FORT WORTH, Texas, Oct. 26, 2018 /PRNewswire/ — Digital Recognition Network(DRN), an AI and data analytics company that provides vehicle location data and analytics to auto lenders, insurance carriers and other commercial verticals, today announced the company has reached a key milestone, facilitating the recovery of 20,122 live vehicle pick-ups, enabled by license plate recognition (LPR), in the month of August 2018 – an all-time company high for a given month.
“We are very proud that we have reached this critical milestone,” said Todd Hodnett, Executive Chairman and Founder of DRN. “We’ve worked hard to populate the ‘hotlist’ but reaching this milestone would not be possible without the strength of our provider network and its fantastic relationships with our dedicated camera affiliates. We remain grateful to our affiliates – the hardworking men and women in the field – who conduct recoveries and often do so under dangerous circumstances.”
In recent years, the number of LPR-enabled vehicle pick-ups generated by the ‘hotlist’ has grown substantially year-over-year. In 2017, DRN had nearly 90 percent more live LPR-enabled vehicle pick-ups than in 2016, and the company is on pace to achieve at least that in 2018. DRN is on track to pay its affiliate network approximately $6 millionin revenue share by the end of the 2018 – a company record – with its largest revenue share payout occurring in August, totaling $534,524.
“We will continue to generate the strongest ‘hotlist’ in the market to create opportunity for our affiliate network,” said Hodnett. “In fact, while others in the industry are looking to strip revenue streams away from repossession agents, DRN is committed to a goal of $10 million in 2019 for revenue share payments to our affiliate network. We appreciate our affiliates and take great pride in our relationships with them. They are the heart of DRN’s business, and we are grateful for their work every day.”