MVTRAC Selects Federal Signal as Its First Choice License Plate Recognition Technology Provider
Advanced technology to enable automobile recovery
UNIVERSITY PARK, Ill., July 7 /PRNewswire-FirstCall/ --MVTRAC, a leading
technology service provider in the auto finance and recovery industries, has
selected Federal Signal's advanced automated license plate recognition (ALPR)
technology to facilitate recovery of automobiles.
Federal Signal's ALPR cameras capture images of license plates. The images
are processed through powerful optical character recognition (OCR) engines
that convert the images into data. The data is then checked against a
real-time database of vehicles wanted for repossession by finance companies.
MVTRAC geo-targets the vehicle with Global Positioning System (GPS) technology
to enable immediate recovery of the collateral. Federal Signal's ALPR
technology can help MVTRAC expedite the often lengthy vehicle recovery
process. The result? Reduced asset depreciation and the potential generation
of billions of revenue dollars for the auto finance industry.
Speed asset recovery
"Due to the dramatic reduction in loan portfolio values and fewer
purchasers of such portfolios, now more than ever lenders need to locate and
recover their collateral. With today's rapidly decreasing market value of
automobiles, longer recovery time means greater asset depreciation -- and that
translates to greater losses to the lenders," said Scott Jackson, chief
executive officer of MVTRAC. "After a year of software and hardware
development and due diligence, we are excited to choose Federal Signal for the
implementation of MVTRAC's unsurpassed technology and data solution that is
Revolutionizing the Recovery IndustryTM."
"Federal Signal is pleased to partner with MVTRAC to take our advanced
license plate recognition technology solutions to the auto recovery arena,"
stated William H. Osborne, president and chief executive officer of Federal
Signal Corporation. "MVTRAC's streamlined process and end-to-end service and
support offers Federal Signal an outstanding platform from which we can
continue to deliver groundbreaking ALPR systems to a high-demand industry."
About Federal Signal
Federal Signal Corporation (NYSE: FSS) enhances the safety, security and
well-being of communities and workplaces around the world. Founded in 1901,
Federal Signal is a leading global designer and manufacturer of products and
total solutions that serve municipal, governmental, industrial and
institutional customers. Headquartered in Oak Brook, Ill., with manufacturing
facilities worldwide, the Company operates three groups: Safety and Security
Systems, Environmental Solutions and Fire Rescue. For more information on
Federal Signal, visit: http://www.federalsignal.com
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 hotlists. 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 http://www.mvtrac.com.
SOURCE
Federal Signal Corporation
CONTACT:
John Segvich of Federal Signal, +1-708-587-3486,
jsegvich@federalsignal.com; or Elizabeth Hoeppel of MVTRAC, +1-312-252-0566,
lh@trungaleegan.com
