It had four small cameras mounted on the trunk and a laptop bolted to the dash. The high-speed cameras captured every passing license plate. The computer contained a growing list of hundreds of thousands of vehicles with seriously late loans. The system could spot a repossession in an instant. Even better, it could keep tabs on a car long before the loan went bad... Repo agents are the unpopular foot soldiers in the nation's $1.2 trillion auto loan market... they are the closest most people come to a faceless, sophisticated financial system that can upend their lives...
Derek Lewis works for Relentless Recovery, the largest repo company in Ohio and its busiest collector of license plate scans. Last year, the company repossessed more than 25,500 vehicles -- including tractor trailers and riding lawn mowers. Business has more than doubled since 2014, the company said. Even with the rising deployment of remote engine cutoffs and GPS locators in cars, repo agencies remain dominant. Relentless scanned 28 million license plates last year, a demonstration of its recent, heavy push into technology. It now has more than 40 camera-equipped vehicles, mostly spotter cars. Agents are finding repos they never would have a few years ago. The company's goal is to capture every plate in Ohio and use that information to reveal patterns... "It's kind of scary, but it's amazing," said Alana Ferrante, chief executive of Relentless.
Repo agents are responsible for the majority of the billions of license plate scans produced nationwide. But they don't control the information. Most of that data is owned by Digital Recognition Network (DRN), a Fort Worth company that is the largest provider of license-plate-recognition systems. And DRN sells the information to insurance companies, private investigators -- even other repo agents. DRN is a sister company to Vigilant Solutions, which provides the plate scans to law enforcement, including police and U.S. Immigration and Customs Enforcement. Both companies declined to respond to questions about their operations... For repo companies, one worry is whether they are producing information that others are monetizing.
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