Over the past year, there has been a great deal of discussion about the fees related to the removal and storage of personal property. The issue has resulted in significant changes by most lenders as to how personal property fees are handled.
As one of the leading nationwide repossession management companies, we have dealt with the matter across many different lenders, and from our perspective, we often find that the issues associated with handling personal property fees are often misunderstood and underestimated. The remainder of this article will focus on shedding light on the matter.
What is considered personal property?
Anything within a vehicle that is not attached to the vehicle, is defined as personal property. This includes clothes, shoes, bags and excludes custom vehicle equipment, stereo systems, etc.
Removal of personal property
After a vehicle repossession occurs, personal property remains in the vehicle and is transported to the agent’s secured facility for removal. Under state and local statutes, repossession agents are then required to follow a series of steps to ensure that proper measures are carried out. This includes creating a detailed inventory/personal property report of all property removed from the vehicle, removal of license plates, placing all personal property in a sealed dated box or bag and stored in a secure environment. In addition, agents must index and upload the personal property report to the debtor’s file. This entire process takes on average, anywhere between 25 and 35 minutes per vehicle which includes 15 to 20 minutes for two employees to clean out a vehicle and 10 to 15 minutes for one employee to finalize personal property content and secure the items in storage. In extreme situations, and with recreational vehicles or other vehicles used as residences, this process can require an hour or more to complete.
Separate and secure space
Most states require that the repossession agent secure and store personal property in a separate and monitored space. In addition to the cost of renting and maintaining the space, there are additional expenses relating to security, maintenance, monitoring, etc. This obviously varies by situation, size, etc. but the expense in not insignificant.
Inventory and storage of personal property
Recovered items are usually required to be stored in a secured and monitored environment. Agents are also required to create and retain a detailed written inventory report. In some states a letter with a copy of the inventory must be sent to the debtor notifying them of their personal property being removed and in storage.
Return of property
While returning property to the owner may seem pretty straightforward, it can be time consuming and tedious. Several steps are typically involved:
• Scheduling an appointment with the owner.
• Having the owner review, sign, and date a personal property release.
• Possibly assisting the debtor in carrying out personal property.
• Uploading the signed personal property release to the debtor’s file and maintaining the record pretty much indefinitely
This process takes 15- 45 minutes for one employee to complete, when everything goes smoothly. However, things don’t always go as planned (appointments missed, accusations of theft, damage, etc.) These issues involve even more time and costs.
Property disposal
After the required hold period, the unclaimed personal property must be disposed of in a legally required method. Also, any NPPI (Non-Personal Public Information) has to be identified and placed in a secured area for shredding. The remaining items are either disposed of or given away to charitable organizations. Depending on the situation, this can take 15-60 minutes.
Other possible issues
In addition to all of the factors mentioned above, there are several other scenarios that can come into play in any given situation, adding to the time and cost involved:
• Returning vehicle license plates in accordance with state law.
• Proper dumpster removal and bio hazard material handling to an approved facility.
Cost analysis
The table below provides a cost analysis, relating to the handling of personal property, provided by the American Recovery Association. It represents an actual case study by a large repossession agency. Per unit costs for smaller firms would likely be meaningfully higher.
| Task or Item |
Staff or Time for Tasks |
Number per Year |
Yearly Cost |
| Uploading of personal property docs |
1 full-time person |
20,655 |
$24,960.00 |
| Cleaning out car and inventory |
30 minutes per unit or 5 full-time people who only do this task |
20,655 |
$124,800.00 |
| Lot staff to release personal property |
Appointment times take 30 minutes each or 3 full-time people |
8,797 |
$74,880.00 |
| Management of staff |
1 manager |
1 |
$50,000 |
| Compliance officer |
Deals with complaints |
1 |
$31,200.00 |
| Boxes |
2 per unit |
41,310 |
$53,893.03 |
| Envelopes |
1 per unit |
20,655 |
$2,272.05 |
| Labels |
2 per unit |
41,310 |
$1,140.16 |
| Tape |
|
20,655 |
$1,321.92 |
| Insurance |
Insurance for lots and personal property |
25% of total |
$8,218.75 |
| Rent |
|
25% of total |
$74,896.00 |
| Utilities |
|
25% of total |
$33,817.79 |
| Settlements |
|
40% |
$17,209.02 |
| Trash |
|
90% |
$30,660.13 |
| Telephone |
|
50% |
$49,758.03 |
| |
|
|
|
| |
|
Yearly cost |
$579,026.87 |
| |
|
Per unit cost |
$28.11 |
In conclusion
As discussed, and well documented above, there are numerous considerations to this critically necessary process and a clear financial impact to handle them properly. As lenders and forwarders grapple with regulator expectations on the handling of personal property, we all need to be mindful of the costs involved.
Editor’s note: The article was written by ALS Resolvion with the input and data provided by the American Recovery Association. Mike Levison is the chief executive officer of ALS Resolvion. More details about the company can be found at www.alsresolvion.com.
S&P Global Ratings took its turn on Tuesday to add more context to the headline-creating and social-media stirring auto-finance data released by the Federal Reserve Bank of New York. Credit analyst Amy Martin led the charge looking closely at subprime auto loan asset-backed security (ABS) market.
Martin acknowledged the New York Fed highlighted Equifax data that showed delinquencies were on the rise with 90-day delinquencies reaching 4.47 percent for the fourth quarter of 2018 and marking the highest level since the first quarter of 2012.
“Our outlook for subprime auto loan ABS is more sanguine than the delinquency increase may seem to imply,” Martin said in a report titled, “The Severity of Subprime Auto Loan Delinquencies Is in the Eye of the Beholder.”
“For one, our rating approach is very issuer-centric and generally focuses more on losses than delinquencies — and losses have risen at a much slower rate. To the extent we’ve observed deterioration in an issuer’s performance, credit enhancement (the cushion available to cover loan losses) is generally sized to take that into account,” continued Martin, a member of the initial collection of honorees for Women in Auto Finance showcased during Used Car Week 2018.
S&P Global Ratings shared the report with SubPrime Auto Finance News. The report detailed four causes higher delinquencies in the data analysts track, including:
— Growth in subprime originations during an intensely competitive period
— A composition shift to include more deep subprime financing
— Softer/gentler collection strategies
— Later repossessions and charge-offs by some finance companies
Analysts first delved into the origination growth happening in subprime.
“As the economic recovery was getting underway around 2010, existing lenders, most of which had tightened their credit standards during the recession, started to ease their lending parameters and grow originations. Also, many new players emerged, some funded with private equity,” S&P Global Ratings said in the report.
“As competition heated up, the discounts at which finance companies purchased auto loans from dealers started to evaporate, causing profit margins to thin. Some lenders responded by building scale, with their greater lending levels accompanied by weaker credit quality and higher delinquencies and losses,” the firm continued.
Next, analysts discussed the composition shift, pointing out that prior to the recession, there were few securitizers that catered to the deep subprime segment.
“That has since changed,” S&P Global Ratings said, reiterating that it defines deep subprime as those pools with cumulative net losses of 20 percent or more. The firm also noted that generally the contract holders in these pools have either no credit score or a FICO reading below 550.
S&P Global Ratings mentioned new securitizers in the deep subprime space include Santander through its DRIVE platform, American Credit Acceptance, Exeter Finance and J.D. Byrider (also known as CarNow Acceptance).
“With this growth in deep subprime lending, we believe there has been a shift where consumers with either no credit history or very derogatory ones are buying and financing their vehicles,” analysts said in the report. “When credit was scarce, many of these borrowers could purchase only a high-mileage used vehicle at either an independent used car dealership or a buy-here, pay-here lot.
“Given the plethora of subprime lenders today and the turndown programs between prime lenders and their subprime lending partners, some of these consumers can now buy new vehicles or low-mileage used vehicles at either new-vehicle franchise stores or large used-vehicle mega-dealership chains,” they continued.
Because deep subprime securitizations have grown to 38 percent of securitized subprime auto loans in 2018 from only about 11 percent in 2015, S&P Global Ratings explained that its monthly auto loan tracker data includes a modified index to normalize the composition.
The latest monthly update from S&P Global Ratings showed that subprime losses decreased to 9.58 percent in January from 10.15 percent in December and 9.98 percent in January of last year due to lower losses in Santander’s SDART and DRIVE transactions.
Analysts added January recoveries improved year-over-year, from 38.80 percent from 33.56 percent for subprime. S&P Global Ratings pointed out that last January’s subprime recovery rate was negatively affected by GM Financial’s servicing system upgrade.
And speaking of recoveries, that report titled, “The Severity of Subprime Auto Loan Delinquencies Is in the Eye of the Beholder,” continued by touching on more lenient collection policies used by some finance companies. S&P Global Ratings described them as “softer and gentler.”
In some cases, S&P Global Ratings acknowledged these changes are in response to increased regulatory oversight, which has shed light on alleged fair debt collection violations. These relaxed collection practices include calling the delinquent borrower fewer times, refraining from calling the borrower’s references and no longer calling the borrower’s place of employment upon his or her request.
“As a result, it sometimes takes longer to arrange a payment plan with the borrower or to locate the vehicle for possible repossession, thereby keeping the account in delinquency status longer,” analysts said in the report. “In other cases, greater tolerance for late payments is due to management supporting the practice that it’s better to keep a delinquent customer who is making payments (albeit late or only partial ones) than to repossess the obligor’s vehicle, which is likely to result in a higher severity of loss.
“Less aggressive collection practices have also contributed, in some cases, to higher extension rates,” they continued. “When granting extensions, however, most lenders do so in a manner that brings the delinquent obligor’s account current. If a delinquent obligor has, however, exhausted the lender’s maximum number of extensions, his/her account would likely be accounted for as delinquent.
“Further, there may be some situations in which an extension does not bring an account current,” they added.
With less intense collection practices, S&P Global Ratings is seeing later repossessions and charge-offs.
“In line with allowing customers more time to resume payments before repossessing vehicles, some lenders have lengthened the time that an account may be delinquent until it is charged off,” the firm said in its report.
“DriveTime did this at the end of 2011, and such action caused a significant rise in their 31-day delinquencies, to 17.9 percent at year-end 2012 from 11.20 percent a year earlier. That said, losses rose only marginally (to 14.0 percent from 13.2 percent),” S&P Global Ratings went on to say.
What do all of the trends and data points mean? Martin summed up the situation this way.
“Indeed, the weighted average expected cumulative net losses on the transactions we’ve rated have grown to approximately 20 percent in 2018 from 12.5 percent in
2011 and, at the same time, ‘AAA’ credit enhancement has increased to approximately 54 percent on a weighted average basis from 36 percent,” Martin said.
“As a result, our outlook for investment-grade subprime auto loan ABS ratings is in a better place than one might assume given the trend in delinquencies,” Martin went on to say while adding this report does not constitute a rating action.
A way some of the best recovery industry professionals can be recognized is now available and open for submissions.
Organizers of the 11th annual North American Repossessors Summit — held by the American Recovery Association (ARA) in conjunction with headline sponsor Harding Brooks Insurance — have opened its online award submissions for the 2019 NARS Industry Awards.
The online submissions will be accepted until April 1.
Honoring exemplary repossession professionals, this year’s award categories include Agent of the Year, Service Representative of the Year, Humanitarian of the Year and Agency Owner of the Year. Winners will be announced during the summit, which will take place at the Omni Mandalay Hotel in Irving, Texas on April 18 and 19.
“Every year, we welcome the opportunity to recognize the industry professionals who best demonstrate the values of NARS in their work,” ARA President Dave Kennedy said. “This year, we wanted to create more ways we could honor repossession professionals across multiple job titles who truly embody our 2019 theme, ‘Adapt, Conquer and Overcome.’”
The Agent of the Year Award distinguishes an agent who has demonstrated outstanding professionalism, understanding of lender needs and full compliance with industry standards, as well as protection of the consumer's rights and safety.
The Service Representative of the Year Award represents someone who has shown exemplary performance and has consistently excelled in their position. This person demonstrates integrity, creates a positive atmosphere in their workplace and displays a strong commitment to the mission and values of the professional collateral recovery industry.
Humanitarian of the Year submissions can be an industry professional of any position who contributes significantly to alleviating human suffering and improving the quality of life in their community. This person demonstrates leadership through outstanding volunteer accomplishments that bring honor to the collateral recovery profession.
Finally, the Agency Owner of the Year Award will go to an owner who has at least a three-year commitment of excellence within their company and the collateral recovery industry. They should also be able to document their commitment to professional education and compliance training as well as the use of innovation and creativity in enabling their company to prosper and extend its reach in the collateral recovery profession.
Nominations for the 2019 NARS Industry Awards can be submitted at www.reposummit.com/about-the-summit/about-nars-2019-awards/. Regular registration for NARS 2019 remains open through Friday to recovery agents and finance companies at www.reposummit.com.
Coming on the heels of Automotive Intelligence Council member MBSi Corp. making a move involving the firm, Recovery Industry Services Co. (RISC) announced it has joined forces with recently acquired Vendor Transparency Solutions (VTS) to unite compliance services and provide comprehensive vendor vetting, lot inspection and education services to the collateral recovery industry.
For years as independent companies, RISC and VTS stressed that they have advocated for a more professional repossession industry. By integrating the compliance solutions, RISC insisted that it now offers the best of both companies to the industry.
“We are proud to partner with RISC to provide a repossession training and vetting solution that has been embraced by both vendors and lenders, and we thank those who have supported our efforts,” said Max Pineiro, president of Vendor Transparency Solutions.
“With the recent acquisition of the VTS software platform, we looked to partner with the industry standard CARS program to add value to the VTS training curriculum and vetting services. Additionally, the involvement of Hudson Cook solidifies it as the industry standard,” Pineiro continue.
In the weeks and months ahead, RISC will announce new product offerings that combine the best of RISC and VTS curriculum and technology solutions.
“With this partnership, we continue to work towards improvement and unification of the industry,” RISC chief executive officer Stamatis Ferarolis said.
“It will take some time to integrate our curriculum and vetting services, but we believe together we now deliver the only comprehensive compliance and education solution to the collateral recovery industry,” Ferarolis went on to say.
Experian’s Q4 2018 State of the Automotive Finance Market report showed that seven states closed this past year with 60-day delinquency rates of at least 1 percent.
Overall, analysts pinpointed the 60-day delinquency rate at 0.78 percent in Q4, which represented an uptick of 3 basis points year-over-year.
What Experian defines as finance companies — institutions that do not hold commercial deposits but fund vehicle installment contracts — had the highest rate for 60-day delinquency among the four categories of providers. Finance companies — which also often cater to subprime customers — saw its rate improve 10 basis points year-over-year to settle at 1.87 percent.
Experian also mentioned the 60-day delinquency rate for banks came in at 0.70 percent (up 14 basis points). For captives, it was 0.73 percent (down 2 basis points) and for credit unions, it was 0.26 percent (down 1 basis point).
Along with those seven states at or above 1 percent, Experian also highlighted the Top 10 states for 60-day delinquency as of the fourth quarter. That rundown included:
1. Maryland: 1.68 percent
2. Mississippi: 1.68 percent
3. Louisiana: 1.36 percent
4. Georgia: 1.03 percent
5. New Mexico: 1.03 percent
6. Alabama: 1.00 percent
7. South Carolina: 1.00 percent
8. Nevada: 0.92 percent
9. Texas: 0.90 percent
10. Arkansas: 0.89 percent
More consolidation in the recovery space arrived late on Tuesday as Automotive Intelligence Council member MBSi Corp. increased its collection of resources.
The provider of compliance-enabled repossession assignment management software and vendor management software announced the acquisition of My Recovery System and Vendor Transparency Solutions’ platforms. The company highlighted this acquisition allows MBSi to offer a single software ecosystem for repossession assignment management and vendor compliance management to recovery agents, forwarders and auto-finance companies.
The integration of My Recovery System’s back-office platform and Vendor Transparency Solutions’ web-based compliance management system with MBSi’s assignment volume, operating excellence and talent formalized what the company described as a “game-changing component” of MBSi’s overall solutions strategy.
“We are thrilled to be working with the My Recovery System and Vendor Transparency Solutions platforms and teams to provide a seamless software solution for the recovery industry,” MBSi president Cort DeHart said in a news release.
“By capitalizing on these easy-to-use platforms, we will be able to bring new efficiencies to the industry with a seamless software solution that includes routing, full back-office and compliance management. This, coupled with the talent of the teams, sets us apart to deliver real results,” DeHart continued.
Two leaders from My Recovery System and Vendor Transparency Solutions also described what the transaction means.
“I’m excited to be part of a growing company where designs and strategies bring efficiency and transparency to the auto finance recovery industry,” said Jeff Koistinen, founder and president of My Recovery System. “MBSi’s commitment to the recovery agents ties back to our collective mission to exceed the needs of agents.”
Vendor Transparency Solutions founder and president Max Pineiro added, “I couldn’t be happier to join the MBSi team as we work together to deliver next generation compliance management platforms for recovery agents, forwarders and lenders.”
MBSi indicated its teams will immediately begin working to integrate the platforms to provide data and secure access of sensitive consumer information. MBSi also said it will continue to partner with RISC, which provides vendor vetting, compliance training and lot inspection services.
MBSi is hosting a recovery agent user conference and appreciation event on April 17 at Texas Live!, an entertainment venue in Arlington, Texas, starting at 3 p.m. CT. The user conference is exclusive to recovery agents to learn more about the new platform, pricing and how to get started.
Recovery agents can register for the event here.
ACC Consumer Finance, a specialized indirect auto finance company, recently announced that it has selected Servicing Solutions as its primary servicer.
As a result of this agreement, Servicing Solutions will support ACC’s ride-hailing finance offering.
ACC Consumer Finance offers a fully integrated automobile financing platform geared toward ride-hailing drivers seeking to purchase vehicles from approved franchised and independent dealers throughout the nation.
“As we began to introduce and roll out ride hailing financing to auto dealers throughout the country, we knew we needed a seasoned servicing partner … one that has the experience and insight to truly understand our unique business model, and one that stays out in front of technological advancements and regulatory compliance developments,” ACC Consumer Finance chief operations officer David Colletti said in a news release.
“As we reviewed our options, it became clear that Servicing Solutions checks all the boxes and is without a doubt the right choice for ACC,” Colletti continued.
The newest client arrived on the heels of Servicing Solutions naming a new vice president of sales.
“We are excited to partner with the talented team at ACC,” Servicing Solutions president and chief executive officer Louis Ochoa said. “They are clearly filling a need in the ride hailing marketplace.
“By offering dealers increased revenue opportunities, while at the same time providing ride hailing drivers with an opportunity to purchase a vehicle, it is clearly a win-win proposition, and we’re happy to play a role in it,” Ochoa went on to say.
An executive with nearly 20 years of experience with Consolidated Asset Recovery Systems and Dealertrack now is part of the leadership team at Servicing Solutions.
The loan servicing organization specializing in primary and back up servicing announced on Wednesday that its new vice president of sales is Garrett Cline.
“I’ve known Garrett for years, and I can think of no one better suited to carry the Servicing Solutions message forward to companies looking to significantly improve their loan servicing function,” Servicing Solutions executive vice president of sales and marketing Jeff Swisher said.
“He is an accomplished sales and training leader with the ability to consult with companies to solve their most pressing business challenges. I’m excited to have him on board,” Swisher continued.
Prior to joining Servicing Solutions, Cline spent six years with Consolidated Asset Recovery Systems (CARS), a technology and services company focused on the repossession and remarketing of assets. He was responsible for new business development in the eastern United States within the automotive finance space.
Earlier in his career, Cline spent 12 years with Dealertrack Registration and Titling Services in various sales and training roles.
And in other company news, Servicing Solutions also is preparing to host a free educational webinar to help finance companies.
Servicing Solutions pointed out that a continued explosion in disruptive technologies has led to Internet and mobile-technology being used more than ever with financial transactions. However, along with this explosion comes an increased level of compliance and operational risk, corporate responsibility, as well as government regulation and oversight for companies attempting to keep up with the times and their customers’ ever-increasing set of demands.
This webinar will address the need to have a compliance readiness program in place within your business. Furthermore, it will cover best practices communications should an organization run afoul of a regulatory authority.
The training event set to include Robert Caracciola of Servicing Solutions along with Michael Thurman of Thurman Legal is scheduled for 2 p.m. ET on Tuesday. Attendees can register for this free webinar by going to this website.
Finance companies sometimes give grace to contract holders in hopes the individual can get back on the payment track since it’s potentially much more lucrative than having to go through the repossession and recovery processes.
Kroll Bond Rating Agency (KBRA) released a research report last Friday, examining the use of subprime auto finance extensions as a loss mitigation tool for ABS servicers. After taking a closer look at the performance of a specific provider, KBRA believes, in general, that the use of extensions ultimately benefits ABS investors by reducing delinquency and default rates.
However, analysts acknowledged a high rate of extensions within a securitized collateral pool can meaningfully increase bond duration and expose ABS investors — particularly owners of deeply subordinated tranches — to tail risks.
“As such, it is important for investors to understand each servicer’s policy regarding extensions, as well as how extensions are handled within ABS deal structures,” KBRA said.
Kroll Bond Rating Agency senior director of structured finance research Brian Ford shared the report with SubPrime Auto Finance News. Ford explained the project stemmed from the strategy used by Honor Finance in connection with its securitization launched in 2016.
Ford recapped that by early last year, Honor Finance granted extensions to as much as 22 percent of the contracts in the securitization, “well in excess of industry standards … which can mask poor collateral performance — i.e., by keeping delinquencies and default rates artificially low.”
Ford added in the report that “it is important for investors to understand each servicer’s policy regarding extensions, as well as how extensions are handled within ABS deal structures.”
The report touched on strategy employed by many finance companies regarding extensions. Some basic parameters often include:
— Customer must have paid a minimum of six to 12 contractual payments.
— Customer may not have had an extension during the preceding 12-month period.
— One extension occurrence of one or two months may be approved during any 12-month period, with a maximum of seven occurrences for contracts greater than 72 months.
—If the account is delinquent, the extension must bring the account completely current and resolve the delinquency at the time the extension is considered.
Ford pointed out that subprime issuers report monthly extension rates ranging between 2 percent and 6 percent. He added that most of the auto finance companies that KBRA rates actively monitor the success of their extension policy.
“Only a hand full of subprime auto loan securitizations contain specific structural triggers limiting the amount of extensions within the securitized pool,” Ford wrote in the report, referencing operations such as DriveTime and Tidewater.
“However, the legal final maturity of longest dated note class is typically set to equal the tenor of the longest receivable within the securitized pool, plus the maximum number of months that loan can be extended, per the issuer’s policy,” he continued. “Securitization documents typically include provisions that require the servicer to repurchase receivables that are extended past the maturity date of the bonds.
“Investors should understand each servicer’s extension policy and review transaction documents to determine what protections exist to reduce extension risk,” Ford reiterated.
With the auto finance default rate in December rising above 1 percent and new data showing more than 7 million people with a contract 90 days or more delinquent, it might be a busy year for repossessions and recoveries. To help agencies, Advantage GPS, a Procon Analytics company, formed a strategic partnership with the American Recovery Association (ARA).
According to a news release distributed on Wednesday, ARA made this move to continue developments that include what the association dubbed a “Unity Initiative” with Time Finance Adjusters. Together they plan to strengthen their relationships with other leading trades associations, including:
— National Automotive Finance Association
— American Financial Services Association
— National Association of Federally Insured Credit Unions
— National Independent Automobile Dealers Association
— Other state and regional trades associations
“Our Unity Initiative with TFA and the enhancement for our relationships with a variety of national trade associations and companies like Advantage GPS will only serve to create a better and more profitable environment for our members,” American Recovery Association executive director Les McCook said.
This specific partnership is designed to enhance the ability of ARA members to more quickly and less expensively locate and recovery finance company collateral.
“The strategic alliance between ARA and Advantage GPS comes at a time when the recovery association is moving forward with important initiatives to improve the health of the industry, work more closely with their finance partners and employ cutting-edge technology and artificial intelligence,” said David Meyer, president of Advantage GPS.
“We have just launched our newest product line, the low-cost, 4G, wire-free Revo family of GPS devices, which dovetails perfectly with the goals for recovery association,” Meyer continued.
Advantage GPS rolled out Revo earlier this year. It’s a wire-free GPS device designed to be a “smart” tool to mitigate losses for finance companies and also reducing costs for recovery agents.
The Advantage GPS platform includes smart impound lot technology, including all locations of ARA members across North America. The tool automatically can create geofences around ARA impound lots and send finance companies alerts when one of their vehicles enters.
Advantage GPS highlighted this capability, along with a risk mitigation dashboard that is powered by artificial intelligence, can enhance the ability for finance companies to mitigate losses, while making it easier for recovery companies to locate and access vehicles.
And now the company has a stronger bond with ARA.
“My relationship with Les and ARA has stemmed for nearly two decades,” Meyer said. “It’s exciting to partner with him and his team once again.”
McCook also said he has known Meyer for some time and understands the GPS collateral protection device industry well.
“We fully welcome working with an innovative group focused on eliminating outdated technology in the market,” McCook said. “In our industry, it’s crucial to track and implement the latest technologies to help our members thrive. Employing artificial intelligence to assist recovery agents in locating vehicles is a game-changer.
“We will look back on this, and wonder how we every did our jobs without it,” he added.
