TransUnion’s 2019 consumer credit forecast includes a projected rise in subprime financing as a part of all of auto financing originated next year.
However, the predicted rise still is expected to come in below the volume of subprime financing TransUnion spotted back in 2007 before the Great Recession occurred.
Analysts shared on Wednesday that subprime originations are projected to climb to 16.5 percent of all auto financing in 2019. That’s up from the expectation for how 2018 will close (15.1 percent) as well as the end of 2017 (14.6 percent).
TransUnion reiterated that while the subprime climb is expected, the rise will fall short of the 20-percent level the industry generated 11 years ago.
Delving deeper into the auto space, TransUnion acknowledged there are many factors that may impact affordability in the coming year, which could result in a slowdown in origination growth. The potential of rising tariffs could materially impact vehicle prices and consumer affordability.
Furthermore, analysts noted that many consumers are purchasing and financing more expensive vehicles, such as SUVs and hybrids. Headwinds such as rising interest rates and fuel prices could also further impact auto affordability.
Despite these potential challenges, TransUnion believes other macroeconomic factors such as low unemployment and an increase in GDP will continue to drive origination growth while keeping the average delinquency rate relatively low. Analysts added that it’s also worth noting that the number of auto financing originations is expected to end 2018 at 28.5 million and grow to 29.4 million in 2019. This is a significant increase from recent years (27.5 million in 2017, 28.3 million in 2016, 28.0 million in 2015).
“This growth is expected to be driven from both ends of the risk spectrum,” TransUnion said. “Yet as the growth continues, the serious delinquency rate is anticipated to remain muted.
Analyst pegged the serious delinquency rate at 1.44 percent by the close 2019, an increase from the expected 1.43 percent in Q4 of this year and the 1.43-percent mark observed in Q4 2017.
“The auto-finance market continues to show signs of health and growth in many ways, said Brian Landau, senior vice president and TransUnion’s auto line of business leader.
“We anticipate used-vehicle sales and auto refinance to be potential possibilities for consumers who cannot afford to buy new vehicles. Delinquencies have improved over the past several quarters and should that trend continue, we expect to see the market rebound,” Landau continued.
Growth in personal loans
Sometimes subprime auto finance customers also leverage personal loans. And TransUnion included that sector in its forecast.
TransUnion said personal loans continue to display signs of strength, and total balances are expected to climb 20 percent to an all-time high of $156.3 billion by the end of 2019.
Over the past year, analysts noted subprime originations saw a resurgence, which is expected to slowly rise in the coming year. TransUnion indicated originations will remain at “healthy” levels across all risk tiers due to more lenders participating in the personal loan market.
TransUnion went on to explain the emergence of large personal loan lenders, and an increased focus by banks and credit unions on offering personal loan products, will keep growth steady.
Even with growth expected in the subprime risk tier, analysts added overall serious delinquency rates are expected to drop 11 basis points in 2019 from the end of 2018 to finish next year at 3.39 percent. This is primarily due to maintaining a healthy mix of prime consumers on the books as lenders extend credit to subprime consumers concurrently.
“Personal loans, whether for home improvement, debt consolidation or bridge finance, have reemerged as a staple of the American consumer’s financial portfolio,” said Jason Laky, senior vice president and TransUnion’s consumer lending line of business leader.
“We anticipate origination levels to remain healthy across all risk tiers, and should the regulatory environment remain favorable, we expect to see continued growth from the subprime risk tier,” Laky continued.
“The number of consumers with a personal loan will continue to grow in 2019 and could potentially outpace some of the balance growth we’ve seen over the past few quarters,” he went on to say.
Overall credit expectations
TransUnion highlighted low unemployment rates and continued positive growth in both GDP and real disposable income are among the key drivers that will propel the U.S. consumer credit market in 2019.
Partly due to the strong performance of these economic indicators, TransUnion projected that originations and consumer balances are expected to increase for most credit products, while serious delinquency rates will likely decline or remain steady.
“The consumer credit market has been buoyed by relatively strong macroeconomic factors this year, and our forecast sees more of the same in 2019,” said Matt Komos, vice president of research and consulting for TransUnion. “Consumer demand for both personal loans and auto loans is expected to remain high, and lenders are expected to continue looking to expand their books of business by providing more subprime and near prime borrowers with loans. This is a positive for both lenders and consumers.
“Delinquency rates remain at either low or ‘normal’ levels, and lenders have confidence to open up their portfolios to slightly more risk,” Komos continued. “From a consumer perspective, subprime and near prime borrowers accessing new credit will now have even more opportunity to showcase that they can responsibly manage their payments.
“We anticipate the trend of managing risk exposure through loan amount and line management strategies for these higher risk consumers will continue into 2019,” Komos went on to say.
TransUnion is hosting a webinar at 2 p.m. ET on Thursday to discuss its forecast in more detail. Registration for the event can be completed here.
Editor’s note: An upcoming episode of the Auto Remarketing Podcast will feature TransUnion’s Brian Landau discussing 2019 projection. Our library of past episodes is available here.
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.”
While experts consider rising interest rates impacting paper currently entering portfolios, S&P Global Ratings highlighted that collateral performance for the U.S. auto loan asset-backed securities (ABS) market improved in August on a year-over-year basis.
In both the prime and subprime sectors, analysts found that annualized losses declined, delinquencies inched downward and recoveries increased from their year levels, but monthly comparisons were mixed.
As losses continued their seasonal second-half climb, delinquencies were stable, prime recoveries were unchanged, and subprime recoveries increased, according to S&P Global Ratings.
The report titled, U.S. Auto Loan ABS Tracker: August 2018, and shared with SubPrime Auto Finance News this week indicated prime cumulative net losses increased month-over-month but improved year-over-year as the August reading came in at 0.53 percent in August. In July, the reading stood at 0.56 percent while a year ago it was 0.76 percent.
Analysts noted subprime net losses increased for the third month in a row, rising to 8.66 percent in August from 7.81 percent in July. Similar to prime net losses, S&P Global Ratings found that subprime net losses also declined year-over-year as last August’s level was 8.97 percent.
“The August net loss numbers reflect normal seasonal trends wherein losses generally have an upward trajectory during the second half of the year,” analysts said in the report.
As a supplement to its subprime index, S&P Global Ratings created the modified subprime index, which excludes certain high-loss deep subprime issuers, including Santander Drive Auto Receivables Trust, American Credit Acceptance Receivables and Exeter Automobile Receivables Trust.
Analysts indicated the modified subprime loss rate increased to 6.92 percent in August from 6.18 percent in July, but the reading dipped from the year-ago mark of 7.09 percent.
Looking at delinquency, S&P Global Ratings said the prime sector 60-plus-day delinquency rate remained stable month-over-month at 0.43 percent in August; the same reading as July. A year earlier, the metric came in at 0.51 percent.
Analysts pointed out that the subprime sector 60-plus-day delinquency rate also remained stable as both the July and August readings came in at 5.00 percent. It also represented a slight improvement year-over-year since last August’s figure was 5.10 percent.
S&P Global Ratings added delinquencies within the modified subprime sector improved in August, dipping to 3.47 percent from 3.57 percent in July and 3.77 percent in August of last year.
Rounding out the latest update, S&P Global Ratings mentioned the prime recovery rate sustained a minor dip to 57.79 percent in August from 57.87 percent in July. But the metric improved year-over-year since last August’s rate was 55.26 percent.
Analysts went on to note subprime recoveries improved to 41.06 percent in August from 40.33 percent in July and 39.15 percent in August 2017. They pointed out that the subprime modified composite weakened a bit with lower recoveries of 40.83 percent in August, compared to 41.23 percent in July. But that rate ticked up from 39.30 percent registered last August.
S&P Global Ratings closed by sharing some additional analysis that might be useful as finance companies track their own vintages. The firm said it compared losses for many of the issuers to their respective indexes over the past several years, finding that the majority of the issuers have experienced higher cumulative net losses on their 2015 securitizations than their 2014 counterparts.
“More specifically, while cumulative net losses on prime 2015 securitizations are trending significantly higher than 2014, the rate of deterioration has slowed for the 2016 vintage and the 2017 vintage with nine months of performance, is demonstrating better performance relative to 2016,” analysts said.
“The 2015 subprime vintage is reporting higher cumulative net losses than for 2014, but the 2016 vintage is performing slightly better than 2015. The 2017 subprime vintage has only nine months of performance and appears to be in line with 2016,” they continued.
In September, S&P Global Ratings said it revised expected cumulative net losses on one Flagship transaction, three AmeriCredit Automobile Receivables Trust transactions, two GM Financial Consumer Automobile Receivables Trust transactions and five First Investor Auto Owners Trust transactions.
“Of the 11 transactions we reviewed, six had downward loss revisions, and five were from 2017 because these have now seasoned sufficiently for us to use actual deal performance to project losses going forward, which usually occurs after 12 to 18 months,” analysts said.
Security National Automotive Acceptance Co. (SNAAC), a non-prime auto finance company, and Primeritus Financial Services, a provider of recovery management, skip-tracing, and remarketing services to the auto finance industry, announced their collaborative partnership on Tuesday.
Primeritus will provide SNAAC its full suite of remarketing services for SNAAC’s automotive portfolio.
“Primeritus has a solid reputation in the industry by helping auto finance companies improve their remarketing strategies and obtaining the highest returns in the auction lanes,” said Chris Mitcham, senior vice president of collections with SNAAC.
“SNAAC is proud to partner with a company that will help us; improve our portfolio results, lower our overall days to sell, manage cost, experience premium lane placement and participate in their vehicle certification process in order to obtain the highest vehicle retention value,” continued Mitcham, who was highlighted in this year’s Remarketing & Used-Car Industry’s 40 Under 40 produced by Auto Remarketing.
Primeritus vice president of remarketing Keith Byrd added, “The team at Primeritus is very excited and proud to partner with an established company like SNAAC. Primeritus has decades of combined experience in the remarketing industry which will also assist SNAAC in achieving their remarketing goals. We look forward to working together and providing an excellent remarketing experience.”
Joe Mappes, executive vice president of Primeritus Financial Services, also commented about this week’s development.
“SNAAC and Primeritus share a common objective; to deliver best-in-class service and results for our clients,” Mappes said. “By utilizing Primeritus’ proprietary remarketing technology, SNAAC will have data and insights relating to key performance indicators in the remarketing cycle which will help drive educated remarketing decisions.
“We are humbled SNAAC has named Primeritus as their trusted business partner in this facet of their collections cycle,” Mappes went on to say.
Only three states posted 60-day delinquency rates above 1 percent during the second quarter, according to Experian’s State of the Automotive Finance Market report.
Overall, analysts found that 60-day delinquencies dropped by 3 basis points year-over-year, settling at 0.64 percent during Q2.
The top 10 states for delinquency all generated readings above the overall industry rate. Here is the rundown from Experian:
1. Mississippi: 1.14 percent
2. Maryland: 1.10 percent
3. Louisiana: 1.08 percent
4. Georgia: 0.88 percent
5. South Carolina: 0.85 percent
6. Alabama: 0.84 percent
7. New Mexico: 0.84 percent
8. Arkansas: 0.74 percent
9. North Carolina: 0.71 percent
10. Texas: 0.71 percent
Equifax is looking to help banks navigate one of the most complicated accounting changes ever instituted.
On Wednesday, Equifax unveiled its SmartReserve offering to help banks and financial institutions registered with the Securities and Exchange Commission meet the new Current Expected Credit Loss (CECL) standards ahead of the deadline that’s set for the first quarter of 2020.
Equifax reiterated that the new regulation requires significant changes to the data a bank or provider maintains and analyzes, and involves a much deeper level of modelling, analysis and reporting than what has previously been required.
SmartReserve is powered by Equifax Credit Trends, which provides data to help support new CECL standards with respect to customers. The solution can forecast reserves based on this new modelling standard.
“This is new territory for many lenders as they may not have the infrastructure to support these large amounts of data, and mid-tier and smaller banks and credit unions and lenders may not have the capacity to perform the modeling in-house,” said Amy Graybill, vice president of enterprise insights and core data products at Equifax.
“SmartReserve provides the assistance lenders need to help protect their business against non-compliance with new CECL standards, along with historical pre and post-recession data that is needed to accurately forecast future credit losses and calculate required reserves,” Graybill continued.
The company highlighted that Equifax SmartReserve already has provided customers with information to help CECL forecasting by utilizing the extensive data. The data has helped companies evaluate their expected loss and tune their loss reserves.
For small to mid-size financial institutions that may need an outside resource to assist with modeling requirements, Equifax and Moody’s partner together in delivering a comprehensive solution.
“This is a significant departure from current practices and is understandably causing anxiety among both lending institutions and auditors,” said Cristian deRitis, senior director of consumer credit analytics at Moody’s Analytics. “Switching to a measure of potential lifetime loss will not only increase banks’ allowances for loan and lease losses (ALLL), it will dramatically change the timing of those provisions.
“Whereas today a lender can use the interest and principal payments collected early on in the life of new loans to build capital in anticipation of defaults, under CECL they’ll need to add to their reserves before having collected even $1 in loan payments. This could change the economics of the transaction and lead to higher fees or interest rates,” deRitis went on to say.
Additionally, SmartReserve uses the power of Equifax Credit Trends logic to enable the linking of trades over time and life-of-loan forecasting that includes 100 percent of the consumer database where consumers have at least one trade along with key consumer risk profile attributes at time of origination.
The offering also can link trades over time to enable vintage curves, updates and forecasting based on loan and consumer profiles to facilitate critical life-of-the loan forecasting, along with support from Equifax business intelligence and credit data experts.
The amount of outstanding deep subprime paper slid to an all time low during the second quarter, according to Experian’s State of the Automotive Finance Market report released on Thursday.
Analysts discovered deep subprime softened to an all-time low of 3.54 percent of the $1.149 trillion that Experian tabulated to be the total amount of outstanding auto-finance balances as of the close of Q2. A year ago, 3.98 percent of all outstanding balances fell into the deep subprime category.
To reiterate, Experian classifies deep subprime paper to be attached to consumers with credit scores between 300 and 500.
Overall, Experian determined that outstanding subprime and deep subprime auto financing — individuals with credit scores below 600 — declined to less than 19 percent of the market. As a result, the report showed average credit scores for new- and used-vehicle financing continue to improve, reaching 715 and 655, respectively.
“Having access to quality credit is something every consumer deserves, regardless of the type of financing used. As the cost of vehicles rises, lenders need to make sure they’re leveraging all available data so they can offer comprehensive financing options to all consumers,” said Melinda Zabritski, Experian’s senior director of automotive financial solutions.
“Consumers can also take steps to make sure they’re financially ready when looking to buy a car. We’re seeing the positive trend of on-time payments, which is just one step toward improving credit scores.”
Meanwhile, as contract amounts and monthly payments continue to reach new highs, Experian thinks that consumers seem unfazed since the percentage of 30- and 60-day delinquencies improved during Q2.
Report findings showed 30-day delinquencies dropped to 2.11 percent from 2.2 percent a year ago, while 60-day delinquencies dropped to 0.64 percent from 0.67 percent over the same time period.
“As we monitor the health of the automotive market, delinquencies are one of the most telling metrics. If this downward trend continues, it can be an encouraging sign,” Zabritski said.
“Moving forward, lenders will want to keep a close eye on car buyers’ payment performance. Understanding these trends and leveraging the power of data helps lenders make the right decisions when analyzing risk,” she continued.
But while delinquencies trend downward, affordability remains a point of industry interest, as the average amount financed continues to rise across the spectrum.
The average new-vehicle installment contract amount jumped more than $700 year-over-year to $30,958 in Q2, while used-vehicle installment contract figures increased $520 to reach $19,708.
Moreover, Experian pointed out that new- and used-vehicle monthly payments hit record highs during the quarter, with the average new monthly payment increasing $20 year-over-year to $525, and the average used monthly payment increasing $13 over the same time period, reaching $378.
Taking an even closer look at the data, Experian explained that finance companies can gain insights from the gap between new and used financing payments, which continues to widen, reaching $147 in the second quarter.
“For some consumers, that gap can mean the difference between buying a new or used vehicle,” Experian said.
The report also showed that consumers are increasingly looking to credit unions to secure automotive financing.
Credit unions saw double-digit growth for new-vehicle financing (12.9 percent) and strong growth overall (4.9 percent), closing in on 21.3 percent of the market at the end of Q2.
The only other provider type to experience growth was captive finance companies, which grew 1.2 percent during the same time period.
Experian mentioned five other additional findings from its latest report, including:
— Outstanding loan balances hit a record high but experienced slowing growth, reaching $1.149 trillion in Q2 2018, up from $1.027 trillion in Q2 2016.
— Leases decreased slightly year-over-year, from 30.83 percent in Q2 2017 to 30.41 percent in Q2 2018.
— 72 months remains the most common loan term for both new and used installment contracts.
— Market share for banks dropped to 31.6 percent in Q2 2018 from 32.3 percent in Q2 2017.
— Interest rates increased across all contract types, with the exception of used-vehicle deals in the deep-subprime segment.
Over the past year, the handling of personal property and redemption fees has become one of the hottest compliance topics in the industry. It is on the radar screen of virtually every auto finance company in the country, as well as the regulators. Most of this interest is sparked by Consumer Financial Protection Bureau concerns over disparate treatment of customers and inconsistencies in what customers are charged.
This issue has resulted in significant changes by most lenders as to how these fees are handled. Most lenders have shifted their approach to one of the emerging five models:
• Fees charged are up to agent and collected by agent
• Fees charged are up to agent and billed to lender
• Lender sets allowable charges and are collected by agent
• Lender sets allowable charges and are billed to lender
• All in one pricing
The remainder of this article will examine the key issues surrounding each model and aim to give you additional data points to gain a better understanding of the individual approaches. Let’s look at the five models in a little more detail:
Fees Set by Agent/Collected by Agent
Most major lenders have moved away from this approach primarily because lenders have little control or visibility on what is actually being charged. Consumers face the same dilemma and can be taken advantage of by agents. It’s no surprise that the lending community is migrating away from this model.
Fees Set by Agent/Billed to Lender
Although some states do regulate and specify repossession related fees, this approach still leaves the lender exposed to wide variations in fees charged. This structure does provide more visibility but there are inconsistencies on what is charged to different customers and by different agents.
Lender Sets Allowable Charges/Collected by Agent
When it comes to personal property and redemption fees, this is one of the better models as it reduces disparate treatment and ensures reasonableness. The lender sets allowable charges which establishes a guideline for the agent. While a more favorable approach, the lender continues to lack visibility since there’s no guarantee that an agent will comply.
Lender Sets Allowable Charges / Billed to Lender
When lenders set allowable charges and it’s also billed to the lender, there is both visibility and accountability. More and more lenders are migrating to this approach.
All in One Pricing
All in One pricing is a single flat fee set by the lender that covers the cost of the repossession, any personal property or redemption-related fees, and other ancillary services that might occur. This model is extremely straight forward and very easy for lenders to administer. It’s a one size fits all approach; however, therein lies the challenge. Only a percentage of repossessions involve personal property, redemption and storage. This makes it difficult to come up with an appropriate price that would make sense for every repossession.
Our Recommendation
Each model does offer some advantages and disadvantages. However, based on an assessment of interests of the various stakeholders as well as both the administrative and regulatory issues, ALS Resolvion has been recommending the following framework to our clients:
• Allowable fees established by the lender and billed to the lender
• Personal Property Fee: Maximum of $50 unless state law provides specific guidelines in which case state law would apply.
• Vehicle Redemption: Storage of $20 per day for the first five days of storage and$35 per day thereafter. Redemption/Administrative fees – Maximum of $75. Total Maximum redemption related fees (admin fees + storage) equals $150.
We feel that this framework strikes the right balance between a fee schedule that is reasonable for the agent, the need to be fair to the consumer and the need for a process that the lender can defend from a compliance standpoint.
Mike Levison is the chief executive officer of ALS Resolvion. More details about the company can be found at www.alsresolvion.com.
The next step in the collaboration involving the American Recovery Association and the National Automotive Finance Association unfolded on Wednesday.
Continuing their repossession efficiency project, ARA unveiled its newly improved Certified Collateral Recovery Specialist (CCRS) program.
The resulting baseline standards agreed upon by ARA and NAF Association encompass the key areas of vendor compliance, including owner/business regulatory reviews, training, policies and procedures and vendor site visits.
“The newly renovated CCRS program makes the compliance and education platforms much more efficient, which is something we’ve worked to achieve for a long time,” ARA president Dave Kennedy said. “In addition to reducing costs, I believe our CCRS program is the most well-constructed program in the industry.”
Kennedy insisted that ARA’s CCRS certification is the most comprehensive compliance exam in the industry, and it’s only awarded to those who score in the 80th percentile and above on each exam.
“We’re proud that our program was written by education professionals with the advice of attorneys, not by attorneys for attorneys,” said Les McCook, executive director of ARA.
Used nationwide by finance companies to the benefit of their organization and vendor network, ARA pointed out that its CCRS is least expensive program of its kind in the industry, and it’s the only all-inclusive system available to date.
In addition to rivaling any other training platform, association leadership highlighted the added benefits of ARA’s system include client customization, fingertip information resources and outside independent audits.
“For those paying these costs for their entire network, this is a major savings when compared to comprehensive operational costs,” ARA said.
ARA’s CCRS program is currently accepted by several finance companies in the country. Not only is it recognized by the Louisiana state government, but ARA indicated it will soon be also recognized in several states.
“ARA is working diligently toward full national adoption,” the association said.
For more information about ARA, its partnerships and its member benefits, visit repo.org.
