Tool: An automated, real-time account verification function that eliminates unauthorized repossessions by confirming order status and address information, thereby reducing agent downtime and enhancing recovery efficiency.

Smart Assign: Utilizes historical scan data and advanced analytics to identify the most qualified, pre-approved agent for direct assignment orders, facilitating accurate assignments and faster recoveries.

Leadership Team

Luke Smith: President and Chief Executive Officer. Elevated to senior executive officer following the 2017 investment by Bison Capital, Smith has been instrumental in steering MVTRAC's strategic direction and growth initiatives.

Cortney Osborne: Chief Operating Officer. Joined MVTRAC in May 2022, bringing extensive experience from her previous role as Executive Vice President of Operations and Chief Services Officer at American Recovery Service. Osborne's leadership is pivotal in driving operational excellence and service delivery.

Garry Jackson: Executive Vice President of Business Development. With a background deeply rooted in the repossession industry, Jackson focuses on business synthesis to create beneficial arrangements for clients and agents engaged with MVTRAC.

Leadership Changes

In May 2022, MVTRAC appointed Cortney Osborne as Chief Operating Officer. Osborne's extensive experience in operations and client services is expected to drive unprecedented growth for both DRN and MVTRAC.

Competitor Profile

Market Insights and Dynamics

The vehicle recovery industry is experiencing significant growth, driven by increasing delinquencies and the need for efficient asset recovery solutions. The integration of advanced technologies, such as LPR systems, is transforming the landscape, enabling faster and more compliant recoveries.

Competitor Analysis

Key competitors in the LPR and asset recovery sector include:

DRN Data: Offers data solutions for vehicle location and recovery, leveraging a vast network of license plate recognition cameras.

Recovery Database Network (RDN): Provides a comprehensive platform for managing repossession assignments and vendor networks.

Infutor: Specializes in consumer identity management and data solutions, aiding in asset recovery processes.

Strategic Collaborations and Partnerships

MVTRAC has established significant partnerships to enhance its service offerings:

CenterOne Financial Services: Collaborated to integrate MVTRAC's solutions into CenterOne's remarketing platform, facilitating the disposal of recovered assets through an automated process of inspection, certification, auction, and payout for lenders.

Blackline GPS: Partnered to distribute Blackline's Dart covert and asset tracking system, enhancing vehicle recovery capabilities through real-time tracking and reporting features.

Operational Insights

MVTRAC's commitment to agent success is evident through initiatives like the Case Claim tool, which streamlines the repossession process by automating account verification and assignment approvals. This focus on efficiency and compliance provides a distinct competitive advantage in the asset recovery industry.

Strategic Opportunities and Future Directions

Looking ahead, MVTRAC aims to:

Expand Technological Capabilities: Continue enhancing its LPR data and analytics solutions to meet evolving client needs.

Grow Market Presence: Leverage strategic partnerships and investments to broaden its reach within the automotive finance and asset recovery sectors.