The American Repossessor

World’s Largest Recovery and Remarketing Association Offers the Industry’s First Continuing Education Program to Its Members & Members’ Staff
By Susan Marston

American Recovery Association Joins RISC to Create Beneficial New Program

DALLAS, May 18, 2012 – American Recovery Association, Inc. (ARA), the world’s largest association of recovery and remarketing professionals, today announced its partnership with RISC (Recovery Industry Services Company) to offer a continuing education program for ARA’s members and members’ staff. The continuing education program created with RISC will help ensure ARA members continue to meet the highest standards for its clients. …more…

Chrysler and GM Continue Strong Improvement, Ford stalled in 3rd, Toyota and Honda continue their slide in annual study of Automaker Buyer-Supplier Relations
By Susan Marston

FTC Approves Final Orders Settling Charges that Auto Dealers Falsely Promised to Pay Off Consumers’ Trade-ins, No Matter What They Owed
By Susan Marston

FTC Approves Final Orders Settling Charges that Auto Dealers Falsely Promised to Pay Off Consumers’ Trade-ins, No Matter What They Owed

Following a public comment period, the Federal Trade Commission has approved final orders settling charges that five automobile dealers made deceptive claims that they would pay off the remaining balance on consumers’ trade-ins, no matter what they owed. The FTC’s complaint alleged that despite their advertisements, Billion Auto, Inc.; Frank Myers AutoMaxx, LLC; Key Hyundai, LLC and Hyundai of Milford LLC; and Ramey Motors, Inc., actually rolled the negative equity on the trade-ins into customers’ new car loans. The final orders prohibit the auto dealers from making these types of deceptive claims. …more…

ABA TESTIFIES ON IMPACT OF REGULATORY COMPLIANCE COSTS ON COMMUNITY BANKS
By Susan Marston

WASHINGTON – The American Bankers Association testified today that the cumulative impact of years of added regulations has reached the tipping point, dramatically increasing compliance costs and threatening the future of community banks.

William B. Grant, chairman and chief executive officer of First United Bank of Trust in Oakland, Md., testified on behalf of ABA before the House Subcommittee on Financial Institutions and Consumer Credit.  Grant also serves as chairman of the Community Bankers Council at ABA.

Grant testified that regulatory burden for community banks has multiplied tenfold in the last decade, with about 1,500 small banks disappearing from their communities during that time.

“While community banks pride themselves on being flexible and meeting any challenge, there is a tipping point beyond which community banks will find it impossible to compete,” Grant said.  “Each new regulation or law in isolation might be manageable, but wave after wave, one on top of the other, will certainly overrun many community banks.” …more…

Develop and Grow Your Company with Policies and Procedures – Create your Infrastructure to Service your Clients
By Susan Marston

“Surround yourself with the best people you can find, delegate authority and don’t interfere as long as the policy you’ve decided upon is being carried out”.   Ronald Reagan – 40th US President

There is so much change going on in the repossession industry that many repossession companies actually miss a great deal of what is happening, because they are so wrapped up in the day-to-day running of the business.  While that is understandable and is the norm for most company owners, they should still be vigilant as to what is happening in their own industry and marketplace.

Owning and managing a company in addition to the provision of its services is no easy task.  Add to the equation that during all of this is unmanaged and uncontrolled growth, and the fact that this usually  happens by default and not by design.  Frequently, this means that the right policies and procedures are not in place to handle that growth.

What are policies and procedures? …more…

America’s Credit Unions Top $1 Trillion In Total Assets
By Susan Marston

Average Fuel Economy for New Cars Sold In April 2012 Falls To 23.3 MPG After Four Straight Months of Gains According to TrueCar.com’s TrueMPG
By Susan Marston

Industry Average Fuel Economy Up Nearly 14 Percent or 2.7 MPG From April 2008

NADA: Aging Vehicles, Increased Inventory and Lower Gasoline Prices to Boost Auto Sales
By Susan Marston

McLEAN, Va. (May 1, 2012) – While automakers reported mixed results for U.S. new-car and light-truck sales in April, Paul Taylor, chief economist of the National Automobile Dealers Association (NADA), highlighted several factors that are expected to boost sales over the next several months.

“Modest economic growth and declining gasoline prices, low interest rates, more leasing options and aging vehicles that need to be replaced will likely result in higher auto sales over the next several months,” Taylor said.

As of April 27, the average price for regular gasoline has fallen to $3.83 a gallon nationwide, about 11 cents lower than late March, according to AAA. …more…

National Auto Loan Delinquency Rate Hits Lowest Level Since TransUnion Began Monitoring Variable
By Susan Marston

According to TransUnion’s quarterly analysis of trends in the auto industry, the national 60-day auto delinquency rate (the ratio of auto loan borrowers 60 or more days past due) reached its lowest level since TransUnion began tracking the variable in 1999. For the first quarter of 2011, it stood at 0.49 percent.

On a national level, auto loan delinquencies fell 17 percent quarter over quarter (4Q10: 0.59 percent) and 25.8 percent year over year (1Q10: 0.66 percent)

“Continued improvement in auto delinquencies is a reflection of the stronger auto sales market. …more…

A.T. Kearney’s 15th Annual Automotive Study Indicates U.S. Auto Sales Volumes Will Trend Back to Historical Levels by 2013
By Susan Marston

Forecasts 13.2 million new units sold in 2011 and 16 million in 2013

Buyers from the 15 million post-recession “newly sub-prime” group could be a $3.2 billion opportunity for original equipment manufacturers

Southfield, MI (May 17, 2011) — A newly released study by A.T. Kearney forecasts 13.2 million new autos will be sold in the U.S. this year. The study further anticipates an upward trend toward pre-recession levels of about 16 million units by 2013. Since 2007, total new and used pent-up demand has accumulated to 32 million units, of which more than nine million will materialize in the new vehicle market over the next five to seven years. The remaining 23 million units will sell in the used-car market.  The study cautions, however, that the availability of financing, total cost of ownership and the unfolding events in Japan will impact vehicle sales in both markets. …more…