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Latest News
All the latest news relating to the Repossession/Recovery Industry, national and international.
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Technology
One of the fastest growing forces that is driving the Repossession/Recovery Industry forward is Technology and this section is dedicated to news-related articles.
Browse TechnologyFTC Charges that Auto Loan Schemes Falsely Promised They Could Stop Consumers’ Cars from Being Repossessed
“Hope for Car Owners” and “Auto Debt Consulting” Took Fees, But Failed to Modify Loans
4/4/2012 The Federal Trade Commission filed charges and requested that a U.S. district court put a stop to the allegedly deceptive tactics of two California-based auto loan modification operations. The FTC asserted that the two separate operations charged hundreds of dollars in up-front fees, based on bogus promises that they could reduce consumers’ monthly car loan payments and help avoid repossession of their vehicles.
Consumers were instructed to pay fees to the companies, and to stop paying their auto lenders. Subsequently, at least one consumer’s car was repossessed, and one set of defendants told other consumers to “hide [their] car[s] to avoid repossession.”
Recovery Manager Pro, LLC Announces Historical Plate Information Purchasing
Ormond Beach, FL – Recovery Manager Pro, LLC announced today the prospective release of their new and long awaited historical plate information function for their integrative cloud solution, RecoveryManagerPro.com.
The newest addition to their cloud-based web portal enables users in both Recovery and Auto Finance Industries to purchase information on previously spotted vehicles of interest utilizing MVTRAC’s ALPR patent. The ability to purchase historical information provides a convenient method of obtaining valuable information regarding the location of defaulted collateral and vehicles. Furthermore, RMP users are able to manage and audit revenues generated from the historical purchasing process. Read the rest of this »
OPENLANE Carries Record Growth and Momentum into 2011
Continued innovation, new feature roll-outs and customer partnerships key factors driving growth
REDWOOD CITY, Calif., April 11, 2011 – OPENLANE, Inc., a leading online auction company in North America for automotive dealers to buy and sell wholesale vehicles, today announced a number of record-breaking sales achievements across several important metrics for the first quarter of 2011.
Thus far in 2011, OPENLANE has shattered a number of sales records including:
• Highest overall sales volume ever in one month: 41,408 units in March 2011
• Most OPENLANE Open Auction sales in one quarter: 15 percent year-over-year growth from Q1 2010
• Most Dealer-Consigned sales in one quarter: 93 percent year-over-year growth from Q1 2010 Read the rest of this »
Red Flag Rule Program
Are you in compliance? The Government’s FTC (Federal Trade Commission) is requiring financial institutions to be – so you need to be too!
Browse Red Flag Rule ProgramPaving the University’s Walkways by Tom Hudson Consumer Finance Attorney and Partner and Chairman of Hudson Cook, LLP
The new federal Consumer Financial Protection Bureau has been tasked by Congress with the job of writing some new consumer protection regulations, like regulations on debt collection, and rewriting some old standbys, like Regulations Z, M and B. It will be very interesting to see what sort of philosophy the Bureau brings to its drafting chores.
Perhaps they will take a lesson from the wise old university dean. Assigned to a brand-new campus, the dean was in charge not only of academic matters, but also had to oversee the basic construction of the campus facilities. Attending a planning meeting one day, she listened attentively while her staff discussed construction details. At some point, the staff began to argue about where paved walkways should be laid. After listening to various views, the wise old dean interrupted and said, “We won’t establish where walkways will be until we’ve occupied this campus for a year. Initially, we’ll just plant grass. Then, a year later, we’ll simply pour the concrete where the students have worn paths in the grass.” Read the rest of this »
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Upcoming Events
From the Editor
Last week the 2012 NARS took place in Irving Texas, when over 500 Repossession Company Owners and their employees, together with Lenders, Vendors and Speakers participated in the Repossession Industry – leading event.
Check out the main articles on the Home Page that provide you with an insight into the 1.5 days happenings, including UNIFICATION – Is this the name of the game? One of the key elements was in relation to the Consumer Financial Protection Bureau (CFPB) and the impact that it will have on the Repossession Industry.
Four words were repeatedly mentioned throughout the program, by speakers and associated experts alike: COMPLIANCE, EDUCATION, TRAINING, CERTIFICATION. The winning word for the most repeats however, was COMPLIANCE – and it is expected that a COMPLIANCE mandate will trickle down from the Lenders to the repossession company supply chain and its employees, which will be driven by the Consumer Financial Protection Bureau. …more…
March has fast moved on into April but we take away from that month an insight into the future of our industry when the 2011 North American Repossessors Summit presented a look at different aspects within the industry as to the varying elements of business that could improve the industry as a whole and also to individual repossession companies too.
For those of you that attended, you will have heard comments and discussion from representatives from various areas of work within our industry, including a firsthand account of what lenders do and expect from their suppliers and the industry at large.
The panel of clients gave an insight into ‘how their day-to-day operations could impact your (our) future’ and there were many comments made by them that led us to believe that their way of doing business would undoubtedly impact the way that repossession companies do business too. …more…
The Repossession Industry keeps changing, because it is our clients that keep changing it. And now we can still add ‘the economy’ into the mix because it will be a while before ‘things get back to normal’ (if they ever do that is).
Always at this time of year I hear about so many repossession companies scrambling to get new business and still to this day, after many years of involvement in the industry, do I yet understand why they think that now is the time to market.
They think that, just as do the majority of repossession companies because they are ‘slow’. It’s tax time I hear many say.
Marketing has to happen all year round, not just when you are feeling the pinch. Think about it, you are not the only ones feeling it, because ‘tax season’ happens to many client corporations too. Yes, their customers, which often become debtors, receive a tax rebate and that is frequently used to pay the arrears of the monies owed. So if debtors are doing this, why would clients put out more repossession assignments to us when their work has reduced?
I hear too that due to many new repossession companies joining our industry, that the work distributed from our clients has been reduced because of the new companies. What a crock! …more…
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Columns and Features
Driver data accessed illegally, state agency says – Repossession company worker’s actions may have affected thousands.
By Susan Marston
Article by Paul Walsh – Star Tribune
Repossession company worker’s actions may have affected thousands.
4/27/2012 An employee of a repossession company gained illegal access to the motor vehicle records of thousands of Minnesotans, state officials said Friday.
The state said about 3,700 Minnesotans may have been affected. The data included what is found on vehicle registrations: vehicle identification numbers; vehicle description; and name, address and birth date of the owner.
The state said its preliminary findings do not indicate that the information was used criminally. However, the agency added that it’s sending letters to those affected and recommending that they consider monitoring their credit reports.
The access was detected in an internal audit by the Minnesota Department of Public Safety’s Driver and Vehicle Services (DVS) and was halted.
An employee of a Minnesota car dealer, who was authorized to access vehicle data to process consumer sales, provided his system login to a friend who worked at a vehicle repossession company, according to the audit. That unauthorized individual either viewed the data or allowed others within the company to do so. …more…
Debt collector files amended answer to Madison County suit
By Susan Marston
4/27/2012 4.43PM Article by Christina Stueve – Madison County Record
American Recovery Services, a debt collector, filed an amended answer and affirmative defenses to a lawsuit against it on April 20.
A Madison County man claims that American Recovery Services violated the law when it repossessed his vehicle after he made a late payment.
Plaintiff Luther Calvert sued Santander Consumer USA in August, claiming Santander pounded on doors in his apartment building, disturbing the peace and publicizing his financial difficulties.
Santander responded by saying that no Santander employee, agent or representative participated in the repossession of the vehicle. …more…
Kelley Blue Book: April New-Car Sales Recovery Demonstrates Continued Strength At 1,148,000 Units, 14.0 Million SAAR
By Susan Marston
2012 Outlook Strong on Demand; Inventory Could Pose Problems Down the Road
IRVINE, Calif., April 27, 2012 /PRNewswire/ – Kelley Blue Book www.kbb.com, the leading provider of new car and used car information, projects new-vehicle sales to reach 1,148,000 units, or 14.0 million seasonally adjusted sales rate (SAAR), in April 2012. This will account for a less than 1 percent decline in volume relative to April 2011, when the industry posted sales of nearly 1,158,000. However, the daily selling rate will improve by 11.6 percent with three fewer selling days this year compared to 2011, coming in at nearly 47,800 units, and just shy of the 50,100 posted in March. …more…
Key Auto Recovery Uses LiveViewGPS Vehicle Trackers to Beat the High Cost of Gasoline
By Susan Marston
VALENCIA, Calif.–(BUSINESS WIRE <http://www.businesswire.com/> )–You’re on assignment in your tow truck. A bank has assigned you to repossess a vehicle for non-payment. You drive through heavy traffic and arrive at the address you were given…only to discover it’s an empty lot. You’ve just wasted 20 minutes of expensive diesel fuel.
This is a common occurrence for family-owned Key Auto Recovery, which has been operating in the San Fernando Valley north of Los Angeles since 1964.
Besides voluntary and involuntary repossessions, the company also offers field customer visits and skip locate services. Because Key Auto Recovery is also an impound specialist with a lot of impound retrieval requests, the company stores repossessed vehicles in their high-security fenced compound that’s monitored 24/7 by state-of-the-art surveillance equipment, lighting and alarm systems. …more…
2012 Automotive Retail Sales Forecast
By Susan Marston
J.D. Power and LMC Automotive Report:
New-Vehicle Retail Selling Rate Pulls Back in April, but Recovery Remains Ahead of Expected Pace
WESTLAKE VILLAGE, Calif.: 19 April 2012 – New-vehicle retail sales in April are expected to continue the year-over-year growth trend from the first quarter, as the market heads into the Spring selling season, according to a monthly sales forecast developed by J.D. Power and Associates’ Power Information Network(R) (PIN) and LMC Automotive.
Retail Light-Vehicle Sales
April new-vehicle retail sales are projected to come in at 894,100 units, which represents a seasonally adjusted annualized rate (SAAR) of 10.2 million units. Volume is expected to increase by 8 percent (selling day adjusted), which is consistent with the year-over-year increase of 8 percent in the first quarter. Retail transactions are the most accurate measurement of true underlying consumer demand for new vehicles. …more…
A NEW DAY IN THE REPOSSESSION WORLD – THE EFFECT OF THE CONSUMER PROTECTION BUREAU ON THE INDUSTRY
By Susan Marston
For those that attended the 2012 NARS event in Texas last month, you would have heard Michael J Dougherty, Managing Partner of Weltman, Weinberg and Reis in Philadelphia as one of the speakers of the event that in my opinion, covered a vital subject of the Consumer Financial Protection Bureau – CFPB and how this will impact the repossession industry. This impact means change – Michael explains in his article more about the ‘knock-on’ effect that the CFPB has on the repossession world as a whole.
4/18/2012 On July 21, 2010 President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, “the Dodd-Frank Act”. With the passage of the Dodd-Frank Act came the creation of the Consumer Financial Protection Bureau, “CFPB”. The stated purpose of the CFPB is to ensure that consumers have timely and understandable information to make responsible decisions about financial transactions; protect consumers from unfair, deceptive or abusive acts or practices; to reduce outdated, unnecessary and unduly burdensome regulations; promote fair competition and consistent enforcement of consumer protection laws; and, encourage markets for consumer financial products and services to operate transparently and efficiently.
To accomplish this goal, enforcement of most consumer protection statutes were consolidated in the CFPB. Among the statutes now under the purview of the CFPB are: the Fair Credit Reporting Act; the Fair Debt Collections and Practices Act, the Truth in Lending Act and The Equal Credit Opportunity Act, to mention a few.
In the very short time since its origination the CFPB now has over 750 employees and has a fiscal funding level of 498 million dollars for FY 2011 and 547.8 million for FY 2012. The CFPB can also request an additional 200 million dollars of funding with congressional approval.
So the $64,000,000 question becomes: how does the creation of this governmental oversight agency affect the repossession industry? …more…
REPOSSESSION COMPANY SPOTLIGHT
By Susan Marston
NAME: Greenwood Recovery, Inc.
ADDRESS: 1370 West North Avenue, Baltimore, MD 21217
CONTACT NAME: Burt (Buz) Greenwood, Jr. – President
TELEPHONE: 410-383-8000
FAX: 410-523-8336
E-MAIL: bgreenwood@greenwoodgrp.com
WEBSITE: www.greenwoodgrp.com
GEOGRAPHIC COVERAGE: Maryland, Delaware, Washington DC, Northern Virginia, Southern Pennsylvania
INDUSTRY ASSOCIATIONS: NFA, ARA, TFA, TRPM
INDUSTRY CERTIFICATIONS: CARS, CCRS
REPOSSESSION SOFTWARE: RDN – Primary, PRIOS, iRepo/RePros , IRIS, Webtracker
REPOSSESSION INSURANCE: HUB International
REMARKETING SERVICE COMPANY: Greenwood Remarketing Corp., Auto Title Service Corp., Chesapeake Vehicle Transport
ABOUT GREENWOOD RECOVERY, INC: Has been providing Repossession and Recovery Service to the Mid-Atlantic area since 1954. $5 Million Bond, Secure Storage, DRN-Tag Recognition, with rich history of historical plate data, State-of-the-Art Locksmith Service.
Study: Proposed Fuel Economy Rules Cut 7 Million Car Buyers Out of New-Vehicle Marke
By Susan Marston
NADA: New-vehicle dealers support fuel economy increases if affordable for consumers
WASHINGTON (April 12, 2012) – The National Automobile Dealers Association (NADA) released a study today indicating that higher vehicle prices resulting from proposed fuel economy rules will cut millions of potential new-car buyers out of the market in 2025.
“To work, fuel economy improvements must be affordable,” said Don Chalmers, president of Don Chalmers Ford in Rio Rancho, N.M., at a press briefing today. “While you can mandate what automakers must build, you can’t dictate what customers will buy, nor can you dictate if a bank will make a loan.” …more…
PAR North America and CarsArrive Extend Transportation Network, Revenue Opportunities for Recovery Agents
By Susan Marston
4/11/2012 CARMEL, Ind. — PAR North America, a nationwide provider of vehicle transition services and a subsidiary of KAR Auction Services, today announced a partnership with CarsArrive to offer recovery agents a wider network of transportation services and additional revenue-earning potential. CarsArrive is an industry leading provider of automated vehicle transport services in North America. The company is also a KAR subsidiary through OPENLANE.
Recovery agents in PAR’s Preferred Agent Network can use CarsArrive to quickly scan available transport load assignments in real-time. The system also generates instant notifications that users can choose to receive via fax, email or online download. As an added bonus, recovery agents can also bid on transport requests for vehicles in their markets including those units stored on their lots. …more…
REPOSSESSION COMPANY SPOTLIGHT
By Susan Marston
NAME: Greenwood Recovery, Inc.
ADDRESS: 1370 West North Avenue, Baltimore, MD 21217
CONTACT NAME: Burt (Buz) Greenwood, Jr. – President
TELEPHONE: 410-383-8000
FAX: 410-523-8336
E-MAIL: bgreenwood@greenwoodgrp.com
WEBSITE: www.greenwoodgrp.com
GEOGRAPHIC COVERAGE: Maryland, Delaware, Washington DC, Northern Virginia, Southern Pennsylvania
INDUSTRY ASSOCIATIONS: NFA, ARA, TFA, TRPM
INDUSTRY CERTIFICATIONS: CARS, CCRS
REPOSSESSION SOFTWARE: RDN – Primary, PRIOS, iRepo/RePros , IRIS, Webtracker
REPOSSESSION INSURANCE: HUB International
REMARKETING SERVICE COMPANY: Greenwood Remarketing Corp., Auto Title Service Corp., Chesapeake Vehicle Transport
ABOUT GREENWOOD RECOVERY, INC: Has been providing Repossession and Recovery Service to the Mid-Atlantic area since 1954. $5 Million Bond, Secure Storage, DRN-Tag Recognition, with rich history of historical plate data, State-of-the-Art Locksmith Service.
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