On Tuesday, KAR Auction Services shifted an executive from AFC to a role with PAR North America.
According to a news release, PAR announced Drew Shull was named vice president of sales and client experience.
In his new role, the company said Shull will focus on enhancing PAR’s client experience and product offerings, while leading the sales team. He and the sales team are responsible for executing on the company’s overall strategy, which includes implementing client retention initiatives, driving results and expanding PAR’s product portfolio.
PAR is a leading U.S. provider of vehicle transition services with coast-to-coast solutions for recovery management, skip-tracing, remarketing and title services. This appointment aims to help create new client relationships and foster PAR’s existing customer base.
“At PAR, we are working to transform the asset recovery industry and grow our footprint,” PAR North America Lisa Scott president said.
“With 19 years of sales experience, Drew’s proven track record of providing internal and external partners with value is just what PAR needs at this time in our industry. His passion and drive will help take PAR’s product and services to the next level.”
Prior to joining PAR, Shull served as regional manager at AFC where he led the 12-branch Midwest region with an automotive floorplan portfolio of $200 million. While at AFC, he coached and mentored branch managers on sales strategies, relationship building and integration of new products from the KAR Auction Services portfolio of brands. He also led the Mobility Branch, an international business opportunity for rental cars, fleet cars, rideshare and retail subscription programs.
The company added Shull served in various sales and financial roles before joining the KAR family.
Shull will be based in central Indiana and will report directly to Scott, according to the news release.
DIMONT bolstered its leadership team on Tuesday with a former VanWagenen executive who also has been involved with multiple industry organizations such as the American Financial Services Association and the National Automotive Finance Association.
The Dallas-based provider of insurance claims adjusting and collateral loss mitigation services to the residential mortgage and auto lending industries announced the appointment of Jeffery Anderson to senior vice president of auto services in a strategic move to continue the growth of its auto division.
At DIMONT, the company explained Anderson will oversee the entire auto services division including managing the auto operations employees and building client relationships. He will also be responsible for identifying and developing business solutions for auto finance companies, driving the growth of the company’s repo claims, insurance monitoring and total loss solutions from the discovery of customer needs to implementation and ongoing delivery.
Bringing 30 years of insurance claims, customer experience and business development experience, DIMONT highlighted Anderson has played a role in developing product processes and system enhancements, increasing sales, implementing operational strategies and leading multi-million dollar projects.
Anderson previously worked at VanWagenen as senior vice president of sales, specialty claims and client management. He has also worked at The Hartford and State Farm where he led management teams, built out customer experience programs, developed and launched new products and analyzed the claims process.
During his time in the industry, he has been a member of CBA, ABA and AFIP Association while holding the position of board member at AFSA and the NAF Association. Anderson is also licensed in property and casualty insurance in all 50 states.
“We’re excited to continue growing DIMONT’s auto division by adding Jeff as the senior vice president of auto services,” DIMONT chief executive officer and president Denis Brosnan said.
“With Jeff’s leadership, our auto services team will continue enhancing its position as a market innovator, providing repo and total loss claims services by licensed public adjusters and innovative, data-driven insurance monitoring solutions to address the collateral protection needs of our clients,” Brosnan went on to say.
Arent Fox is bolstering its compliance offering, and in the process, bringing back one of its experts.
This week, the firm announced the launch of Managing Automotive Compliance, a regulatory, auditing and consulting service that is designed to help auto industry clients manage their regulatory needs.
The firm explained Managing Automotive Compliance is geared to defend automotive clients’ bottom lines against regulatory risk with “unparalleled experience, comprehensive resources and predictable pricing.”
Managing Automotive Compliance is led by automotive compliance director Lisa Singer. With more than 15 years of experience, Singer rejoined the firm’s Los Angeles office, where she will work on regulatory consulting and auditing, employment policies and procedures, training and enforcement matters.
“Lisa is an authority on compliance issues and a key person that we will rely on to expand our Managing Automotive Compliance group,” Arent Fox automotive leader Aaron Jacoby said. “Her practical counsel and real-world solutions are exactly what our automotive clients expect to receive from one of our firm’s signature practice areas.”
Singer was previously executive vice president of Auto Advisory Services (AAS), a leader in regulatory compliance and consulting. Later, upon the acquisition of AAS by KPA, Singer became KPA’s director of legal affairs.
Arent Fox highlighted Managing Automotive Compliance’s services include:
• Advertising review
• Compliance seminars
• Employee handbooks
• Review of finance practices
• On-site training
• Creating policies and procedures
• Wage and hour review
Arent Fox’s national automotive group has been recognized in Chambers USA and by the Daily Journal for “thinking outside the box for automotive clients.”
Firm officials added, “From regulatory enforcement and consumer litigation to business transactions and government investigations, our industry-focused team helps automotive clients navigate a dizzying array of competitive and regulatory roadblocks.”
This week, the American Financial Services Association welcomed its new vice president of communications.
Taking on this role for the national trade association for the consumer credit industry is Ed McFadden.
AFSA indicated McFadden will play a crucial role in expanding the association’s mission of ensuring access to safe and important consumer credit products. Officials added the hire will allow AFSA to provide an even greater level of service to their membership.
“I am thrilled that Ed McFadden has joined AFSA,” AFSA president and chief executive officer Bill Himpler said. “Ed brings a depth of high-level and strategic communications experience that will take AFSA’s prominence to the next level and help advance access to credit for all Americans.”
During the past 25 years, McFadden has worked as a writer and editor, a political and corporate speechwriter and directed public policy communications for Verizon. He most recently served as the chief communications officer for the Archdiocese of Washington.
ALS Resolvion, a leading provider of skip tracing and repossession management services, announced on Monday that the company has a new chief operating officer.
Joining ALS Resolvion with more than 20 years of experience in loss mitigation, collections and back office operations, Scott Darling is now the company’s COO after previously serving as senior vice president at Wells Fargo.
Prior to his role at Wells Fargo, Darling held senior positions at Bank of America, Capital One and PayPal.
“Adding an executive with Scott’s talent underscores our commitment to our brand promise of delivering our clients better results at lower risk,” ALS Resolvion chief executive officer Michael Levison said in a news release.
“In his role, Scott will oversee our case management, post repossession operations, compliance operations and corporate development activities,” Levison continued. “His deep experience will undoubtedly take these parts of our business to new levels of effectiveness and will add a strong voice to our executive leadership team.”
KPA acquired Compli earlier this year, and now the provider of environmental health and safety (EHS), HR management and F&I compliance software and services has a new president and chief executive officer.
According to a news release distributed on Wednesday, the company appointed Chris Fanning as president and CEO. Fanning succeeds Vane Clayton, who has served as CEO since 2006.
The company said Clayton will continue to serve on the KPA board of directors.
Fanning joins KPA with 30 years of experience in general management, strategy and operations for both public and private companies. He most recently was president and CEO of Survey Sampling International (SSI), where he grew the global first-party data and software company from $150 to $300 million in revenue.
Fanning also has held multiple leadership roles with Lattice Semiconductor and The Boston Consulting Group.
“I am honored and excited to have the opportunity to lead KPA as CEO,” Fanning said. “The industry-leading combination of EHS expertise and modern SaaS software solutions is unparalleled in helping mid-size companies automate safety, compliance and HR processes.
“It is my goal to build on the incredible foundation that Vane and all of the talented KPA employees have created and help the team to expand the solution set and deliver on the mission of transforming EHS and workforce management programs for our customers,” Fanning continued.
Under Clayton’s leadership, KPA has grown rapidly and now helps nearly 10,000 customers realize ROI, achieve regulatory compliance, improve safety, control risk, protect assets and optimize the workforce with a unique combination of software (SaaS), online training and on-site audit services.
KPA has enjoyed strong growth in recent years, entering new markets and acquiring multiple software and services companies to expand the comprehensive solution set available to KPA customers.
“I am incredibly proud of and humbled by the major achievements the KPA organization has accomplished during my tenure as CEO,” Clayton said. “Helping our clients achieve safety, compliance and business goals is my passion, and I look forward to advising and supporting KPA as a board member.
“The company is in great hands with Chris as CEO. He is a phenomenal leader with the proven operational skills to rapidly scale companies with a sharp focus on customer success. The future is bright for KPA,” said Clayton, who participated in an episode of the Auto Remarketing Podcast earlier this year.
Last July, KPA announced a majority investment from Providence Equity Partners, which was also the majority owner of SSI, where Fanning was most recently CEO. The Providence team has a strong track record of working with Fanning to grow and scale companies.
“The compliance market has tremendous potential for long-term growth, and KPA is well positioned to serve clients with a modern software platform and outstanding client service, which together have resulted in strong client retention, high recurring revenue and consistent organic growth,” Providence managing director Will Hughes said.
“We are very excited to partner with Chris Fanning and KPA’s excellent leadership team to accelerate their growth strategy and create lasting value for KPA clients,” Hughes added.
KPA mentioned its headquarters will continue to be Lafayette, Colo., with key offices in Portland, Ore., and across the country.
Credit Acceptance Corp. created a new executive position this week and appointed an individual who has been with the company for 17 years to the position.
According to a filing with the Securities and Exchange Commission posted on Thursday, Credit Acceptance named Jonathan Lum as chief operating officer. Lum has been with the company since 2002 in a number of roles, starting in the finance department and moving up to accounting manager before being promoted to director of projects and support in 2007 and director of policy compliance in 2008.
Credit Acceptance promoted Lum to vice president of internal audit and compliance in 2009 and then to his most recent role of senior vice president of the dealer service center in 2011.
The executive move comes after Credit Acceptance finished the first quarter with consolidated net income of $164.4 million, or $8.65 per diluted share, representing a rise from $120.1 million, or $6.17 per diluted share for the same period in 2018.
The company reported its adjusted net income, a non-GAAP financial measure, for the three months that ended March 31 came in at $153.6 million, or $8.08 per diluted share, up from $118.9 million or $6.11 per diluted share a year earlier.
Credit Acceptance generated those Q1 figures even as originations remained nearly flat year-over-year. The company booked 112,844 contracts in Q1, up from 112,345.
The company’s active dealer network did rise by a notable amount in Q1. Credit Acceptance’s collection of stores that receive funding for at least one contract per quarter rose 9.9% year-over-year to 9,633.
“I think the first quarter is usually a good quarter for enrolling new dealers. We have a larger sales force than we had a year ago. So those are probably a couple of reasons why new dealer enrollments were pretty good,” Credit Acceptance chief executive officer Brett Roberts said during the company’s latest conference call.
“In general, our program works very well at a small independent dealer. It works very well with a larger franchise dealer. Sometimes the selling process can be different,” Roberts added later in the call. “The larger organizations typically there’s more people that need to sign off on a new lender, so it could be a little bit more complex. And then when you get into stores that have multiple locations and maybe a corporate office, there’s another selling process that occurs there. But other than that, the program works in all kinds of environments.”
Kevin Kindschi called it a “detour from retirement,” to work with credit unions about product that can help them serve members with subprime credit histories.
After retiring from CUNA Mutual following a 30-year career, Kindschi recently joined Open Lending as regional vice president of sales in a territory that includes credit unions in California, Arizona and Nevada.
Open Lending works exclusively with automotive finance companies by providing contract analytics, risk-based pricing, risk modeling and automated decision technology. Based in Austin, Texas, the company serves more than 400 financial institutions nationwide.
Lenders Protection, the flagship product of Open Lending, can provide default insurance so credit union leaders can feel greater confidence and security — for the credit union, its members and its regulators — in finalizing contracts to members with lower credit scores.
Lenders Protection can allow credit unions to reach more members with the goal of helping them rehabilitate their credit while generating higher yields on the loans credit unions make and lifelong loyalty from the members they assist.
“This was a detour from retirement,” Kindschi said with a chuckle, noting that most of his friends were still working and he wanted to, too. “It’s refreshing to be doing something a little different. It’s nice to focus on one product and do it well.
“Open Lending brings a tremendous value to the table,” Kindschi continued. “A lot of people need financial help. With Open Lending’s Lenders Protection, credit unions will definitely be able to serve more members, particularly those who are credit challenged.”
Kindschi gave the example of his 22-year-old son who wanted a credit card but was turned down by a credit union because he was young and didn’t have much credit. He then went to another credit union that approved him. He soon became a raving fan of his credit union and subsequently secured auto financing from that credit union, as well.
“My son’s credit union created a sense of loyalty for my son toward the credit union,” Kindschi said, “and that’s the type of opportunity Open Lending’s Lenders Protection affords credit unions
“Credit unions have increased their loan-to-share ratios, but that’s mostly on A-paper loans,” Kindschi went on to say. “With Lenders Protection, credit unions can reach more members, earn more interest income and help more borrowers with lower credit scores achieve greater financial stability and earn their way to lower rates.”
Open Lending chief executive officer John Flynn described what having someone like Kindschi on the company team.
“We are very excited to welcome Kevin to the Open Lending team,” Flynn said. “He brings a wealth of industry knowledge and a history of sales success through integrity that we appreciate here.”
Taylor Thurman is back with National Creditors Connection Inc. (NCCI).
The loss-reduction outsourcing (LRO) company recently announced Thurman returned to be its director of sales in the auto-finance market. NCCI indicated Thurman will be leading all market development and sales initiatives for the auto-finance segment.
“We are excited and humbled to have our superstar back home at NCCI,” NCCI president Rick Rodriguez said.
“NCCI is known for helping clients reduce losses, and Taylor’s knowledge and relentless drive will enable NCCI to continue to deliver our absolute best to our auto-finance partners,” Rodriguez continued.
Thurman spent three years with NCCI before serving as client development director of auto claims at DIMONT. She led the market development and sales expansion of that specialty insurance and loan administration company into the auto-finance space, delivering 15 new logo clients in a little more than year.
During her first stint with NCCI, Thurman ran sales and market development for the company where she delivered more than $4 million in new sales, bringing on more than 40 new clients including captives and large banks.
Thurman's professional career also includes a stint with Consolidated Asset Recovery Systems.
In addition to her impressive track record in auto finance, Thurman is a level I certified Crossfit coach/trainer, and she is equally as active in giving back to the community as a teen mentor and a volunteer with those struggling with addiction.
“Taylor will be helping NCCI to make sure that the reach and positive impact of their loss reduction solutions are delivering results in the auto-finance segment,” NCCI said.
Paramount Recovery Service, a leading Southern California-based automotive repossession company, recently announced the expansion of its locations and services as well as the hiring of two industry experts.
Company leaders highlighted the physical expansion includes the acquisition of PRS’ largest location to date — an indoor and outdoor facility consisting of 88,000 square feet that’s situated in downtown Los Angeles’ Huntington Park district. The company now services 15 counties with brick and mortar repossession storage facilities, including a location in San Diego, a one-acre facility in Perris, and others in Ontario, East Los Angeles, Burbank, Oxnard, Lancaster, Bakersfield and Fresno.
PRS also maintains an office and auto storage facility in Phoenix.
The company noted a portion of this growth follows PRS’ acquisition of three other automotive repossession companies during the past two quarters. Additional acquisitions are underway with plans to expand to Palm Springs, Santa Maria and throughout California by the end of 2019.
PRS also added two new employees to its management team.
Industry veteran Kevin Morgan joined as vice president with an extensive background in auto and repossession services, credit union experience and remarketing. Morgan previously worked for Simons Services and Recovery (SSR) and Cinema Vehicle Services.
Morgan will assist PRS founder and president Steve Simons in company oversight and daily operations.
Daisy Duarte came aboard as director of operations in PRS’ pre-recovery unit, bringing years of industry knowledge and expertise from Westlake Financial Services. Duarte now is part of the operations team led by PRS chief operating officer Roger Gilden.
“The addition of Kevin and Daisy allows us to continue to grow and operate the best professional one-stop-shop for all Southern California recovery,” Simons said.
“Despite our rapid growth, we remain dedicated to being the family-oriented, professional organization that has always set us apart in the industry,” Simons continued. “We are also upgrading the technology in all of our state-of-the-art facilities, saving money and time for our clients. We are changing the way repossession companies operate through compliance, technology and automation.”
PRS’ fleet of vehicles now scans more than 10 million license plates per month via its strategic partnership with on-demand data solutions company, MVTRAC. Using the newest license plate recognition (LPR) technology and employing a round-the-clock administration team and dispatch for all field staff, clients can contact PRS for expedited auto recovery 24 hours per day, seven days a week.
The company also offers complete in-house automotive locksmith services, auto transport services and will soon be offering vehicle remarketing, as well as a statewide impound retrieval division.
Due to PRS’ rapid growth, the company is hiring in all locations. PRS offers comprehensive health benefits and competitive wages to its employees. Qualified applicants are encouraged to send their resumes to [email protected].
