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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 TechnologyRecovery 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
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
All Technology Recovery Announces New Partnership with Leading Auto Finance Company
By Susan Marston
Facilitation and Management Company To Streamline and Increase Lender’s Recovery Rates
Nashville, Tenn., April 27, 2011 – All Technology Recovery, a full-service facilitation and management company that serves collateral recovery professionals and financial institutions, today announced its new partnership with Regional Acceptance, a premier auto finance company.
With this partnership, Regional Acceptance is utilizing the collective talents of a national network of collateral recovery professionals to provide recovery facilitation to clients. All Technology Recovery will provide 24/7 …more…
Speedy-Repo Scams the Lending Community Out of Thousands of Dollars Per Recovery
By Susan Marston
by Les McCook, Executive Director of American Recovery Association (ARA)
Without a doubt, the Internet has elevated our productivity – both in business and our day-to-day activities – beyond imaginable means. Instantaneous communication, a world of information at our fingertips – all of which would not be possible without today’s technology. As with many societal advancements, as mass adoption is reached, nefarious individuals find ways to leverage those advancements for their own benefit, often at our expense. Of course, recovery agents like to think we can’t be fooled. After all, we’ve seen every trick in the book and we all have our legendary stories. But we, and our clients, are being targeted and taken advantage of and it needs to stop. …more…
Here we go again…..to license or not to license, that is the question!
By Susan Marston
…And not a very difficult question to answer….
A new report issued by the National Consumer Law Center (NCLC) called “Repo Madness” How Automobile Repossessions Endanger Owners, Agents and the Public, was published in March and really does highlight the fact that ‘we are only as good as our weakest links!
This report is somewhat ‘lopsided’ as they really have homed in on the minority. Yes, there are laws that the repossession industry has to follow. Yes, there are thousands of professional repossession companies in the market place and yes, some companies and their employees do fall by the wayside.
A repossession is a civil matter and not a criminal one and therefore law enforcement are not required to intervene, unless of course there is a problem and the situation becomes a criminal one.
I would go so far as to say, that it is not the repossession industry’s fault that people become debtors. We have no control over that at all. It is the responsibility of each person to manage their own lives and if a vehicle is out for repossession, that is the time when the repossession industry becomes involved. …more…
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