The American Repossessor

‘Change is the law of life and those who look only to the past or present are certain to miss the future”  John F Kennedy (1917-1963) 35th President of the United States

I am sure that many of you will be aware of the latest news regarding the acquisition of RDN (Recovery Database Network)  by OPENLANE, the online auction company,  and that you are wondering what impact that will have on the repossession/recovery industry as a whole, including your own repossession company.

I heard it from ‘the horse’s mouth’, having  spoken to Daniel Farrar, the CEO of OPENLANE and Todd Hodnett, the President of RDN (Recovery Database Network), about the new ‘one stop shop’ that has now been created for the remarketing of repossessed vehicles – without them even leaving your storage lots!

Daniel Farrar said that “This was ground breaking, exciting and the  services  offered would be ‘best in class’.  It allows lenders nationwide to have continuous service without interruptions”.  He went on to say “RDN is a good fit with OPENLANE and strengthens our position within the marketplace”.

OPENLANE and RDN had already began a working partnership earlier this year in March, which enabled both lenders and repossession companies to wholesale vehicles online directly from their storage lots.

For those repossession companies that already utilize the RDN software you have no cause for concern.  Todd Hodnett said “RDN will function as it has previously and will continue to work with our clients and customers – there will be no changes”.  He continued to say “We, together with OPENLANE are focused on providing the best technical platforms to make the remarketing of repossessed vehicles more efficient for both repossession companies and lenders”.

“While RDN is a wholly owned subsidiary of OPENLANE” said David Farrar, “they will operate as an independent profit and loss center, with their existing team of people, who will continue to manage customer relationships as before”.

The ‘one-stop-shop’ means that the online auction system helps to reduce costs too, eg., transportation and will help to accelerate payments.  You also receive ‘real time data and sales action’ immediately at the end of each repossession.

This new phenomenon is definitely the competitive advantage and the added value that can truly differentiate you from your competitors if you utilize it.  It is a service that your clients and potential clients will recognize as ‘cutting edge’ as there is nothing like this in the industry currently.

With the plethora of repossession companies in the market place, you need to look for as many advantage points, over and above your competitors.  Now you can add yet another service that has the potential to help you to attract a new client base, plus helping you to maintain your existing one.

You would be helping lenders to remarket their vehicles without having to add the extra steps we have now in the ‘repossession process’.  While transportation is not normally included in this, it is the final stage, and unfortunately, one that many of you often have to wait for, to receive payment,  and that can  take a great deal of time i.e. having vehicles  transported to auction, etc.,  for you and your clients.

OPENLANE is at the fore-front of this ‘win-win’ situation.  This innovative recovery and remarketing information management system will be utilized by both repossession companies and their clients.

Not being innovative, is not an option. ‘Thinking outside the box’ is paramount in the business world and this extends to  how our industry is changing.   This applies to repossession company owners too.

“There’s a way to do it better – find it”  Thomas Edison (1847-1931) American Inventor, Scientist and Businessman

Technology plays a vital role in everything we do today, and has become as what some may consider ‘a necessary evil’.  If your thought process touches this, you are in deep trouble, as technology, in all formats is here to stay.  So rather than fight it, you need to embrace it and look to how it can benefit you and your company’s future.

‘Not that you need reminding again,  but our industry is changing, and changing fast.  Your company will move with this whether you like it or not – so be in control, manage your company and move it forward accepting that you have to change, one way or another.

The OPENLANE acquisition of RDN shows that both change and innovation go hand in hand, and will move forward regardless.

Hopefully you will see the positives in the aforementioned services and what they can offer to both you and your clients.  Take a look at www.openlane.com, give them a call and also talk to your clients and to the team at RDN.  Consider expanding your services to include the remarketing of repossessed vehicles and market them to your clients.  Research the  additional benefits that the online remarketing can give you and your company, and indeed, your clients too.

The word CHANGE is a constant and dependable one and will not disappear from the business world any time soon and that includes the repossession/recovery world.

We may be in the 21st century, but those that have gone before us, are showing us the way with their experiences of change, even all those years ago.

“To improve is to change.  To be perfect is to change often”.  Winston Churchill (1874-1965) British Prime Minister

BE PRO-ACTIVE!