Chris Metaxas, the CEO of DRN, laid out his company’s vision for the future during a session at the recently held North American Repossessors Summit in Irving, Texas.
The company is on pace to help facilitate 175,000 recoveries in 2017, a 50% jump from two years ago. Revenue sharing with repossession agencies is also up 36% on a year-over-year basis.
Metaxas took time to lay out the company’s vision and share details about DRNsights, a new subscription-based product available to auto lenders. While generating many inquiries from the conference attendees who participated in the session, Metaxas abandoned the session’s discussion topics and answered as many questions as he could, while being candid and honest.
“Our success is tied to your economic success,” Metaxas told the audience during the session. “All of you in this room drive the majority of DRN’s revenue and are the data creation engine we need to survive. So there is no other motive than to get more revenue in your hands and ours as part of this strategy.”
DRN also plans on improving the dialogue and communication between the company and its affiliates, the repossession agents out there scanning the license plates, Metaxas said. There are other plans that will open the company up to more feedback from the repossession agent community as well in the future, Metaxas added.
Metaxas shared information about why it shut off a pair of major lenders from its service, and also talked about a handful of new lenders that have signed on for the company’s subscription service. The overarching message from Metaxas’s remarks were that DRN remains committed to getting auto lenders to pay for the value that the repossession industry is providing to them, at a time when many lenders are trying to cut back the fees they pay. Metaxas was also open to suggestions from the audience about changing how the company charges for its subscription service, as a means of keeping lenders honest.
“I personally took what you did for granted and as the leader of DRN need to lead us to do a better job understanding and communicating with you,” Metaxas said. “This is important because you are essential to our business. We’ve got to improve.”