SubPrime Auto Finance News is collaborating with DRN again to orchestrate a free webinar to help finance companies and recovery professionals prepare for a potential surge in repossessions and other possible operational changes now happening because of COVID-19.
DRN senior vice president business development and client services Stephen Nethery has a trio of takeaways he plans to share during the session, “In a Sea of Vehicle Location Data Without a Paddle,” on tap for 2 p.m. ET on Sept. 1.
Key takeaways attendees can expect from the webinar include:
• Delinquency is not always the end of the road for your customer. Making contact earlier can change the outcome.
• Saving money and reducing headcount, while increasing originations, is what every finance company hopes to achieve. Using the right vehicle location data in the right cycles will help you be successful.
• You can reduce charge offs by 20% or more with the right vehicle location data waterfall.
“Attendees will learn about the uses of vehicle location data and analytics to improve efficiencies in the workplace,” DRN said. “For example, using vehicle location data and analytics can help reduce headcount in collection and recovery groups since auto lenders plan their staff based on delinquency counts.
“In addition, using the right vehicle location data to make right-party contact earlier in the delinquency cycle can help reduce operating expenses,” DRN went on to say.
Attendees can register for the free webinar by going to this website.
The American Recovery Association (ARA) has rescheduled the North American Repossessors Summit (NARS) for the second time because of the ongoing COVID-19 pandemic.
According to a message distributed this week, the NARS committee shifted its event that had been on tap for Oct. 1-2 to April 15-16 at the newly renovated Omni Mandalay in Irving, Texas.
NARS 2020 originally was scheduled for May 7-8 of this year, but the committee made the change back in March to try to host an in-person gathering in October. The group said “while keeping safety at the top of our priorities,” it took this latest action “due to the uncertainty of the remainder of 2020.”
Organizers continued by saying, “While we are not going to be able to network in person this year, we are committed to bringing the industry timely educational materials to navigate their business during the pandemic. To provide the industry with the most up-to-date information, we will be addressing crucial topics through a series of free educational materials for NARS 2020 registrants, including webinars in October with tangible tips on moving forward with your business and the industry as a whole.
“We hope to all be together at NARS 2021 with this pandemic in our rearview, but know that the NARS committee will continue to monitor the situation as we navigate the future of our industry together,” they went on to say.
The committee indicated that individuals who already registered for NARS 2020 will automatically be transferred to the April event, locking in the 2020 rate.
ARA added that the Omni Mandalay will automatically release rooms if registrants already booked accommodations for October.
If you have further questions, contact ARA at homeoffice@americanrecoveryassn.org.
After nearly two months of COVID-19 related ordinances and regulations, RISC acknowledged the repossession industry has not opened up in all areas, continuing to pressure recovery agency owners and their staff financially.
RISC wants to support agents during this crisis by waiving membership and education fees for current and any new RISC Pro members through July 1.
According to a news release distributed this week, RISC’s waiver of fees can allow members to update their CARS certifications and train any new employees to prepare for assignments to come. The RISC Pro platform is tool for agencies to organize their compliance documentation and market their compliance status to clients.
“Our belief is that we’re all in this together and RISC will continue to assist agents in these challenging times,” the company said.
RISC Pro is a membership for agents that provides the ability to:
• Manage and store compliance documentation on the MBSi VendorConnect platform
• Showcase a compliance profile and company listing in front of more than 40 finance companies and forwarders that are on the RISC Pro/MBSi VendorConnect platform
• Quickly share a compliance profile directly with finance companies
• Unlimited employee access to the CARS National Certification, Continuing Education, and Drivers Safety Certification for a small monthly “pay as you go subscription rather than the full upfront certification cost.
“Membership billing is currently on hold and will not begin until we are confident agents are back to work,” RISC said. “We currently forecast this will not go beyond July.
“There is no cancellation fee should you choose not to keep RISC Pro membership,” the company continued. “However, if you cancel, any CARS certification completed between now and then will require you to pay in full to retain a valid CARS certificate. Maintaining your certification allows you to pay as you go for each employee.
Furthermore, on behalf of Alex Price and RISC, the company said all proceeds from sales of RISC’s Skip Tracer Certification will be donated to the Recovery Agents Benefit Fund (RABF) through the end of June.
For more information, visit www.RISCus.com or call (813) 712-7535.
