The American Repossessor

Design and Marketing for the Repossession Industry

One of the most fundamental business functions of any company is MARKETING.  There is not much point in being in business if you do not do this – you only get one change at a first impression, so do it right!

Included in the development and growth of companies is a good Marketing Plan and as an extension to our services, to continue to aid and develop its clients in their endeavor to develop and grow their companies, www.theamericanrepossessor.com/ConnecTGo, Inc.  has collaborated with Lewis Mann, President of Design Legion and his team to provide the following services: Continue »

COMMUNICATION – Are you being heard?

“Say what you mean, and mean what you say”.  George S Patton (1885 – 1945) General in United States Army

“If there is any great secret of success in life, it lies in the ability to put yourself in the other person’s place and to see things from his point of view – as well as your own”.  Henry Ford (1863 – 1947) Founder of Ford Motor Company

This is the 3rd and last of the MANAGEMENT, CONTROL and COMMUNICATION trilogy that lend to being the key factors of running a successful company.  If you have them in place, and you utilize them to the utmost, you have a winning combination.

COMMUNICATION, is a word I hear a lot from those that say they manage their companies, yet they are the poorest communicators of all.  Leading by example, sets the tone for the company, and so, if management and company owners do not communicate well, almost certainly, their employees will not either. Continue »

Renew Your Lender Perspective

The importance of the repossession industry to our economy is something that is often overlooked or misunderstood. Lenders of all types and sizes rely on hundreds of repossession agencies around the country as a crucial form of recourse when loans default.

As repossessions soared over the last 2 years, new processes and technologies gave lenders and agencies more opportunity to consider the nuances of their relationships. Facilitating these relationships, AutoIMS believes that success often hinges on thorough expectation setting between the two parties. Yet so often, these expectations go unspoken, or only arise after problems occur. To that end, we asked a few of our lenders what they value most from their repossession partners. Continue »

Recovery Agents Benefit Fund Dedicated Website

I am sure that  many of you are aware of the Recovery Agents Benefit Fund (RABF) that is managed by RSIG and its help and support that is available to all Field Agents and their families within the repossession industry.

Today, they have announced that there is now a dedicated website located at www.recoveryagentsbenefitfund.org which provides all the information you need to learn about the Fund, which holds the non-profit status of being a 501 (c) (3). Continue »

From the Field….A Bird’s Eye View – A Day in the Life of a Repossession Field Agent

There’s a strange noise outside, it’s 2:30am, once awake, the noise says that it’s a truck, taking the car. A little more awake, now this can be stopped, or at least get the brief case in the trunk and the employee ID on the visor. Once outside, “get the **** away from my car”.

OR, it’s 5:30pm, looking outside, there’s someone messing around the car. Seems to be looking at the license plate and closely in the corner of the windshield. “Hey, can I help you? What the **** are you doing with my car?”.

How often are both of these scenarios played out in our day to day business lives, on a weekly basis?  Until this point in both situations, we as Field Agents, have absolutely no control. Until this point, we are just a face of the client, and they are just an assignment, a potential paycheck. Continue »

INTERNATIONAL – Asset Recovery: A Partnership between South African Banks and Auctioneers

The auction industry in South Africa is well-established, credible and mature, and thanks to these factors, is one of WesBank’s preferred method for disposing of repossessed assets.   While we realize that auctions may not always yield the best monetary results, this is more than made up for in rapid turnaround time coupled with quick and effective results.  Vehicles can be moved and sold within days, resulting in speedy settlement, as opposed to other methods which are more protracted and have higher holding costs.  In fact the auction route is the one chosen by many finance houses to dispose of repossessed assets, whether fixed or movable, ranging from vehicles of all descriptions, to all classes of property (residential, commercial and industrial), heavy machinery and equipment, aircraft and boats, down to desktop computers and office automation. Continue »

OPENLANE and RDN – Innovation and Change – Helping the Repossession Industry to Move Forward

‘Change is the law of life and those who look only to the past or present are certain to miss the future”  John F Kennedy (1917-1963) 35th President of the United States

I am sure that many of you will be aware of the latest news regarding the acquisition of RDN (Recovery Database Network)  by OPENLANE, the online auction company,  and that you are wondering what impact that will have on the repossession/recovery industry as a whole, including your own repossession company.

I heard it from ‘the horse’s mouth’, having  spoken to Daniel Farrar, the CEO of OPENLANE and Todd Hodnett, the President of RDN (Recovery Database Network), about the new ‘one stop shop’ that has now been created for the remarketing of repossessed vehicles – without them even leaving your storage lots! Continue »

OPENLANE Acquires Recovery Database Network, Inc. (RDN)

Acquisition Creates Groundbreaking Recovery Information Management System Enabling Efficient Remarketing of Repossessed Vehicles

REDWOOD CITY, Calif., August 5, 2010 – OPENLANE, Inc., a leading online auction company in North America for automotive dealers to buy and sell wholesale vehicles, today announced that it has acquired Recovery Database Network, Inc. (RDN), a specialized provider of software and data solutions related to the recovery of assets for the automotive finance industry.  RDN provides a software platform that links auto lending institutions with recovery companies to expedite the recovery of vehicles.  RDN will be managed as an independent subsidiary of OPENLANE, with the existing RDN team continuing in place.

“Acquiring RDN strengthens OPENLANE’s position as the leading online wholesale vehicle marketplace and furthers our efforts to provide full lifecycle solutions by expanding the services recovery companies can present their lenders,” said Daniel Farrar, CEO, OPENLANE. Continue »

FTC Extends Enforcement Deadline for Identity Theft Red Flags Rule

At the request of several Members of Congress, the Federal Trade Commission is further delaying enforcement of the “Red Flags” Rule through December 31, 2010, while Congress considers legislation that would affect the scope of entities covered by the Rule. Today’s announcement and the release of an Enforcement Policy Statement do not affect other federal agencies’ enforcement of the original November 1, 2008 deadline for institutions subject to their oversight to be in compliance. Continue »

Recovery Industry Veteran Uses Online Remarketing To Gain Greater Efficiency, Reduce Costs and Increase Revenue

When it comes to recovering vehicles, no one likes to have to wait too long for the cars to be resold.  For lenders, waiting means extra depreciation time; for recovery agents, it means longer time to sale and receipt of payment. Remarketing repossessions can be a tricky business and can vary in length from a couple of days to a couple of months. And if you’re like Bob Stankovitch from Peak Service Corporation and have to move the vehicle each time you try to sell it at a physical auction, the process can take even longer. Continue »

MVTRAC Appoints Director for 2010-2011 Advisory Board Maria Olson of AZ Asset Recovery Chosen to Lead Industry Board Promoting Communication, Professionalism and Best Practices

MVTRAC, provider of the leading motor vehicle data network for public and private organizations, today announced it has appointed Recovery Industry veteran Maria Olson of AZ Asset Recovery, LLC as director of its 2010-2011 Advisory Board. In this role, Olson will facilitate communications, events, memberships and other board objectives.

The MVTRAC Advisory Board was established in response to an increasing demand for Recovery Industry guidance in standardization, professionalism and best practices that embrace new technologies and the ever-changing financial services environment. This elite group of thought leaders and tenured professionals in the recovery industry are dedicated to promoting education and awareness about industry changes in compliance, professionalism and technology, including best practices and tips for successfully utilizing ALPR systems. The board also serves as a sounding board for feedback from recovery agents about industry hurdles, needs and challenges, and suggestions for improvements that will strengthen the industry. Continue »

OPENLANE Spearheads Industry Shift Toward Online Remarketing of Repossessed Vehicles

Pioneering Internet Re-marketer Sets New Repossessed Vehicle Sales Record

REDWOOD CITY, Calif.– OPENLANE, Inc., a leading online auction company in North America for automotive dealers to buy wholesale vehicles from dealers, institutional lenders and other entities, today announced the company is leading the industry in providing innovative online re-marketing programs for vehicle repossessions and in Q1 2010 had its most successful quarter re-marketing repossessed vehicles with year-over-year (YOY) growth approaching 500 percent.  Having recently launched a number of new partnerships and programs, OPENLANE now provides finance companies and recovery agents with the bottom-line benefits of a turn-key solution for selling repossessed vehicles online from any location, supported by a highly liquid marketplace.

OPENLANE has now enabled sales of repossessed vehicles for a broad and growing range of lending institutions, ranging from organizations such as Chase Auto Finance, Chrysler Financial and Santander Consumer Finance to local credit unions, banks and specialty finance companies.    The success of OPENLANE’s solution is based on its broad base of buying dealers, its proprietary online auction platform and integration with various logistical and technological partners, including recovery agents, physical auctions, inspection companies and software providers.  This combination enables a robust, efficient and cost effective process. Continue »