Wrongful repossessions already burdened the industry, and it’s an issue that intensified since the pandemic began.
With insurance companies already wary of absorbing too much liability, the repossession industry is again getting squeezed to secure coverage.
Mike Peplinski, vice president of the Harding Brooks Insurance Agency, appeared on the Auto Remarketing Podcast for a frank discussion about the growing challenges of repossession agencies having adequate insurance.
To listen to this episode, click on the link available below, or visit the Auto Remarketing Podcast page.
Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.
You can say Joel Kennedy literally was running for the repossession industry.
Earlier this month, the current president of the National Automotive Finance Association completed what’s known as the 4x4x48 Challenge to benefit the Repo Alliance, a federal lobbying initiative.
Kennedy ran four miles, every four hours, during a 48-hour period beginning on March 5. In the process, he raised $21,156 for Repo Alliance, which the American Recovery Association started a year ago as a fundraising organization to boost lobbying and other industry promotion efforts.
The Repo Alliance is the combination of ARA along with the California Association of Licensed Repossessors (CALR), Texas Accredited Repossession Professionals (Texas ARP) and Harding Brooks Insurance.
The alliance spelled out a trio of goals, including:
• Change the negative, reputational image of the recovery industry
• Educate legislatures of the vital role repossession agents play
• Fight against language in bills or guidance from regulators and lawmakers that could decimate the recovery industry
After tallying up Kennedy’s fundraising efforts, the NAF Association said in an industry message, "Together, we are one step closer to keeping our seat at the table and making a change in our industry."
For more information on Repo Alliance visit or to donate, visit RepoAlliance.com.
Black Book and Constant now are working together in an effort to help auto finance companies successfully navigate the potential rise in delinquencies and repossessions.
Black Book enhanced data and analytics, including vehicle valuations, now have been integrated within the Constant+ loss mitigation platform.
Access to Black Book data is now available for all Constant clients.
The Constant+ self-service platform is geared to unlock expanded loss mitigation strategies to offer finance companies agile solutions not otherwise available.
With the integration of Black Book data to Constant+, finance companies can minimize credit losses and preserve consumer goodwill by leveraging precise VIN-specific valuations adjusted for vehicle history to strengthen decision making.
The goal is to empower finance companies to choose from an expanded list of loss mitigation solutions and select the least costly path forward to maximize recovery and protect narrow margins.
“This year will be as uncertain as 2020. Increased consumer protection regulations may interrupt traditional repossession strategies, used car prices may continue their decline, and borrowers’ ability and willingness to repay will likely remain volatile,” Constant chief executive officer Catherine Powers said in a news release distributed last week.
“Lenders will want to be agile and armed with strategies that go beyond extensions, spinning the dialer, and repossession,” Powers continued. “To this end, automation is critical. The data on our platform must be precise and available in real-time. And for that reason, we’re excited to add the integration of Black Book’s industry leading data and analytics.
With Black Book data integrated with Constant+, finance companies can make the best decision about whether it makes sense to recast or restructure debt or offer a short payoff or voluntary surrender if repossessions are spiking or moratoria are expanding.
“We are excited to partner with Constant+ on this innovative solution for auto lenders. Black Book provides unparalleled data and analytics tools to support the auto lending process from loan origination, risk mitigation, loss forecasting to asset remarketing,” Black Book executive vice president of revenue Jared Kalfus said in the news release.
“With Black Book, the Constant+ self-service platform helps lenders evaluate hardships and potential recovery solutions in real-time and with high confidence in the true value and related exposure of the asset,” Kalfus went on to say.
Leaders of the American Recovery Association are looking to provide members with another vital information update before the year closes.
ARA’s Dave Kennedy, Les McCook and Patrick Altes will be hosting an open industry webinar on Thursday to give their perspectives on the current industry landscape as well as an update on the association’s legislative efforts.
The webinar is scheduled to begin at 2 p.m. (ET) on Thursday. Registration for the event can be completed here.
“This webinar is your opportunity to use ARA as a resource for the industry as you navigate challenges within your business,” ARA said.
ARA also is set to release its latest Industry whitepaper focused on specialty equipment, including flatbeds, dollies, lowboys and more.
“The days of a simple recovery are over,” ARA said. “And with new special equipment needed to safely recover collateral, it’s important you know the correct fees for specialty equipment.”
RISC chief executive officer Stamatis Ferarolis appeared on the Auto Remarketing Podcast not only to share his observations about the repossession and recovery industry, but also to describe a new project to help a demographic impacted significantly by the pandemic.
The company has organized what it’s calling Program LIFT, which is designed to encourage and support teens with professional work experience and more.
To listen to the entire conversation, click on the link available below, or visit the Auto Remarketing Podcast page.
Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.
Last month, ART Asset Adjusters came to fruition as the result of merging six repossession and recovery agencies serving California, Arizona, Nevada, Utah, Colorado and New Mexico.
On Tuesday, ART Asset Adjusters expanded its footprint into Texas by merging two more agencies into its industry portfolio.
According to a news release, joining the conglomerate are Diversified Recovery of Texas and 1st Adjusters of Texas.
The owners of these two companies said they are fully aligned with the ART vision to become and remain the most trusted partner to auto-finance companies for asset recovery services. To help accomplish that vision, Diversified Recovery and 1st Adjusters will both merge completely into the ART organization by the end of the year.
Starting Jan. 1, ART Asset Adjusters will deliver direct one-call asset recovery services throughout seven states, operating from approximately 50 marshalling facilities across that service footprint.
“It is a privilege to welcome these two great Texas companies into ART Asset Adjusters along with all the special people that make their organizations stand out,” ART Asset Adjusters chief executive officer Dan Johnson said.
“In our continuing endeavor to better serve our clients and provide a stronger future for our employees, adding the state of Texas to our service footprint with these outstanding teams delivering that service moves us forward in living out our vision to become and remain the most trusted lender services partner in asset recovery,” Johnson continued.
Furthermore, the owners of Diversified Recovery and 1st Adjusters will continue in full time roles with ART Asset Adjusters providing leadership and operational continuity for all their lender clients.
“Over the years, our company has built and sustained a legacy of strong, trusted relationships with our clients, and a performance track record that continually sets the bar for service within our industry,” said Joseph Hale of Diversified Recovery, who will serve as vice president of client development for ART Asset Adjusters.
“Joining together with the ART team will enable us to deliver our service excellence across a larger service footprint, and to be even more responsive when we are provided additional opportunities to serve our clients in the days ahead,” Hale continued.
Rick Campbell, who founded Diversified Recovery 18 years ago, will serve as ART’s vice president of training and risk management.
“We are very proud of being a top performer in the repossession space, and we will remain intensely committed to the rigorous processes and standards that we are known for maintaining,” Campbell said.
“Effectively equipping our people for success is a key to continually being recognized as a service leader by our clients, and becoming part of the ART family will allow us to invest even more into preparing our people for increased personal and professional success,” he went on to say.
James Waldron of 1st Adjusters will be director of client relations for the Texas region for ART Asset Adjusters.
“Combining the strength of our field operations, while increasing our investment in technology and logistics support, will allow us to produce results for our clients in an even faster and safer manner,” Waldron said.
“This will allow us to provide a very personalized service to each of our clients that focuses on their specific needs and how they want their accounts handled. We are extremely excited to become a part of ART along with Diversified Recovery,” he added.
Following the initial merger announcement, Johnson described how the combination of companies came together in an episode of the Auto Remarketing Podcast, which can be heard through the window at the bottom of this page.
For most consumers, they have a variety of options and carriers when it comes to insurance. For repossession agents, availability and choices aren’t so robust, because of the complexity of the business, among other factors.
However, the landscape appears to be improving, as Renee Low from the Harding Brooks Insurance Agency explains during this episode of the Auto Remarketing Podcast.
To listen to the entire conversation, click on the link available below, or visit the Auto Remarketing Podcast page.
Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.
RISC announced that with support from Hudson Cook, it recently completed the 2020 update of the education firm’s training certification program — CARS Financial Client (CARS FC).
The firm reiterated this week that the CARS FC certification program was created for financial clients, including national forwarding companies and lending institutions, to provide a comprehensive understanding of the state and federal laws that apply to self-help repossession.
RISC indicated in a news release that the course update aligns the content with current federal law and the addition of the Equal Credit Opportunity Act (ECOA).
RISC developed this certification curriculum in 2017 to support industry professionals who do not perform repossessions and is updated annually.
This online training program takes enrollees through all aspects of the repossession process, from government regulations to possible liability traps, and teaches best practices. The program covers topics such as:
• Consumer Financial Protection Bureau oversight
• Fair Debt Collections Practices Act (FDCPA)
• Dodd-Frank prohibition on Unfair, Deceptive, and Abusive Acts and Practices (UDAAP)
• Telephone Protection Act
• Servicemembers Civil Relief Act
• Contracts
• Crimes and torts
RISC noted that CARS FC is an online course administered on its educational platform that can allows for self-paced training.
The firm pointed out more than 5,000 people are certified annually with RISC's CARS FC, CARS, and CARS Continuing Education programs.
To learn how to train yourself or your employees, contact RISC at [email protected].
Earlier this month, news arrived that six repossession and recovery agencies serving auto-finance clients in California, Arizona, Nevada, Utah, Colorado and New Mexico were merging to form ART Asset Adjusters.
Chief executive officer Dan Johnson joined this podcast episode to discuss how the merger came together and how ART Asset Adjusters plans to operate going forward.
To listen to the entire conversation, click on the link available below, or visit the Auto Remarketing Podcast page.
Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.
Consolidation that the repossession and recovery industries have rarely seen — if ever — came to light on Tuesday.
According to a news release, Camping Companies and Paramount Recovery Service are merging, and four other repossession companies are involved, too, as Accurate Adjustments of California, Able Auto Adjusters of California, Advanced Services of Redding California and Tri-State Recovery of Arizona are melding into a new company in move officials said will be completed by the end year.
Starting Jan. 1, the combined company will be known as ART Asset Adjusters, which plans to offer direct one-call asset recovery services throughout California, Arizona, Nevada, Utah, Colorado and New Mexico operating from approximately 40 marshalling facilities across that service footprint.
The news release indicated the owners of the merging companies will continue in full time roles with ART Asset Adjusters providing leadership and operational continuity for all auto-finance clients.
“Each of the six companies that are joining together have a well-established track record in their respective markets for strong operational performance and for maintaining quality relationships with their lender clients,” said Kevin Camping of Camping Companies, who will serve as president of ART Asset Adjusters.
“Combining the talent and experience of all the industry leaders within our six companies will allow us to more effectively know and serve our lender clients going forward, while also becoming a dynamic place for professionals in our industry to build a successful and long-term career,” Camping continued.
Steve Simons of Paramount Recovery Service will serve as senior vice president and chief strategy officer of ART Asset Adjusters.
“In addition to our great people, the combined resources of these six companies will allow us to more effectively and efficiently deliver quality results in the field for our clients on a daily basis,” Simons said. “Paramount has been a leader in the deployment of LPR and other technologies that continuously improve operational performance and timely response.
“Coming together as one larger company will greatly increase our collective ability to be aggressive adopters of new technology and lead the industry in delivering asset recovery services that increase the financial success of our lender clients,” he added.
Doug Camping of Camping Companies will be chief financial officer of ART Asset Adjusters.
“The combined scope of our people, resources and service footprint will give each of the clients we proudly work for increased confidence that they can count on our company as trusted partners,” Doug Camping said. “Our ownership team is resolutely committed to our company setting the standard in the repossession industry for being fully compliant, financially strong, managing risk well and always investing in our future.
“This will allow us to continue serving our clients for a long time to come,” Doug Camping went on to say.
And Dan Johnson, who will serve as chief executive officer of ART Asset Adjusters, added this perspective.
“With a passion for leading the charge in our organization to empower our employees towards personal growth and professional success, I share the collective excitement of our leadership team about this merger and our future together,” Johnson said. “As an ownership group, we have two foundational and guiding motivations in coming together as one company: to provide a stronger and brighter future for the hard-working and loyal people that presently work for each of our companies, and to continuously improve our ability to be the most trusted lender services partner in asset recovery for each of our lender clients.
“We will accomplish these two goals together as one team – ART Asset Adjusters, LLC,” Johnson concluded.
For more information, visit www.artassetadjusters.com.
