Secure Collateral Management already announced the skip-tracing and collateral recovery provider was moving into a new headquarters.
And then Monday, Secure Collateral Management and MBSi Corp. — a member of the Automotive Intelligence Council and provider of repossession assignment software and vendor compliance solutions — announced they are expanding their partnership.
Secure Collateral Management will begin using MBSi’s compliance management system, Contract Comply, to manage collateral recovery vendor vetting, which will be performed by RISC.
Secure Collateral Management recovery vendors will be vetted and monitored by RISC to maintain current copies of business licenses, insurance certificates, articles of incorporation, employee documents and state repossession licenses. All vendor information will be securely stored and tracked in MBSi’s compliance management system, Contract Comply.
“Compliance is at the forefront of our leading skip tracing and recovery services,” said Joseph Farley, executive vice president at Secure Collateral Management. “Selecting RISC’s in-depth vendor vetting process and MBSi’s compliance management system allows us to securely and confidently maintain vendor documents while focusing on locating customers for our lender clients.”
MBSi president Cort DeHart added, “Secure Collateral Management is an outstanding provider and we are proud they are expanding their partnership with us to include vendor compliance management.”
DeHart is also among the executive set to appear during Used Car Week 2018, which begins on Nov. 12 in Scottsdale, Ariz. Complete details can be found at www.usedcarweek.biz.
At the beginning of October, the American Recovery Association (ARA) and Time Finance Adjusters (TFA) announced plans to form one organization that would launch in January.
During a free webinar, the two organizations will present more details of the new American Recovery Association as a result of their recent merger agreement. The event is set for Nov. 7 at 2 p.m. ET.
The webinar will cover detailed plans for the new association such as:
— New dues structure
— Membership eligibility requirements
— Application process
— Acceptance program
— Training and compliance
— New directory
As mentioned, the new association is expected to launch in January 2019. It plans to extend additional membership options to anyone involved in the repossession business, including banks, credit unions, vendors, business owners and their employees.
“As such, all parties are encouraged to attend this webinar, ask questions and be an active and involved participant in the creation of this new association,” officials said.
To register for the webinar, see here.
Lisa Scott took charge of PAR North America (PAR) last August with a specific objective near the top of her agenda as she began to oversee this segment of KAR Auction Services.
“One of my goals was to enhance the customer experience by creating the leading compliance platform in the recovery industry,” Scott told SubPrime Auto Finance News via email.
Well, now the industry can begin its evaluation of the robustness of PAR’s compliance endeavors. On Wednesday, the company launched its new web-based, self-service portal with real-time access to PAR’s compliance data and the compliance data of more than 600 vehicle recovery vendors across the U.S.
PAR — a provider of vehicle transition services in the U.S. with coast-to-coast solutions for recovery management, skip-tracing, remarketing and title services — indicated that Platinum Compliance offers this transparency tool in one easy-to-use dashboard.
“Our customers are facing increased scrutiny and heightened regulatory requirements,” Scott said in a news release. “Platinum Compliance gives our customers the peace of mind that only qualified, experienced and trained recovery vendors are working their assignments.
“Never has our industry had a more comprehensive real-time database of due diligence and compliance documentation — including current state-level recovery vendor requirements across all 50 states,” she continued.
In the email exchange with SubPrime Auto Finance News, Scott explained that vice president of compliance and operations Jessie Herdrich has been key on this project, working closely with the company leadership team to develop PAR Platinum Compliance. Herdrich is among the executives set to appear during Used Car Week 2018, which begins on Nov. 12 in Scottsdale, Ariz.
“We know that our customers are feeling the pressure as the industry faces increased regulatory scrutiny. We have always had a robust vendor management program but didn’t have a streamlined database or a real time point of access for our clients,” Scott said.
“Our biggest vendor management challenge is gathering and organizing information for our network of more than 600 recovery vendors,” she continued. “In the Platinum Compliance system, we have supporting documentation for all recovery vendors — a comprehensive database of state-level requirements, and PAR and vendor due diligence, including insurance certificates, relevant licensing, operational and enterprise policies and even employee-level compliance.
“This is all information our clients review during routine audits and it is now accessible to our clients at any time via a secure login,” Scott added.
Through the Platinum Compliance portal, customers can access due diligence and supporting compliance documentation for all recovery vendors. The comprehensive real-time database includes state-level recovery vendor requirements, and all PAR and vendor due diligence including insurance certificates, relevant licensing, operational and enterprise policies.
Scott reiterated that streamlining what was once an onerous process for collecting, reviewing and storing information, audits are now faster and more efficient.
The all-inclusive dashboard automates reminders and facilitates fast and easy uploading of updated compliance documentation allowing recovery vendors to remain in good standing. Only recovery vendors who are Platinum Compliant with PAR’s compliance checklist may receive recovery assignments.
Scott explained how critical that stipulation is to clients.
“We have earned our customers trust and want to keep it. So when we list recovery vendors as being PAR Platinum Compliant, our customers can trust that they are up-to-date on all required documentation and in good standing,” Scott said.
“That’s why we have developed an efficient, easy to use portal that ensures the compliance of recovery vendors. A comprehensive dashboard empowers every vendor manager to check the status on our checklist of due diligence items. The new system also automates reminders and facilitates fast and easy uploading of updated compliance documentation — making it simpler than ever for agents to remain in good standing,” Scott went on to say.
Scott closed the email exchange by reinforcing a message to finance companies about PAR’s commitment to excellence via this latest endeavor.
“Customers now have direct, self-service access to a single, user-friendly system housing all due diligence and compliance documentation for both PAR and our third-party recovery vendors,” Scott said.
“As a result, customer audits will be faster and more efficient. Customers will also be able to quickly reference state-level statutes and regulatory requirements,” she concluded.
Consolidated Asset Recovery Systems (CARS) recently brought three more finance companies into its client portfolio.
Flagship Credit Acceptance announced today that it has selected the CARS’ IBEAM (Internet Based Electronic Asset Management) web portal for managing the repossession and remarketing of non-performing assets in its automotive loan portfolio.
Crescent Bank and Trust has selected CARS’ vendor manager and servicing solution, Market Place Manager, to support its repossession and remarketing needs.
Zinc Auto Finance also announced that it has selected CARS’ IBEAM web portal for managing the repossession of non-performing assets in its contract portfolio.
CARS — among the companies to gather for Used Car Week 2018 beginning on Nov. 12 in Scottsdale, Ariz. — reiterated that it provides technology and services to finance companies, forwarders and repossession agents that is designed to enhance repossession and remarketing performance.
After completing a long-term evaluation of the IBEAM product, Flagship determined that it would standardize its repossessions and remarketing operations with a single technology.
“IBEAM allows us to manage all of our forwarding partners and remarketing consigners under a single platform,” Flagship loan servicing senior vice president Steve Biehl said. “By allowing us to consolidate data from field-based tasks and analytics through a central technology, we can enhance our performance.
“Analytical insights are key to Flagship’s ability to operate efficiently,” Biehl continued. “IBEAM gives us a way to manage multiple collection operations distributed across the country by creating a centralized view, applying artificial intelligence and allocating assignments efficiently.”
Consolidated Asset Recovery Systems chief executive officer and co-founder Steve Norwood touched on the company’s relationship with Flagship Credit Acceptance before this decision. Flagship Credit Acceptance is headquartered in Chadds Ford, Pa., with offices in Irving, Texas, Phoenix, Irvine, Calif., and Indianapolis. Flagship has successfully grown its portfolio to $2.9 billion in managed receivables. The company currently purchases indirect auto contracts from a nationwide network of more than 10,000 dealers and originates direct to consumers in 46 states.
“Flagship and Consolidated Asset Recovery Systems have been partners for years,” Norwood said. “Their use of analytics has informed many of the enhancements and reporting capabilities in IBEAM, raising the bar for what is considered essential best practice today.
“They truly represent best in class, and we are excited to continue to pioneer new solutions with them that will benefit our clients and the industry,” Norwood continued.
Crescent Bank and Trust chief collections officer Dan Boozer explained the methodology behind the company’s decision to leverage CARS’ capabilities. Crescent Bank and Trust specializes in providing auto financing to high-risk consumers in offices across 23 states.
“We have been partners with Consolidated for several years and have seen the company grow and value the partnership they provide, recognizing their continued thought leadership in the market we are excited as they roll out new solutions and in their ability to drive change in the industry with products like Market Place Manager,” Boozer said.
“The ability to have a predictable cost of service and consolidated invoices, combined with comprehensive reporting has improved our efficiency and allowed us to reduce internal headcount,” Boozer continued.
The IBEAM platform can automate many functions Crescent had to perform with internal resources and has provided the ability to view total cost, supplier performance, event timing, SLA compliance and complaint resolution. It also can retain all the historical records for the field-based activities associated with the repossession and remarketing process which Consolidated performs.
“Crescent was the first company to utilize Market Place Manager,” Consolidated Asset Recovery Systems co-founder Terry Groves said.
“By combining the best parts of sourcing their servicing needs, with the flexibility to engage other service providers through the vendor managed service gateway, they gain efficiencies without limiting their success or results,” continued Groves, who is among the experts set to appear during Used Car Week.
Meanwhile, Zinc Auto also revealed its decision to standardize on the IBEAM platform for repossession management. IBEAM (Internet Based Electronic Asset Management) is a web-based portal that can provide analytics, status and field-based updates for tasks.
CARS explained that IBEAM is unique in that it is built on an architecture that does not allow data to be localized. The benefit is better security of information compared to the traditional technology approach that synchronizes hosted data with licensed applications that may be installed on devices that do not have the property security protections.
Zinc Auto Finance specializes in non-prime retail installment contracts for both new- and used-vehicle purchases. The company is based in Fresno, Calif., servicing franchised and independent dealerships in Alabama, California, Florida, Georgia, Michigan, Missouri, Nevada, Oklahoma, Tennessee, Texas and Virginia.
“IBEAM provides us with efficiencies in managing our direct relationships with agents,” Zinc chief operating officer Rene Strong said.
“We can use the reports and dashboards to determine best performing supplier in a particular market to help improve portfolio performance. IBEAM also allows use to capture all historical data which is useful in evaluating compliance and adherence to our SLAs,” Strong went on to say.
IBEAM can help Zinc audit suppliers to assure compliant execution of repossession assignments and document and address issues that arise through an integrated complaint log. Dashboards allow ZINC to look at suppliers’ history over time to see if there are reoccurring issues or complaints that may underscore a higher risk
“Zinc Auto utilizes IBEAM to self-manage their direct repossession agency relationships accessing features and functions not available in other software solutions,” Groves said. “In addition, our technology stack provides the highest uptime rating in the industry yet it remains unique in its ability to assure data security by leveraging responsive design a technology that emulates web apps and licensed software without pulling data out of the level-3 secure data center.
“This provides the user an experience the same as if the data resided on their device without exposing clients to the risk and effort required to audit and manage all suppliers and users who consume data from the IBEAM portal,” Groves went on to say.
For more information, go to www.ez-recovery.com or contact sales at (919) 518-2277.
One of the presenting sponsors of Used Car Week 2018 — Digital Recognition Network — recently set a new company record.
The artificial intelligence and data analytics company that provides vehicle location data and analytics to finance companies, insurance carriers and other commercial verticals, recently announced the company has reached a key milestone, facilitating the recovery of 20,122 live vehicle pickups. The figure enabled by license plate recognition (LPR) established an all-time company high for a given month arrived in August.
“We are very proud that we have reached this critical milestone,” said Todd Hodnett, executive chairman and founder of DRN. “We’ve worked hard to populate the ‘hotlist’, but reaching this milestone would not be possible without the strength of our provider network and its fantastic relationships with our dedicated camera affiliates.
“We remain grateful to our affiliates — the hardworking men and women in the field — who conduct recoveries and often do so under dangerous circumstances,” Hodnett continued.
In recent years, DRN indicated the number of LPR-enabled vehicle pick-ups generated by the ‘hotlist’ has grown substantially year-over-year. In 2017, DRN had nearly 90 percent more live LPR-enabled vehicle pick-ups than in 2016, and the company is on pace to achieve at least that in 2018.
DRN highlighted that it is on track to pay its affiliate network approximately $6 million in revenue share by the end of the 2018 — a company record — with its largest revenue share payout occurring in August, totaling $534,524.
“We will continue to generate the strongest ‘hotlist’ in the market to create opportunity for our affiliate network,” Hodnett said. “In fact, while others in the industry are looking to strip revenue streams away from repossession agents, DRN is committed to a goal of $10 million in 2019 for revenue share payments to our affiliate network.
“We appreciate our affiliates and take great pride in our relationships with them. They are the heart of DRN’s business, and we are grateful for their work every day,” he went on to say.
DRN will make multiple appearances on stage during Used Car Week 2018, which begins on Nov. 12 in Scottsdale, Ariz. There is still time to join leading industry executives and experts for learning, networking and more by going to www.usedcarweek.biz and registering now.
One of the largest captive finance companies recently gave an award to Primeritus Financial Services.
The national provider of repossession management, remarketing, titled services and skip-tracing services to the auto finance industry announced it was the first supplier to receive the Recovery Services Excellence Award from Toyota Financial Services (TFS).
Primeritus indicated this honor is Toyota’s most recent supplier recognition program for fiscal year 2018. The program is intended to drive performance results in a competitive spirit amongst Toyota’s recovery service vendors.
The award recognizes a vendor’s performance in results, compliance and overall partnership and includes a trophy that travels quarterly for display in each recipient’s home office.
“It’s truly an honor to have been the first to receive the Recovery Services Excellence Award from TFS. But it’s far from an individual achievement,” said Primeritus president and chief executive officer Scott Peters, who is among the industry leaders on tap to appear during Used Car Week that begins on Nov. 12 in Scottsdale, Ariz.
“This award is a testament to the combined power of great vendor and lender partnerships, and a values-driven culture within Primeritus,” Peters continued. “We’re eager to continue advancing our continuous process and technology improvements and playing a meaningful role within the industry.”
Mike Thomas, senior vice president of operations and chief information officer of Primeritus Financial Services, added, “We continue to lead our industry with our ‘best in class’ compliance programs, data driven technology and integrations, along with our proven process management philosophy. It is a privilege to be partnered with and recognized by an organization as prestigious as the Toyota brand.”
And Justin Conners, vice president of sales and client services with Primeritus Financial Services, went on to say, “We are humbled and honored to be the first to receive this award from Toyota Financial Services. Toyota sets a high standard for its suppliers, and the team was able to deliver by exceeding their expectations. This award validates our successful partnership with TFS.”
Just a couple of days after Location Services announced that DigitalDog Auto Recovery was among its five acquisitions, Digital Recognition Network (DRN) said on Friday that it secured a federal court victory involving both of those recovery industry companies.
DRN, an artificial intelligence and data analytics company that provides vehicle location data and analytics to auto finance companies, insurance carriers and other commercial verticals, announced that on Oct. 5, a U.S. District Court Judge in the Northern District of Texas ruled on three key findings. Those rulings included:
—That DRN’s one-year, non-competition contract provision is valid and enforceable.
—That Bay Cities Recovery Inc., which does business as DigitalDog Auto Recovery breached its contract with DRN.
—That Location Services tortiously interfered with the contract by participating with DigitalDog Auto Recovery to breach its agreement with DRN.
“We are grateful to the court for its thorough application of the facts to the law and its thoughtful decision-making in its ruling,” said Todd Hodnett, executive chairman and founder of DRN. “Most importantly, we are pleased with the decision because it helps to reinforce the importance of contracting integrity within the auto recovery industry.
"Contracts are more than words on paper. They create structure and build a foundation of trust between partners in the industry,” Hodnett continued. “At DRN, our word is our bond. We negotiate contracts in good faith and stand behind them. We expect no less from our partners, as well.”
In 2010, DRN said DigitalDog Auto Recovery, a California repossession agency (owned and operated at the time by Michael Eusebio) contracted with DRN to use its license plate recognition (LPR) technology to help locate vehicles subject to repossession. In March 2014, DRN indicated DigitalDog Auto Recovery signed a new contract with DRN, which (just like the 2010 contract) contained a one-year, non-competition provision and increased their share of DRN revenue.
“Most importantly, as an inducement for DRN to enter into the agreement, DigitalDog Auto Recovery represented in the contract that the non-competition language was reasonable in duration and scope,” DRN said.
In reliance on the representations made by DigitalDog Auto Recovery, DRN said it entered into the agreement and paid Eusebio’s company more than $220,000 during the life of the contract.
Then on April 11, DRN said DigitalDog Auto Recovery notified DRN that it was terminating the contract effective May 11 and immediately filed suit against DRN claiming that the non-competition agreement was unreasonable in both duration and scope.
DigitalDog Auto Recovery stated its intention to work with Location Services using different LPR technology after May 11, but DRN said it learned in discovery that DigitalDog Auto Recovery and Location Services had been interacting for several months before that date.
DRN said DigitalDog Auto Recovery and Location Services claimed that those interactions were “legitimate business negotiations,” but the court noted that “the evidence is to the contrary,” and held those interactions both prior to termination of the contract and after to be a breach of the contract between DRN and DigitalDog Auto Recovery.
In ruling that DRN’s one-year, non-competition contract provision is reasonable and that it applies to DigitalDog Auto Recovery, the court noted that DigitalDog Auto Recovery “clearly understood that it would be limited from competing for one year” and had accepted benefits from DRN under the contract.
DRN added that the Court specifically found the one-year duration of the non-competition provision to be reasonable, and noted that the lack of a geographical limitation was not unreasonable because DRN’s business is nationwide.
DRN also mentioned DigitalDog Auto Recovery also unsuccessfully argued that the one-year non-competition period should not be enforceable because its employees would be harmed, but the court specifically noted that claim was belied by the evidence presented to the court.
Additionally, the court found that Location Services “willfully and intentionally interfered” with the contract between DRN and DigitalDog Auto Recovery, writing that
“Clearly third-party defendant (Location Services) was aware of the terms of the agreement” as DigitalDog Auto Recovery “insisted upon an indemnification agreement before it would proceed with communications it knew would violate the agreement.”
Following the court’s ruling, DRN said the only issues remaining for trial, which is currently set for later this year, are the amounts of compensatory and punitive damages and attorneys’ fees to be awarded to DRN based on DigitalDog Auto Recovery’s breach and Location Services’ interference.
Despite the court’s order, DRN pointed out that Location Services issued a press release earlier that it had gone ahead and completed an acquisition of DigitalDog Auto Recovery despite the fact that the non-competition provision in DigitalDog Auto Recovery’s contract with DRN did not expire until May 2019.
“We are very pleased about winning this case and feel vindicated by the Court’s ruling,” said Jeremiah Wheeler, executive vice president and general manager for fintech at DRN.
“This case is important because it tells the auto recovery industry that integrity matters and clearly demonstrates to our recovery community of providers and affiliate agents that we are a leader in this community who is dedicated to honoring our word in our agreements and promoting the highest standards of conduct as a partner,” Wheeler continued.
“We look forward to continuing to ensure that our providers and the recovery agent affiliates who work for them have the best tools in the industry to work with in the field,” he went on to say.
A week after making it official that the company acquired Remarketing of America, Location Services returned to acquisition mode on Wednesday by securing five more operations for its portfolio.
Location Services announced the acquisition of Auto Approve as well as four recovery agencies, including Repossessors Inc., CARS Recovery, Digital Dog Auto Recovery and American Recovery Specialists of Florida.
Management highlighted the offerings now provided by Locations Services can give credit unions, banks, captive finance companies and other financial institutions the ability to have one company manage the entire loss-mitigation outsource process, including auto refinance, recovery, skip-locate, account administration, license plate digital technology, transportation and remarketing.
“We are very excited to announce the acquisition of Auto Approve and the four repossession agencies, which expands our service offerings, making it a seamless process to refinance, secure and monetize vehicle collateral from default to auction,” Location Services chief executive officer Lee McCarty said.
“Our purchase of Auto Approve uniquely positions us to provide auto refinance services and the purchase of the repossession agencies has expanded our reach and our ability to support the boots on the ground, our valued repossession agency partners,” McCarty continued.
“This gives us the ability to provide customers the most efficient, effective and compliant services, no matter their location. Most importantly, we are very proud the business owners will remain fully engaged in our business as partial owners of our company,” he went on to say.
Last week, Location Services announced its strategic partnership with Allied Solutions, one of the largest providers of insurance, lending and marketing products to financial institutions. The company also announced the acquisition of MOXKOR, which previously operated at Remarketing of America.
McCarty explained Location Services’ acquisition of Auto Approve, which offers refinancing options for consumers, as well as the securing of four repossession agencies, sets the stage for significant change in the outsourced servicing industry.
He insisted the partnership and acquisitions positions Location Services to become a vertically integrated, national direct loss mitigation outsource provider, streamlining the servicing process for thousands of credit unions, banks and financial services associates.
“Our team of seasoned auto finance professionals possess in-depth knowledge of state and federal regulatory requirements and we understand the struggles of managing a consistent and compliant service proposition that boasts high recovery rates,” McCarty said.
“We are excited to be teammates with such a strong and successful group of entrepreneurs and look forward to discussing our future with our current and potential clients," he added.
In the days and weeks ahead, Location Services pledged to work closely with clients and business partners to ensure a seamless transition.
“We provide our clients with the most efficient, effective and compliant loss mitigation experience possible. Acquisitions and partnerships like these, drive consistency and optimize performance, allowing financial institutions to realize enhanced resolution rates, reduced losses, and the most compliant services possible,” said Eric Gerdes, president and chief operating officer Location Services.
“We are very excited about these announcements and committed to preparing and equipping our employees and repossession agents with the processes, technology and tools needed to exceed customer’s expectations relative to performance, safety and compliance,” Gerdes went on to say.
Servicing Solutions and masterQueue are both involved with Repo Con at Used Car Week 2018 — Education, Celebrations, Technology and Connections — and now the companies are partnering to help finance companies with collections, too.
Servicing Solutions, which specializes in primary and back up servicing, on Friday announced that it is partnering with masterQueue to increase efficiencies and provide cost savings for its clients.
As a web-based skip-tracing and collections software company, masterQueue combines artificial intelligence with public records data it gathers using automated workflow in order to efficiently locate lost customers or assets in a manner that meets all state and federal regulatory guidelines.
“Aligning with the masterQueue platform will create efficiencies to add significant value to our world-class servicing offering,” said Cesar Guzman, vice president of operations at Servicing Solutions. “It’s been a seamless addition to our process, and we’ve been very impressed with masterQueue’s attentive team.”
Servicing Solutions emphasized that it is committed to investing in powerful technology, and its partnership with masterQueue is the latest example of this forward-facing commitment.
“I am thrilled about our partnership with masterQueue,” said Andrew Coffey, director of collections at Servicing Solutions. “The masterQueue platform is the industry’s best, and it will improve our productivity and efficiency on behalf of our clients.”
John Lewis, founder and chief executive officer masterQueue, added, “The need for lenders to partner with loan servicing companies has never been greater, and Servicing Solutions is building an all-star team of industry leading talent, and we’re excited to see the impact masterQueue will bring to their operation.”
Both Servicing Solutions and masterQueue will be offering workshops during Used Car Week 2018, which begins Nov. 12 at the Westin Keirland Resort and Spa in Scottsdale, Ariz. The discussions and presentations involving these two companies as well as others segments at Repo Con fall within the theme of “pulling collections forward.”
Early bird discounts are available through Oct. 16. Complete details can be found at www.usedcarweek.biz.
Allied Solutions, one of the presenting sponsors of Used Car Week 2018, now has a closer relationship with Location Services, which also just acquired commercial consignor Remarketing of America to enhance its risk management and other offerings to auto-finance clients.
Allied Solutions, one of the largest providers of insurance, lending and marketing products to financial institutions, has entered into a strategic partnership and distribution agreement with Location Services that became effective on Monday.
“We are excited to partner with Location Services as they bring a true ‘best in class’ multi market solution to this area of our business,” Allied Solutions chief executive officer Pete Hilger said.
“Their business model will allow us to offer our clients a direct end-to-end loss mitigation experience that just wasn’t possible before, creating a new level of efficiency for Allied and our clients,” Hilger continued.
To ensure a smooth transition for clients, Allied Solutions indicated that it has appointed a dedicated product support team and is expecting minimal disruption.
“We are honored to be selected by Allied Solutions as their exclusive end-to-end loss mitigation servicing partner,” Location Services CEO Lee McCarty said.
“Allied Solutions is renowned for meeting the needs of their clients, which fits perfectly with our performance and compliance based culture, our focus on analytics and process rigor, and our commitment to deliver the most efficient, effective and compliant services in the loss mitigation industry,” McCarty continued.
Allied Solutions also will have a significant presence during Used Car Week 2018, which begins on Nov. 12 at the Westin Keirland Resort and Spa in Scottdale, Ariz. Anne Holtzman of Allied Solutions will be joined by Jeremiah Wheeler of Digital Recognition Network for multiple discussions and presentations where they will explore the risk strategies they use to monitor contracts for insurance coverage, prevent contracts from going to recovery and build behavior models that predict skip propensity earlier to better predict risk.
Early bird registration discounts are available through Oct. 16. Complete details are available at www.usedcarweek.biz.
More news from Location Services
Along with the partnership with Allied Solutions, Location Services also announced this week the acquisition of MOXKOR, formerly known as Remarketing of America.
McCarty emphasized that the offering now provided by Locations Services can allow credit unions, banks and other financial institutions the ability to have one company manage the entire loss mitigation process including skip-locate, recovery, account administration, license plate digital technology, transportation and remarketing.
“During my time in the banking industry, there was a clear and distinct need for a single service provider to serve as a one-stop-solution that could service financial institutions in a way that reduced compliance risk, while at the same time increasing recovery and liquidation rates,” McCarty said.
“Our team will be positioned with our suite of loss mitigation service offerings to ensure customers in New York are receiving the same efficient, effective and compliant services as those customers in California and Hawaii,” he continued.
Location Services strategically built its team around banking industry leaders; several which came aboard earlier this year.
Shawn White, former director of collections at Exeter Finance, serves as chief operating officer, while Eric Gerdes, former executive director of compliance at Ally Financial, serves as chief risk and compliance officer.
Location Services’ leadership team also includes chief technology officer Henry Kuo and chief digital and work force optimization officer Jeremiah Worthington.
“We are proud that Location Services leadership and management team members have extensive banking industry experience and deep knowledge of state and federal regulatory requirements. This uniquely positions and differentiates Location Services in this highly regulated outsource industry,” McCarty said.
