MVTRAC
News
VW Credit, Inc. Selects MVTRAC for Auto Location & Recovery Services
Palatine, IL (Sept. 30, 2009) - MVTRAC is pleased to announce an exclusive
agreement with VW Credit, Inc. (VCI), a subsidiary of Volkswagen Group of
America, to provide location and recovery services for the lender's
defaulted automobile collateral. VCI will use MVTRAC's Automated License
Plate Recognition (ALPR) technology, as well as MVTRAC's location and
recovery systems.
"The location and recovery systems we use must be reliable and efficient,
and we believe that MVTRAC is a great fit for our organization," said Mark
Pipas, VCI General Manager, Customer Accounts. "We expect VCI to benefit
from MVTRAC's on-demand ALPR technology and centralized database systems,
combined with the company's ability to locate difficult-to-find collateral."
"We are very proud to welcome VW Credit, one of the most respected names in
the auto finance industry," stated Ted Brown, Chief Strategy Officer for
MVTRAC. We (MVTRAC) have made significant investments in both our ALPR
technology, as well as our employees and strategic partners, and we are very
pleased to be selected by VW Credit. The addition of VW Credit further
establishes MVTRAC as the premier leading auto finance technology provider
and end-to-end recovery specialist firm."
VCI is the latest of several large auto-finance captives to enlist MVTRAC's
leading ALPR recovery technology as a one-stop-solution. This increasing
industry appreciation for MVTRAC stems from its real-time Automated License
Plate Recognition (APLR) technology, as well as the organization's expertise
in recovering mid-line and high-end inventory.
About MVTRAC
MVTRAC is a leading provider of on-demand data solutions focusing on the
U.S. automotive finance industry. Utilizing ALPR technology, MVTRAC receives
real-time license plate images from remote camera systems via the Internet,
and stores the images in a centralized database on our servers. Users are
partitioned to receive views of plate reads and can manually connect to the
database via web browser to search for plate sightings against continually
updated hot lists. MVTRAC continues to develop relationships with government
agencies and third-party camera owners at traffic lights, tollbooths,
airports, major transportation hubs, security centers and retail/commercial
parking lots. For more information on MVTRAC, visit www.mvtrac.com.
About VW Credit, Inc.
VW Credit, Inc. (VCI), a wholly owned subsidiary of Volkswagen Group of
America, Inc. (VWGoA), was founded in 1981 to function as the financial
service arm of VWGoA and is affiliated with Audi of America, Inc. and
Bentley Motors, Inc. VCI, a captive finance company, services Volkswagen,
Audi and Bentley customers, authorized automotive dealers and their
affiliated stores as Volkswagen Credit, Audi Financial Services and Bentley Financial Services. The company provides competitive financial products and
services to dealers and their customers in the United States. For more
information on VCI, visit
http://www.volkswagengroupamerica.com/company/vwcredit.htm
