FOR IMMEDIATE RELEASE
PALATINE, IL — MVTRAC has announced the promotion of Executive Vice President of Business Development, Luke K. Smith, to partner and President of MVCONNECT, LLC and its divisions and concurrently promoted and made partner existing Executive Vice President of Investigations, Garry W. Jackson, Stacey M. Bailey, Executive Vice President of Compliance and Training and Eric H. Daehn, Operations Group Manager.
Previously, Smith worked at technology-oriented IdeaCast, a Credit Suisse-funded startup turned Kleiner Perkins company, as the Director of Business Development where he negotiated content license agreements with CNN and ESPN, certified and directed over 1,000 commercial satellite installations and orchestrated a $30 million capital raise.
Throughout his tenure with MVTRAC, Smith has been instrumental in the development of a license plate recognition (LPR) based intellectual property portfolio in addition to negotiating banking and investment strategies of over $12 million towards infrastructure and technology development; of which has cemented MVTRAC as one of the premier LPR technology providers and data aggregation companies operating today.
“At IdeaCast I was responsible for the rapid deployment of innovative technologies similar to my responsibilities here at MVTRAC,” says Smith, continuing with, “Scott’s mentorship along with the daily challenges I have experienced thus far in my career have undeniably prepared me for continued success in my expanded role.”
Since Smith’s arrival, MVTRAC has tripled in enterprise value to a growth equity valuation of over $30 million, developed multiple revenue streams and increased data growth by over 1000%. Further, Smith’s work in conjunction with Jackson’s vision and expertise has magnified the presence and influence of technology and compliance within a technology-resistant industry mired in outdated methodologies.
“From the outset, it was apparent to both Scott and I that our technology and compliance-driven mechanisms were the future of the industry. Today, we have realized that vision and we look forward to building new, high-margin verticals utilizing both innovative and existing technologies,” states Smith.
Adding, “I’m excited to further my development through my relationship with Scott and the entire MVTRAC family as we continue to work cohesively to revolutionize the way data is collected, utilized and presented across innovative avenues and diverse industries.”
According to MVTRAC founder and Chief Executive Officer, Scott A. Jackson, “Luke has been a jack of all trades and a master of them all. It’s evident that he is prepared for this next phase of his career through his countless accomplishments, the relationships he’s cultivated and the significant impact he’s had on those relationships and the industry.”
Continues Jackson, “I’ve invested my entire life towards developing this company to exude the principles that reflect my character of high integrity and hard work. Luke is someone that inherently exemplifies those traits on a personal and professional level, thus someone I completely trust to inherit the primary responsibilities of my company as a partner.“
Garry W. Jackson, a grassroots member of the recovery industry, helped developed MVCONNECT, LLC in the late 1990s. Throughout this term, Garry has become an industry expert in fraud analysis, investigative strategy, and business management while helping establish MVCONNECT, LLC’s niche specialty location services and customer service reputation as one of the industry’s best.
States Jackson, “Garry has been a key figure throughout the growth of this organization as well as the recovery industry as a whole. His understanding of the industry and dedication towards its progress is unrivaled, but perhaps his defining quality, and the one that makes him a natural fit for his expanded role, is his ability to understand people and how to optimize their skillsets and potential within a given environment.”
Stacey M. Bailey’s tenure with MVTRAC has included roles in compliance, training and human resources. Having previously served as an executive for American Express, Bailey has built the compliance strategy for the LPR company from the ground up, working with agents, lenders and forwarders alike to bring continuity and stability to the process.
Jackson states of Bailey, “Stacey is the glue that holds our overall operations in sync. Her ability to overcome the diverse challenges associated with an ever-evolving compliance climate while drastically improving our business office systems demonstrates her immense value for our organization now and in the future.”
As the Operations Group Manager, Eric H. Daehn has been instrumental in the development of MVCONNECT, LLC’s recovery team in addition to helping establish and integrate continuous investigative processes with lenders and forwarders. Under his guidance, MVCONNECT, LLC has continually boasted record growth numbers year-over-year.
“He is the consummate professional,” says Jackson of Daehn, adding, “The performance of his team is indicative of his leadership skills and ability to instill positive growth in both himself and the people around him. His dedication and ability to consistently surpass goals never wavers, thus achieving partner status is merely a natural consequence to his hard work.”
With the promotions, Jackson will retain his title as the Chief Executive Officer of MVTRAC in addition to his seat as Chairman of the Board to serve as a guiding influence while focusing much of his efforts towards monetizing MVTRAC’s proprietary ALPR intellectual property portfolio.
Concludes Jackson, “Now partners in the company, I am fortunate to have a team I can rely on so that I may pursue other passion projects that will inevitably provide innumerable benefits for MVTRAC, our strategic partners and the recovery industry as a whole. I will continue to play an aggressive role towards revolutionizing the recovery industry and strive to bring the industry together so that we may adapt, grow and thrive in solidarity into the future.”