All the latest news relating to the Repossession/Recovery Industry, national and international.
Browse all the latest newsOne 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 Agents and Lenders Experience Increased Sales via Partnership with OPENLANE
REDWOOD CITY, Calif., July 26, 2011 – OPENLANE, Inc., a leading online auction company in North America for automotive dealers to buy and sell wholesale vehicles, experienced a 250 percent growth in repossessed vehicle sales and a 75 percent sell-through rate in its recovery remarketing program since January 2011.
OPENLANE has seen a 94 percent increase of recovery companies registered to support sales for their financial lender clients since January of this year with 83 percent of the registered recovery companies having sold at least one car on OPENLANE. There are now close to 300 recovery companies registered with OPENLANE. With OPENLANE’s recovery partnership program, recovery companies have been able to provide a new set of services for their clients and increase their repossessed vehicle sales in a new and innovative way. Read the rest of this »
Most of us in the collateral recovery business, rode at the top of our wave in 2009, with high volume of client accounts and large improvement in gains of revenue. That wave hit the beach in 2011, leaving most of us wondering where do we go from here?
An adverse economy, the real estate bubble debacle, high fuel prices and an unusually high national unemployment rate, have all contributed and stimulated this wave. Unfortunately these external influences that cannot be controlled by any one person has inflicted severe losses on banks, credit unions and other lenders.
As a result, the lending community was forced to tighten credit standards thereby severely restricting loans in general and, automobile loans in particular. Sub Prime borrowers, could forget about obtaining a car or boat loan. Read the rest of this »
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. Read the rest of this »
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 Program
WISHING ALL READERS, A VERY HAPPY 4TH JULY.
To celebrate, we have listed numerous famous quotations that relate to Independence Day, in remembrance of many that go before us, that left us with a ‘hard acts to follow’. These include some of the Founding Fathers.
“We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the Pursuit of Happiness”. The Declaration of Independence, 4 July, 1776
“That’s why I stand here tonight. Because for 230 years, at each moment when the promise was in jeopardy, ordinary men and women – students and solders, farmers and teachers, nurses and janitors – found the courage to keep it alive” PRESIDENT BARACK OBAMA, 1961- , 44TH PRESIDENT OF THE UNITED STATES …more…
How we conduct business, changes daily and to ensure that company owners keep up with those changes, they need to ensure that they have good MANAGEMENT skills in place. In addition to that you also need good CONTROL skills and COMMUNICATION skills, as without those three business functions, it will be extremely difficult to reach your goals.
Because MANAGEMENT, CONTROL and COMMUNICATION are vital areas in business, I have split them into three individual articles, beginning with MANAGEMENT. For more information read my column. …more…
Sometimes mixing together veteran repossession agents and forwarding companies can create a combative situation. But that’s not the approach Time Finance Adjusters’ executive director takes.
In fact, Ron Brown told Auto Remarketing that he has “no problem with forwarders. I admire them as a matter of fact.” …more…
The Federal Fair Debt Collection Practices Act prohibits threatening to repossess collateral where the creditor does not have a present right to possess the collateral. Is that prohibition limited to cases where actual repossession occurs? A May 2010 court opinion addressed that issue. Here’s what happened.
Cheryl Williams financed a car purchase through GMAC, Inc. When she defaulted, GMAC hired Republic Recovery Services, Inc., to repossess the car.
In the course of trying to repossess the car, an RRS employee allegedly threatened Williams with arrest and jail if she did not pay, went to her workplace to harass and embarrass her, and told her boss that she had committed fraud. …more…
Do you find yourself trapped in a car or cab of a truck wishing you had time for a fitness program? Are you putting on weight as the miles go by? Do you drive by gyms and workout facilities during the day but do not have time or the energy to make it through the doors by closing time? Do you suffer from back pain from sitting and driving all day long?
If you can relate to any of the above there are some things you can do while in the car or by taking short breaks at a rest stop or a parking lot. …more…
There are three key words that I have used throughout my business career – and these words are fundamental to the success of any company, irrespective of business sector and that includes the repossession industry – MANAGEMENT, CONTROL AND COMMUNICATION. Any good manager should have the command of each of these business functions if they are to seriously develop and grow their company in a successful manner that meets their goals. …more…
Field Agents….the people that are repossession company’s ‘bread and butter’. You could actually take that a step further, as they are also the ‘bread and butter’ of our client companies too, as without them, there are no repossessions for them either!
Some would say, ‘ you can’t live with them’ and ’ you can’t live without them’ – and that really is related too, just how well Field Agents are trained. Respect also plays a vital role in how successful your Field Agents are, because if you don’t respect them, and they don’t respect you, you will not motivate them, which leads to a lack of morale, and that usually means ‘a couldn’t care less’ attitude and not a lot of repossessions.
Our experiences within the repossession industry led to ConnecTGo, Inc. developing and offering a service that is tailor-made to ensure the management, control and training of Field Agents, FAST – Field Agent Supervisor/Training Program. …more…
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