FOR IMMEDIATE RELEASE
July 30, 2007
Contact:
Shannon Stewart
PetersGroup Public Relations
shannon@petersgroupPR.com
512.794.8600
American Recovery Association, Vigilant Video and the Digital Recognition
Network Collaborate to Increase Successful Collateral Recovery
New technology will reduce collateral charge-offs for lenders
DALLAS,
TX – July
30, 2007 – The
American Recovery Association, Inc. and Vigilant Video today announced
a collaboration with the Digital Recognition Network to enable recovery
agents to more effectively recover vehicles nationwide.
ARA is the world’s largest organization of professional finance
adjusters and certified recovery specialists; Vigilant Video is
a provider of specialized video processing, adaptive optical character recognition
and data mining algorithms; the Digital Recognition Network is
a data exchange network designed to reduce losses in the automobile finance
and insurance markets.
The new initiative introduces the second phase of a secure Web-based
recovery management software application that ARA has provided to members
since 2005. The current application enables ARA collateral recovery specialists
to receive assignments and data off-site and allows lenders to electronically
communicate directly with ARA members. The new technology provides ARA
members with the ability to use automated, intelligent data capture products
to more efficiently locate vehicles lenders are seeking to recover.
“In the past, recovery agents utilized a manual and paper intensive
process to cross check license plates against the database of license
plates that they are authorized to recover on behalf of their lending
institution customer. Through the use of License Plate Recognition software
and hardware, our members can now automate this process, which in turn
will provide for a higher ratio of successful recoveries for ARA Members,” said
Tom Crosby, ARA president.
“For over two years, the Digital Recognition Network has consulted
with ARA regarding LPR technology, and together with Vigilant Video they
have co-developed a LPR product that is customized specifically for the
recovery industry,” said Shawn Smith, Vigilant Video president.
The License Plate Recognition product will provide ARA members with
an easier and more cost effective way to automate the search for vehicles
being sought for recovery. Additionally, functionality needed by the
management of recovery agencies such as GPS tracking and maintenance
of their fleet has been included, at a price point that is only 25 percent
of the cost of typical LPR solutions within the law enforcement market.
About the American Recovery Association, Inc.
The American Recovery Association, Inc. is the world’s largest
organization of professional finance adjusters and certified recovery
specialists. ARA members specialize in locating and repossessing
collateral on behalf of lending institutions including banks, savings institutions,
finance companies, credit unions, rental/leasing companies, and
auto, truck and equipment dealers. A non-profit organization, ARA has more
than 280 members with 488 offices and serves 27,000 national and
international cities. All members are certified independent business operators.
Every year ARA distributes free directories and electronic presences
containing a comprehensive list of members by region served to lenders
across the United States. For more information, call 972.755.4755, email homeoffice@americanrecoveryassn.org,
or visit the www.AssetRecoveryHQ.com Web
site.
About Digital Recognition Network
The Digital Recognition Network is a network exchange that utilizes
a combination of digital data sources, either owned or acquired through
data exchange agreements, to facilitate the real time flow of asset location
information to recovery related service providers and to lending institutions.
About Vigilant Video
Vigilant Video is a leading provider of advanced video analytics
solutions for security and consumer behavior analysis applications.
VV specializes in diverse DSP applications of Advanced Video Analytics
software and is an innovative developer of video algorithm libraries
and data mining technologies. Our applied solutions provide security
and recovery related professionals with situational awareness and pertinent
information by utilizing the newest video automation techniques available
in the CCTV market. Through real time analysis of video feeds, Vigilant
Video puts actionable information in the hands of those who need it
and can use it most. Visit the www.VigilantVideo.com Web
site for additional information.
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