The American Repossessor

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.

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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. 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!

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From the Editor

There has been a huge move from the towing industry looking to diversify their services into the repossession industry and provide both towing services and repossession services. Very similar some may say, but that is definitely not true in reality and Jeffrey Godwin, the Vice President of FTI Group Inc/towXchange Inc. twopartners &towpartners will give you a good insight into that via his featured article.

Many repossession companies will have recently experienced having to complete a RFI (Request for Information) from GMAC and I am sure some will have been baffled by some of the questions asked. Policies and procedures are key to not only the successful growth of your company, but in obtaining clients in the Fortune 500 arena too, and GMAC have set a pace that will definitely differentiate those repossession companies that provide all the vital infrastructure necessary to do business with them.

RFIs and RFPs (Request for Proposals) are typical in the way major conglomerates do business and they also aid their selection of suppliers, such as repossession services. Usually these are utilized for all sectors of their company, and play a great role in sorting ‘the wheat from the chaff’ i.e. the strong, quality, professional companies, from those that are not.

My article DO YOU REALLY UNDERSTAND HOW POLICIES AND PROCEDURES CAN GROW YOUR COMPANY? will give you an insight into this too.

Another huge change to the industry is the technology that is being used and LPR is definitely the ‘buzz’ word that has been on the lips of many repossession company owners and repossession field agents alike. Also, many clients are utilizing repossession companies with this technology, while others are still contemplating it. Read more about this In the Technology Section - Michael Gibb, the President of Fortum Corp, a Dallas-based company that utilizes license plate recognition technology to help recover defaulted collateral, has provided even more insight into this technology for you to review.

All the aforementioned shows you just how much our industry is changing and moving forward at a faster pace than most repossession companies can keep up with, but keep up with and surpass you must as this is what is necessary, if you are to stay in business and out-perform the competition around you. Do not under-estimate your competitors, as they are lurking – waiting in the wings for you and other repossession companies to make mistakes. They will pounce when you least expect them to – so be prepared!

Columns and Features

Five Simple, Do-It-Yourself, Online Marketing Strategies to Promote Your Recovery Business
By Susan Marston

If you are reading this article then you are acting proof that the web has become a place for gathering information about your business. This is true for collateral recovery agents and it is certainly true for their target market – the lending community. Ultimately, the lending community is made up of bankers and bankers are people who love to use technology to get things accomplished. You have seen them before, standing in line at the store reading email on their Blackberry or sitting at the coffee shop on their laptops or reading online articles on their iPad. The question for collateral recovery agents needs to be, “How can I market my services to lenders in a way that compels them to call me the next time they need to recover their default collateral?” …more…

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