Automotive Life: The Man Who Will

Stop Banks From Losing MILLIONS

In the most recent episode of Automotive Life, the host, Lucky Lopez, interviewed Alex Wilhelm, founder and CEO of Loanbridge. This new technology disrupts the auto recovery industry with innovative approaches to traditional problems. During the interview, Alex shared some insightful information about how Loanbridge is transforming the automotive finance and recovery industry.

The Genesis of Loanbridge

Due to the moratorium on vehicle recoveries and repossessions during this time, a long-time friend and colleague from the recovery industry approached Alex for his expertise in utilizing data to streamline the recovery process. This collaboration created a prototype that could access tow events, laying the foundation for what would become Loanbridge.

What Loanbridge Does

We provide a simple yet sophisticated solution to the complex problem of tracking vehicle events. The service allows users to keep tabs on their vehicles in real-time by monitoring activities like towing, theft, accidents, and even auction listings. All that's needed is the vehicle identification number (VIN). Users receive a notification within approximately 45 minutes of an event, allowing for prompt response and reducing the typical delays and costs associated with vehicle impoundment and loss.

Impact and Innovations

We have created technology that significantly impacts the industry, especially in the current economic climate, where banks face an all-time high in late payments and defaults. Traditional vehicle recovery methods are outdated and involve a time-consuming and laborious process of skip tracing and manual searches across multiple databases. With Loanbridge, this process is automated and streamlined, providing lenders and recovery agents an advantage in managing their portfolios more effectively.

Real-Time Data, Real-Time Solutions

It is important to highlight that the main feature of Loanbridge's service is its ability to provide real-time data, which is a significant improvement over the outdated systems that many banks and recovery agencies still use. This quick data delivery enables immediate action, which in turn reduces costs that would otherwise increase with time. For example, banks can recover vehicles within hours at a fraction of the cost, avoiding the significant fees that accumulate over days of impoundment.

Future Directions and Insights

Loanbridge is committed to continuous improvement and innovation. Alex highlights that this drive is fueled by customer feedback and the market's evolving needs. To achieve this, we plan to expand its features. One potential area of expansion is tracking changes in lienholder information. Additionally, we aim to integrate more deeply with other data systems to provide even more comprehensive services.

This conversation showed a future where technology and data can significantly reduce lenders' financial burdens and improve vehicle recovery efficiency. As the industry faces economic downturns and increased challenges, tools like Loanbridge have become indispensable in managing risk and safeguarding assets.

Experience the benefits of the Loanbridge platform firsthand.
For those interested in learning more about Loanbridge? Schedule a demo or take advantage of our 14-day free trial.

No long-term commitments, just guaranteed enhancements to your operations.

ENTERPRISE

we offer individualized enterprise plans that are ideal for large national corporations with high volume requirements and custom integration needs.

This includes:

  • unlimited users (SSO available)

  • bulk VIN inventory upload

  • unlimited actively monitored VINs

  • priority incident alert processing

  • full historical data access incl. export options

  • API access incl. customization options

  • 24/7 live chat support & SLA

Pricing starts at $2,500 per month + tiered VIN volumes.