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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Malware Targets Bank Accounts ‘Gameover’ Delivered Via Phishing E-Mails
01/06/12 Cyber criminals have found yet another way to steal your hard-earned money: a recent phishing scheme involves spam e-mails—purportedly from the National Automated Clearing House Association (NACHA), the Federal Reserve Bank, or the Federal Deposit Insurance Corporation (FDIC)—that can infect recipients’ computers with malware and allow access to their bank accounts. The... Continue »Ford Credit Earns $1.8 Billion Net Income in 2011*
DEARBORN, Mich., January 27, 2012 – Ford Motor Credit Company reported net income of $1.8 billion in 2011, compared with $2 billion a year earlier. On a pre-tax basis, Ford Credit earned $2.4 billion in 2011, compared with $3.1 billion in the previous year. The decrease in pre-tax earnings is more than explained by fewer leases being terminated and the related vehicles sold at a ... Continue »Consolidated Asset Recovery Systems Announces International Partnership with iCompli
Raleigh, N.C. (Jan. 4, 2012) – Consolidated Asset Recovery Systems (CARS), a Raleigh-based leader in repossession and remarketing services, has announced its first international partnership with iCompli, a U.K.-based compliance technology company. iCompli will leverage CARS’ unique Internet-Based Electronic Asset Management (IBEAM™) Web portal through its finance sector facing brand Auto... Continue »RecoveryNet Offers LPR Capability Through Subscription-Based Platform
December 19, 2011 | LAS VEGAS By Staff Writer Nick Zulovich Andy Robinson, PRA Location Services PRA Location Services contends it has found a way for repo agents to take advantage of license-plate recognition technology without operators needing to invest thousands of dollars in equipment and more. The Las Vegas-based subsidiary of Portfolio Recovery Associates ... Continue »FORWARDING CO-OPERATIVE – “ALL FOR ONE, AND ONE FOR ALL”
There seems to be a great deal of controversy within the Repossession Industry regarding an ‘old’ business concept that has been recently introduced – the FORWARDING CO-OPERATIVE, with emphasis on the world CO-OPERATIVE. There is a famous quotation that actually encapsulates the very meaning of what a Co-operative is – “ALL FOR ONE, AND ONE FOR ALL” by Alexander Dumas (1802-1870)... Continue »ARA Chosen as Vendor of Choice by CU Collections
Recovery Management Software Will Aid in Providing Efficiency to Credit Union Organization Dallas, TX – November 30, 2011, American Recovery Association, Inc. (ARA), the world’s largest association of recovery and remarketing professionals, is proud to announce CU Collections, a national credit union service organization, has chosen the association with its recovery... Continue »SmartAuction, Renovo Services Begin Selling Repossessed Vehicles
DETROIT (November 16, 2011) – Ally Financial’s SmartAuction vehicle auction web site and Renovo Services today announced that they have begun selling repossessed vehicles directly from secured storage facilities across the country. The Renovo company, ReposDirect.com, will utilize SmartAuction as a resource for lenders to sell vehicles quicker, more economically, and with less risk of... Continue »SmartAuction Launches Enhancements to Dealer eVantage
DETROIT (November 14, 2011) – Ally Financial’s SmartAuction vehicle auction web site launched enhancements to its popular Dealer eVantage inventory management tool today. Originally introduced in 2010, Dealer eVantage uses proprietary analytics to create personalized alerts that can help SmartAuction users buy and sell vehicles more effectively. Enhancements to the Dealer eVantage... Continue »License Plate Reader (LPR) Technology – Invasion of Privacy?
It looks like the Repossession Industry is about to go to battle regarding the License Plate Reader technology and the issue of 'invasion of privacy'. I read an article that was listed on WIVB News Channel 4, Buffalo, about this and my interpretation of that information is that the privacy experts think that we are encroaching on the general public’s right to privacy. This is because... Continue »RepoSystems Unveils LPR Camerca Systems for Recovery Agents and the General Public
Irving, Texas , November 1, 2011 – RepoSystems Inc., a leading provider of recovery industry management software and license-plate recognition (LPR) technology for the repossession and recovery industry, today announced the second generation of its License Plate Recognition ToolBox designed to improve vehicle recovery rates. The new turn key system now comes equipped with an LPR system... Continue »MERLIN INFORMATION SERVICES CELEBRATES 20 YEAR ANNIVERSARY
KALISPELL, MT – October 26, 2011 – Merlin Information Services, a leading provider of data solutions to the collection and investigative industries, announces its 20 year anniversary. Founded in 1991, Merlin will commemorate the milestone with an employee celebration at the corporate headquarters in Kalispell, Montana. "It doesn't seem that long ago that we sold our first... Continue »Recovery Database Network and MVCONNECT Form Remarketing Agreements
October 10, 2011 | REDWOOD CITY, Calif. By Auto Remarketing Staff (www.autoremarketing.com) To boost remarketing of repossessed vehicles, OPENLANE subsidiary Recovery Database Network and MVCONNECT recently reached limited version user agreements, meaning MVRecovery and MVIntel now are limited version users on RDN. The parties also entered into the following additional... Continue »OPENLANE Strengthens Management Team with Key Appointments
Carmel, IN - 10/6/11 KAR Auction Services, Inc. (NYSE:KAR) today announced three key appointments to the executive management team of OPENLANE. In the U.S., Jason Ferreri has been appointed senior vice president in charge of commercial sales and Tim Zierden has added responsibility for OPENLANE’s dealer sales within his capacity as senior vice president of dealer services for ADESA, Inc. In... Continue »KAR Announces Closing of OPENLANE Acquisition
Carmel, IN - 10/3/11 KAR Auction Services, Inc. (NYSE:KAR) announced today that it has successfully completed the acquisition of OPENLANE, Inc. OPENLANE is a North American online automotive auction company that provides a market for online buyers and sellers of wholesale vehicles. OPENLANE offers its comprehensive remarketing solutions to auto manufacturers, captive finance companies, lease and... Continue »CARS’ Newest Partnerships Open Online Bidding on Repossessed Vehicles Sooner
September 19, 2011 | RALEIGH, N.C. By Staff Writer Nick Zulovich, www.autoremarketing.com Steve Norwood, Consolidated Asset Recovery Systems Regulations force remarketing of repossessed vehicles to take a certain amount of time, but Consolidated Asset Recovery Systems believes its two newest partnerships can allow lenders to use that time as efficiently as... Continue »OPENLANE Shareholder Files Suit to Block KAR Deal
September 16, 2011 | WILMINGTON, Del. By Auto Remarketing Staff At least one OPENLANE shareholder isn’t happy the company is being sold to KAR Auction Services, according to his class action lawsuit filed in Delaware state court last Friday. A member of Auto Remarketing’s group on LinkedIn pointed to a report on Law360.com that included many strong comments by... Continue »Repossession When the Account is Paid in Full? OOPS.
What happens when the car buyer and the finance company disagree on whether the buyer’s account is paid in full? The finance company and the repossession agent are in a bit of a quandary in such situations. If the buyer’s claim turns out to be correct, but her car has been repossessed, the finance company will have wrongfully taken the car (that wrongful taking is referred to by us... Continue »FTC Warns Small Businesses: Don’t Open Email Falsely Claiming to be From FTC
The FTC is warning small businesses that an email with a subject line “URGENT: Pending Consumer Complaint” is not from the FTC. The email says that a complaint has been filed with the agency against their company. The FTC advises not to click on any of the links or attachments with the email. Clicking on the links may install a virus on the computer. The FTC’s advice: Delete the... Continue »KAR Announces Agreement to Acquire OPENLANE
Carmel, IN - KAR Auction Services, Inc. (NYSE:KAR) announced today that its subsidiary, ADESA, Inc., has signed a definitive agreement to acquire the equity of OPENLANE, Inc., a leading Internet-based business-to-business automotive remarketing company. Peter Kelly will continue as OPENLANE’s CEO and will report directly to KAR’s CEO, Jim Hallett. OPENLANE will be acquired for $210 million in... Continue »ReposDirect.com Announces Online Sales of Remarketed Vehicles
CHICAGO – 8/11/2011. Today ReposDirect.com, a subsidiary of Renovo Services, LLC announced the successful remarketing of a vehicle via the virtual online marketplace from its secured storage lots. “Our mission is to offer our clients the utmost in flexibility and value in all aspects of the recovery and remarketing business,” said Kevin Flynn, Chairman and CEO of Renovo Services. ... Continue »SO, YOU WANT TO START A REPOSSESSION COMPANY
Think you are ready to start a new repossession business? Here are some other questions that will help you to understand whether or not you are really ready to move forward. These questions will provide you with ‘food for thought’ and should prompt a wider thought process that is not solely on starting a company. Answer YES or NO only and BE HONEST WITH YOURSELF. Have you ever... Continue »ARE WE A ‘FORWARD’ THINKING INDUSTRY?
Forwarding Companies – a controversial subject for many within the repossession industry – yet the forwarding concept is present in many other industries and IT’S NOTHING NEW! Finally, finally - the 'penny has dropped'! We now see that forwarding and forwarding companies is a subject that is being discussed by many within our industry and it is not before time! I have spoken and... Continue »Leading Online Remarketing Company Sees 250% Growth in Repossessed Vehicle Sales since January 2011
Recovery 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... Continue »….”Creating jobs in the automobile industry will provide our recovery profession with sustainability in the foreseeable future….” By Bob Stankovitch Jr, President of Peak Services Corporation in New Jersey.
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... Continue »Must See
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