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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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 »Plaintiffs’ Lawyers, Deep Pockets and Legal Theories
When a repossession goes bad, a plaintiff’s lawyer will try to use every available legal theory against every available deep pocket. Take a look at this example from a recent case. Tramelle Thompson sued Gateway Financial Services, Inc. and a repossession agency and its employees for violating the Fair Debt Collection Practices Act and Illinois’s repossession statute, for negligence, and... Continue »Recovery Manager Pro, LLC Announces Historical Plate Information Purchasing
Ormond Beach, FL – Recovery Manager Pro, LLC announced today the prospective release of their new and long awaited historical plate information function for their integrative cloud solution, RecoveryManagerPro.com. The newest addition to their cloud-based web portal enables users in both Recovery and Auto Finance Industries to purchase information on previously spotted vehicles of interest... Continue »OPENLANE Carries Record Growth and Momentum into 2011
Continued innovation, new feature roll-outs and customer partnerships key factors driving growth REDWOOD CITY, Calif., April 11, 2011 – OPENLANE, Inc., a leading online auction company in North America for automotive dealers to buy and sell wholesale vehicles, today announced a number of record-breaking sales achievements across several important metrics for the first quarter of 2011. Thus... Continue »CLIENTS: Are you listening to what they are telling you? Hear it now, from the ‘horse’s mouth’!
At the NARS 2011 event last week in Texas, we were fortunate to listen to the Keynote Speaker Mark Floyd, Vice Chairman and CEO of Exeter Finance Corporation, who provided the attendees with a candid presentation about the vehicle finance industry, the economic outlook that surrounds us and repossession outlook too. Mark asked the questions: WHY ARE YOU HERE and reminded us of the NARS... Continue »World’s Largest Association of Recovery and Remarketing Professionals Concludes Successful First Series of Collateral Recovery and Remarketing Accreditation Program
American Recovery Association’s Program Trains and Certifies Lenders, Members and Members’ Employees DALLAS, March 15, 2010 – American Recovery Association, Inc. (ARA), the world’s largest association of recovery and remarketing professionals, celebrates a successful first series of its new Collateral Recovery and Remarketing Accreditation Program in nine cities across the U.S. The... Continue »Ally’s SmartAuction Receives Best E-Channel Award from Avis Budget Group
DETROIT (March 11, 2011) – SmartAuction, Ally Financial’s online used vehicle auction, received the 2010 “Best Performance – eChannel” award from Avis Budget Group. The award was announced at the 2011 Conference of Automotive Remarketing (CAR). According to Greg Thibault, Avis Budget Group’s vice president of Fleet Disposal, SmartAuction helped Avis Budget Group remarket more ... Continue »Retail Sales Propel General Motors to 49 Percent Gain in February
Year-over-year retail sales gain of 70 percent highest on record Car, Truck and Crossover segment retail sales each rise 59 percent or more GM’s newest vehicles continue to gain customers – retail sales up 119 percent Retail sales improve 52 percent for the first two months DETROIT – 1 March 2011 General Motors total sales in the United States rose 49 percent in February,... Continue »American Recovery Association and Subprime Analytics Announce Phase Two of the Recovery Industry Scorecard
Industry Scorecard Sets Standards to the Entire Recovery and Lending Community Dallas, TX, February 2, 2011 – American Recovery Association, Inc. (ARA), the world’s largest organization of professional finance adjusters and certified recovery specialists, and Subprime Analytics, a leader in performance analysis of subprime portfolios, today announced the second phase of the recovery... Continue »OPENLANE and AUCTION123 Introduce Innovative Virtual Showroom Service For Dealers
Service Enables Participating Dealers to Display Used Vehicles Recently Listed for Sale on OPENLANE’s Wholesale Auction through Dealer’s Own Website REDWOOD CITY, Calif. and FT. LAUDERDALE, Fla., February 1, 2011 – OPENLANE, Inc., a leading online auction company in North America for automotive dealers to buy and sell wholesale vehicles, today announced a collaborative partnership with... Continue »DRN Commits More Than $1,000,000 to Support Growth of DRN Affiliate Network
Strategic Partnership with Recovery Industry Services Company Enhances Profile of DRNAffiliates™ Fort Worth, Texas – January 11, 2011, Digital Recognition Network (“DRN”) is pleased to announce that it has recently reached an agreement with Recovery Services Industry Company (“RISC”) to deliver a recovery agent education platform that will enhance the profile of its national network... Continue »New Facilitation Company Increases Profitability for Lenders and Recovery Professionals
All Technology Recovery Improves Lender’s and Recovery Agent’s Bottom Line Nashville, Tenn., December 6, 2010 – All Technology Recovery, a full-service facilitation and management company created to serve collateral recovery professionals and financial institutions, today announced its formal introduction and services to the recovery and lending community. All Technology Recovery was... Continue »MVCONNECT, LLC’s MVTRAC Selects Wintrust Financial Corporation as New Financial Partner
Palatine, IL – MVCONNECT, LLC’s MVTRAC, the leading provider of integrative recovery solutions, announced today it has officially selected Village Bank & Trust, a subsidiary of Wintrust Financial Corporation (Wintrust), as their new long-term financial partner. With their wealth of knowledge of the financial industry and extensive catalog of financial services and products, Village Bank... Continue »Santander Consumer USA Adds Thousands of VINs and Assignments to MVCONNECT, LLC’s MVTRAC Network Through Multi-Service Agreement
Palatine, IL (October 28, 2010) – MVCONNECT, LLC’s MVTRAC, provider of the leading motor vehicle data network for public and private organizations, today announced it has officially added Santander Consumer USA, Inc. (“Santander”) to its network of automotive lenders. As an indirect/direct lender and portfolio purchaser with more than 12,000 relationships with automobile dealerships... Continue »Making the Most of Existing Repossession Tools
Many great tools exist for repossession agencies and their clients to increase communication, keep costs down, and manage the repo-to-remarketing processes efficiently. Oftentimes agencies and clients fail to partner closely and over-communicate early in their relationship or when new processes are rolled out, leading to underused or misused technology, and missed expectations. As... Continue »MVCONNECT, LLC and Recovery Manager Pro, LLC file lawsuits against Recovery Database Network, Inc. (RDN) and Digital Recognition Network, Inc. (DRN).
Never a dull moment in the Repossession Industry! When I so often say that the Repossession Industry is forever changing, that's exactly what I mean and to support that in this instance, is the news regarding the recent lawsuits that were filed and served by MVCONNECT, LLC and Recovery Manager Pro, LLC against Recovery Database Network, Inc. and Digital Recognition Network, Inc. Of... Continue »OPENLANE Continues Momentum in Recovery Sector; Showcases Growth at 46th Annual American Recovery Association (ARA) Convention
OPENLANE to offer preferred service fee rebates to ARA Members who participate in remarketing vehicles on OPENLANE.com REDWOOD CITY, Calif., September 27, 2010 – OPENLANE, Inc., a leading online auction company in North America for automotive dealers to buy and sell wholesale vehicles, today announced its continued momentum in bringing online solutions to the recovery sector with more than... Continue »Must See
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They ripped us off as well. They extorted $10k drove the car for a year and ruined it. They need to be stopped and put in... Continue »
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In today’s CNN Live that delivered the district attorney message that “Zimmerman profiles Martin” I was wondering about word “profile” definition. Dictionary was... Continue »