Bryanna Cox takes listeners of the Auto Remarketing Podcast into one of the most difficult, yet vital, parts of the automotive industry.
The vice president of Asset Resolutions, a full-service repossession and recovery agency in Kingwood, Texas, described how repossession agents are handling the demands put upon them, as the pandemic has impacted their livelihoods significantly.
Cox also touched on how the repossession industry has united as a result.
To listen to the conversation, click on the link available below, or visit the Auto Remarketing Podcast page.
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While the National Automobile Dealers Association is orchestrating its largest event of the year virtually this week, the American Recovery Association announced its decision to reschedule its primary events to the fall in hopes of having them in person.
After careful consideration, ARA said that the North American Repossessors Summit will be conducted on Oct. 7-8 with the ARA Convention preceding that event on Oct. 6. They’re both set to unfold at the newly renovated Omni Mandalay in Irving, Texas.
“Thank you to everyone who recently filled out our 2021 Health and Safety Survey. We sincerely appreciate your thoughtful feedback as we navigate through these challenging times,” ARA said in an industry message.
“NARS and the ARA Convention have always been a time for professionals from across the country to come together, and we believe it is in all of our best interest to wait until we can all convene as normal with fewer limitations and safety concerns,” the association continued.
“We have seen the unfailing resilience of this industry and we are hopeful for the future as we look toward October. The NARS committee will continue to monitor the ongoing situation as we navigate challenges with one voice, strong and united,” the association went on to say.
ARA indicated that individuals who already registered for NARS 2020 will automatically have their registrations transferred for the rescheduled event.
ARA said questions about registration status or other inquiries about its events can be sent to [email protected].
“Stay on the lookout for more updates from NARS 2021, including the announcement of a new theme and exciting speaker sessions to come. We can’t wait to see you all there,” ARA said.
LocateSmarter’s Alex “SkipGuru” Price and RISC are joining forces not just to help professionals sharpen their skip-tracing skills, but also to generate financial resources for a cause connected to something more valuable than vehicles.
To support the Innocent Lives Foundation (ILF), RISC and Price said they will donate 100% of the sales proceeds of the Skip-Tracing Certification Program to ILF during February and March.
Price highlighted in a news release that ILF is a nonprofit organization that utilizes the unique skillset of computer security and open-source intelligence (OSINT) professionals to unmask child predators on the internet and help bring them to justice.
According to Price and ILF, one in 10 children will be a victim of sexual abuse before their 18th birthday. ILF is committed to protecting children’s innocence as the organization’s experts hunt down who they deem to be the “worst of the worst” — pedophiles, sexual predators and human traffickers — while also providing critical evidence to U.S. and international law enforcement agencies.
Since its inception, the ILF has had more than 239 cases accepted by law enforcement. Price said the impact the case support has had on children’s lives is immeasurable.
“Working with the ILF is a great passion of mine, and I intend to put all my resources and contacts into helping their mission,” Price said. “As parents of two great kids, my wife and I have been blessed never to have had the experience of any violent crime in our family. It is hard for us even to imagine the torture these poor children have endured, so if one dime of my certification program sales or one friend volunteers to help the ILF to save children, then my entire career will be worth it.”
Price is the creator of RISC’s Skip-Tracer Certification Program that is widely used by the collateral recovery industry as well as private investigators, bounty hunters, news reporters and others.
Price has been skip-tracing and advising the auto-finance industry for more than 30 years on tracing individuals who are no longer making timely installment payments for their vehicles.
Now professionals involved in collections and recoveries can obtain the education, become a certified skip-tracer and support ILF, too.
“Partnerships with individuals like Alex Price and companies such as RISC are vital to our mission for many reasons," ILF chief operating officer Scott McCombs said in the news release. “First off, it can cost up to $10,000 for the ILF to create and deliver a case to law enforcement. And, as a 501(c)3, we rely solely on generous donations to continue our vital work.
“In addition to fundraising initiatives, these partnerships are an essential way that our organization can gain new exposure to groups and individuals who align themselves with our mission,” McCombs added.
Price and ILF plan to discuss the organization’s ongoing efforts during a live-streamed conversation set for Tuesday at 7 p.m. (ET). The online event will be available here.
“I know many of the best investigators in the world, and I challenge each of you to find out how you can help save a child. God bless anyone that is able to contribute in any way,” Price said.
More than 2,000 years ago, Greek mathematician Archimedes is credited with the finding that the shortest distance between two points is a straight line.
Well, five organizations from the repossession world recently reiterated their industry position using a similar assertion that the most efficient way for finance companies to repossess vehicles and recover funds is the direct method. That’s when there’s a straight line of communication and assignments flowing between the finance company and repossession agent.
“Working directly with companies and associations who have proven consistently over the decades to be reliable, trustworthy and professional is still the safest and most effective strategy that you can employ,” the groups said in a message to SubPrime Auto Finance News. The organizations included:
— Allied Finance Adjusters
— American Recovery Association
— California Association of Licensed Repossessors
— Eagle Group XX
— Texas Accredited Repossession Professionals
Along with being potentially being more cost-effective for finance companies, the organizations asserted their collective experience and resources often can prevent one of the worst scenarios collections and recovery departments can encounter.
“As a lender, you know that there is no worse feeling than being on the wrong side of a wrongful repossession,” the groups said. “It creates a pit in your stomach when the tables are turned. Communication breakdowns are the usual culprit, and the more points of communication to go through, the more that can go wrong.
“Remember direct contact is best,” they continued. “Always remember, these are your accounts. You need to be in control of them and you need to know who represents you in the field.”
And with the pandemic impacting non-corporate entities quite significantly, the groups closed their proposition to finance companies with this thought.
“Save a small business and get better and safer results. Use an association or direct agent for your assignments,” they said.
The American Recovery Association is looking to smooth one of the most challenging parts of the recovery process through what the organization is calling a “ground-breaking” partnership with ACV Auctions.
With access to ACV’s inspection services and active marketplace, ARA said on Wednesday that its members now can leverage ACV to seamlessly inspect, list and sell vehicles same-day directly from ARA member storage facilities.
To recap, ACV is an online wholesale automotive marketplace driven by technology to provide transparency and national scale through third-party, accurate vehicle condition reports and 20-minute auctions.
With this newest partnership, ARA members will now have access to a new remarketing strategy that can allow for additional revenue streams and access to an active national buyer pool through ACV’s online auction platform.
“We are glad to promote a company that recognizes the value of our facilities and the true meaning of engaged customer service,” ARA president Dave Kennedy said in a news release. “I am positive that this relationship will be a valuable one for the ARA membership, and for the lenders that utilize the ACV Online Auction platform.”
As part of this new partnership, ARA will be able to facilitate a new remarketing strategy for finance companies, utilizing ARA member’s professional locations as marshaling centers for repossessed collateral.
With access to a large database of vehicle history and condition information, ACV’s inspection force, once dispatched to an ARA member storage facility, can produce a comprehensive True360 condition report to assess the “true” value of each vehicle before its listed for sale on ACV’s live, 20-minute auction platform.
ARA said this process can give members an immediate return for every vehicle that is sold through this platform from their storage facilities.
“We look forward to offering ARA members an efficient remarketing opportunity that will enhance their core business offerings. ACV’s online auction experience puts the customer in the driver’s seat, saving them time and money,” ACV chief sales officer Mike Waterman said.
“Given ARA’s wide member base and professionalism in the auto-recovery industry, this partnership was a natural fit,” Waterman continued.
For more information about ARA, its partnerships and its member benefits, visit repo.org. For more information on ACV Auctions, visit acvauctions.com.
The American Recovery recently rolled out its latest informational initiative since the coronavirus pandemic began.
The newest project is a new whitepaper series titled, “Repossession Matters,” as ARA said it will be addressing issues and presenting revenue models to allow for repossession agencies to operate in a viable and sustainable manner.
“In light of the ongoing struggles in our industry, now magnified by the pressure of COVID-19, ARA has been assessing, researching and creating content in order to put forth a clear argument for radical change within the pricing structures of our industry. These changes are long overdue and will ultimately benefit all parties throughout the industry,” ARA said.
“For many years now, we have been bankrupting ourselves thanks to the inability of repossession agents, lenders and forwarders to come together and address issues head-on,” the association continued.
“The goal of the Repossession Matters series will be to raise understanding among us and lead with one clear voice as an industry — something that up until this point has not been achieved,” ARA went to say.
The opening segment focuses on what the association described as the “true” cost and potential risk surrounding personal property fees.
“Every day, members of our industry put themselves at risk handling potentially hazardous materials from recovered vehicles and dealing with personal property from repossessed vehicles is one of the most difficult aspects of the recovery professional service, making it even more important to charge the correct fees for handling belongings,” ARA said.
“At ARA, we are confident that by combatting challenges with the entire industry in mind, we can bring about mutually beneficial industry changes and unify our voice as one,” the association added.
The opening series segment can be found on this website.
On Thursday, Resolvion officially welcomed a new director of business development, bringing a robust background from different segments of the automotive industry.
Taking on this role for the national skip tracing and repossession management company is Nicole Combs.
According to a news release, Combs joins Resolvion with more than 10 years of experience in sales and account management. Prior to arriving at Resolvion role, Combs held positions at General Motors, Ryder and US Xpress Enterprises.
“We believe that lenders are going to be in much greater need of repossession services over the coming several quarters. Adding Nicole to the team is a demonstration of our commitment to being ready to meet the need,” Resolvion chief executive officer Michael Levison said.
“In her role, Nicole will oversee business development and relationship management for our commercial division,” Levison continued. “Her extensive experience will help Resolvion continue to cater to the increasing needs of our clients and potential partners.”
PassTime is looking to reiterate to the industry that its devices can work well on more than just cars and trucks.
This week, the GPS solutions provider announced it was selected as the exclusive partner for Fuel Capital Group, which provides financing and lease options for motorcycles.
The companies highlighted in a news release that the partnership will make PassTime an integral piece of Fuel Capital Group’s funding program to consumers with less than perfect credit and will help to provide access to financing that may otherwise not be available to consumers wishing to purchase or lease a motorcycle.
The program will utilize PassTime’s new hardware platform — Encore — a battery-powered GPS solution that does not require any vehicle power to operate, and therefore won’t cause any drain on the motorcycle battery.
Additionally, consumers in the program will have the option to utilize the Encore GPS device themselves as a theft recovery solution. Through PassTime’s InTouch VP program, consumers can download the mobile app to monitor their motorcycle’s location history and activate the device in the event of a theft, adding valuable protection.
Fuel Capital dealer partners who participate in the PassTime program can order GPS solutions easily through the dedicated online order portal.
“We think PassTime’s Encore device is a perfect fit for our program,” Fuel Capital Group senior vice president of sales and marketing Stephen Pietrowicz said.
“The fact that it can be used on a motorcycle and not drain the battery is really a game-changer. It is the device we’ve been waiting for and we will now be able to provide financing options to even more riders while protecting the quality of our portfolio,” Pietrowicz continued.
At the core of Fuel Capital Group’s strategy is a technology driven platform that is designed to provide dealers with near immediate approvals, 100% paperless DocuSign contracting and 48-hour funding commitment.
Fuel’s mission is to become their dealer partners’ preferred funding solution by offering dealers and consumers a full credit spectrum of options with a fast and seamless application, approval and funding process.
Meanwhile, PassTime is looking to be an asset for Fuel Capital Group and its customers.
“Having Fuel Capital Group as a powersports finance partner is a tremendous value to PassTime customers,” PassTime vice president of financial services Kevin Carr said.
“Fuel Capital’s focus on technology to make a better lease and finance experiences for its dealer partners and consumers mirrors PassTime’s commitment to providing GPS technology that allows finance companies to protect their assets, while also giving riders a GPS theft recovery solution that won’t drain their battery,” Carr went on to say.
For more information, or to sign up, contact PassTime at (877) 727-7846 or [email protected] or Fuel Capital Group at (239) 315-7535 or [email protected].
Resolvion recently conducted an email survey of auto-finance provider inquiring about repossession activity once the coronavirus pandemic abates and recovery efforts intensify.
One of the telling findings from the survey uncovered the depth of concern that finance companies have about the capacity for the repossession industry to handle the volume of assignments that could be on the horizon.
While auto defaults currently are trending lower, more than 100 million consumer-credit accounts are in some form of modification program.
Here are some of the highlights from Resolvion’s survey as the complete results can be downloaded from the company’s website.
What is your institution type?
Bank – 13.51%
Captive – 2.70%
Independent Finance Company – 43.24%
Credit Union – 35.14%
Other – 5.41%
Is your institution’s auto loan portfolio larger than $10 billion in outstandings?
Yes – 8.33%
No – 91.67%
Check the following types of repossession orders your institution is currently issuing?
Involuntary Repossession – 66.22%
Voluntary Repossession – 90.54%
Impound Repossession – 74.32%
None – 5.41%
If your institution is currently issuing involuntary repossession orders, are you doing so on the following portfolios?
Pre-Charge-Off – 88.64%
Post-Charge-Off – 75%
If your institution is not currently issuing involuntary repossession orders, when do you expect to resume doing so?
June – 29.79%
July – 31.91%
August – 4.26%
Unknown – 34.04%
Do you have concerns that there may not be enough industry capacity to handle the demand for repossession services once COVID-19-related moratoriums are lifted?
Yes – 36.49%
No – 63.51%
MBSi Corp. and Resolvion are making sure their firms are fully prepared when finance companies begin to start repossession and recovery activities again in full force.
The companies announced on Wednesday that they reached an agreement to complete full integration of Resolvion’s Wombat system with MBSi’s new RecoveryConnect platform.
Both firms have been in transition during the past year.
Resolvion completed a merger with Del Mar and in doing so created one of the largest repossession/skip management companies in the country. MBSi, which acquired MyRecoverySystem (MRS) and Vendor Transparency Solutions (VTS) in 2019, has been working to merge legacy systems to create the new RecoveryConnect, a comprehensive back-office platform with mapping and post-recovery scheduling capabilities.
Executives explained the Wombat-RecoveryConnect integration will provide agents the ability to receive and work all Resolvion repossession assignments in RecoveryConnect without the need to log in to Wombat.
“This integration is a win-win for all involved,” MBSi president Cort DeHart said. “For agents, it further reduces the number of systems they access, while improving compliance and efficiency.
“For Resolvion, it helps consolidate recent acquisitions into Wombat, as well as expand their commitment to mobile technology and the real-time benefits it brings,” DeHart continued. “For MBSi, it further enhances the service and compliance offerings to our lender, forwarder and agent partners.”
Resolvion chief executive officer Michael Levison added, “While we have been integrated on the lender side with MBSi for many years, this expansion will ensure our ability to seamlessly support both our lender clients and our agent partners regardless of the platform that they choose.”
