Repossession management company Primeritus Financial Services has started to integrate powersports arm Find Track Locate with its technology platform for locating collateral — an initiative slated to wrap up in 2019, Mike Thomas, chief executive of Primeritus, told Powersports Finance.
Formerly known as Capital Recovery Group, Find Track Locate was acquired by Primeritus and renamed in June. Based in Tuscon, Ariz., Find Track Locate provides recovery management services exclusively to the powersports industry.
As a part of Primeritus, Find Track Locate will gain access to the company’s network of recovery agents and its proprietary technology utilized to locate collateral. Getting the powersports recovery company integrated with the tech is a top priority for Primeritus, Thomas said.
Primeritus’ platform utilizes data and algorithms to provide agents with updated information to find collateral. Typically, lenders have a borrower’s residential address. However, unless lenders continually update that information, it will likely be outdated by the time it reaches a recovery agent, Thomas added.
Primeritus pulls lender-provided data with other sources — like utility, cell phone, and credit data — into a single profile. “An algorithm will say, ‘Go to this address first, go to that address second, go to that one third,'” Thomas said.
In powersports, it’s more likely that a vehicle is being stored at a residential address, so that helps narrow down the search for Find Track Locate, he added.