AI and data analytics company Digital Recognition Network (DRN) announced on Thursday that rather than go to trial on the issue of damages, Location Services and DRN have agreed on a settlement after Federal Court ruled in DRN’s favor.
Location Services LLC has paid DRN $325,000 on behalf of itself and DigitalDog Auto Recovery, following a district court ruling on Oct. 5 that found that Location Services “willfully and intentionally” interfered with DRN’s contract with DigitalDog.
On top of the settlement payment, Location Services and DigitalDog agreed to certain restrictions on their use of LPR technology and data for the remainder of DigitalDog’s one-year non-compete. These include that Location Services will refrain from operating or using any LPR system to collect LPR data in California, and DigitalDog will refrain from operating or using any LPR system to collect LPR data anywhere until after May 11, 2019.
The original lawsuit was brought to contest the the validity of a one-year non-competition provision in DRN’s contract with DigitalDog, which runs through May 11 of next year.
SubPrime Auto Finance News reported on the ruling in favor of DRN back in October, which was based on three key findings:
- That DRN’s one-year, non-competition contract provision is valid and enforceable;
- that DigitalDog Auto Recovery breached its contract with DRN;
- and that Location Services LLC tortiously interfered with the contract.
After the court’s ruling last month, the only issues that remained to wrap up the proceedings were the recoverability of damages and attorneys’ fees by DRN and the appropriate scope of injunctive relief to which DRN was entitled.
“I insisted that the $325K be paid immediately in one lump sum by Wednesday, and it was…" said Todd Hodnett, executive chairman and founder of DRN, in a news release.
“This result is a vindication of DRN’s approach to building a market where everyone – lenders, providers and affiliates – works together to grow the industry and move it forward. When we work together, using transparent ethical business practices, everybody wins. We are pleased with the result and are ready to move forward and continue to help grow this market for all participants,” he concluded.
What Locations Services believes is the recipe for success in the repossession and recovery industries includes taking executives from an array of well-known companies such as Ally Financial, PAR North America and Remarketing of America and fueling them with the funding resources from Delaware Street Capital.
The result has been a busy year that’s included acquisitions and blending together a leadership team with its sights set on broad-based coverage across all 50 states, with repossession trucks owned and operated by Location Services.
Former Ally Financial executive Lee McCarty was named chief executive officer one year ago. A few months later, another former Ally executive joined McCarty. Eric Gerdes came aboard and was recently named Location Services president and chief operating officer.
Between McCarty and Gerdes, they possess nearly 60 years of auto finance experience.
With, Delaware Street Capital backing them, McCarty, Gerdes and members of the Location Services team have embarked upon an aggressive strategy to transform the auto finance loss mitigation outsource industry.
Along with trucks ready to be deployed nationwide, another company goal is to become the industry’s first vertically integrated, national direct, loss mitigation outsource provider.
“While Eric and I were at Ally, we often talked about how nice it would be if we could leverage one provider for our loss mitigation outsource strategy and partner with a company that truly had a national presence. We are on our way to making that a reality,” McCarty said.
Gerdes added, “I have always had great empathy for the repossession agent in the truck. The increased demands placed on the repossession agents and the critical role they play in the recovery process is really quite daunting. We want to make life easier on ‘Chuck in the Truck,’ by allowing them to have the best pay, training, safety, security, career path, benefits and overall support possible.”
The strategy of Location Services and Delaware Street Capital ended up on the radar of industry veteran Chad Latvaaho, owner of Repossessors Inc., out of Maple Grove, Minn.
“Our company has had long-term relationships with several major banks, credit unions and finance companies. When Eric and Lee approached us about their vision, it made a lot of sense as I had familiarity with them and knew what they stood for,” Latvaaho continued.
“It also made sense for Location Services as we cover 12 states, and we fit nicely into their nationwide coverage objective,” Latvaaho continued. “Delaware Street Capital and Location Services were genuine from the beginning with their commitment to the repossession industry, and that sold us.”
As a result of becoming part of the company portfolio, Latvaaho will stay on with Location Services as co-owner and regional vice president.
Latvaaho was also a co-owner of Auto Approve, an auto refinance company, that was also acquired by Location Services. Latvaaho’s Auto Approve business partner and co-founder is former PAR North America president and chief executive officer Jerry Kroshus.
Kroshus and Latvaaho started Auto Approve less than two years ago and experienced great momentum out of the gate.
“We are thrilled to be a part of the Location Services team and overall game plan,” Kroshus said. “I started my career with GMAC 30 years ago just like Lee and Eric, so we have a common bond.
“I have been very impressed with the entire Delaware Street Capital/Location Services organization and am excited about the future,” Kroshus added.
Kroshus is also a co-owner and was named chief client relations officer for Location Services. He will be intimately involved in the strategic growth and development of Location Services client relationships.
“Adding Chad and Jerry to our organization is a real positive for us,” McCarty said. “Chad is very well respected in the recovery world and has that entrepreneurial spirit. Like all of our agencies, Chad recovers high volumes in a highly compliant manner and has a massive coverage area.
“Jerry has an incredible reputation,” McCarty continued. “He possesses strong industry relationships and has a terrific track record. He has been very successful throughout his career and we look for to continued success in his new role in Location Services.”
Rounding out the recent acquisitions for Location Services include
— Ron Keys of ARS from Florida
— Chuck Palazzolo of CARS from southern California
— Michael Eusebio of Digital Dog Recovery from northern California
— Emory White of Moxkor, formerly Remarketing of America
Similar to Kroshus and Latvaaho, all four of those individuals will remain with Location Services as owner operators and regional executives.
“I can’t say enough about the experience, dedication and genuine commitment each of our regional executives bring to the table,” McCarty said.
“Each of these individuals are passionate about remaining the very best in the industry, and they are committed to our vision to become the premier national direct loss mitigation outsource provider,” he continued.
“We are definitely raising the bar in this industry, which will drive unparalleled efficiency, effectiveness and compliance rigor for our auto finance clients and their customers,” McCarty went on to say.
Eusebio, Palazzolo and Keys, all seasoned operators in the repossession industry added, “The opportunity to join the Location Services team could not have come at a better time. We were already in the mode of building a large direct agency after announcing RedLine Adjusters at NARS, bringing CARS, ARS and DigitalDog together as one company.
“After listening to Lee and Eric explain their vision and meeting the Delaware Street Capital team, it was an easy decision to join the national team,” Eusebio, Palazzolo and Keys went on to say. “With the leadership team pulled together by Location Services, we are refueled to meet the challenges presented to the loss mitigation industry.”
Additional senior leaders at Location Services include:
— Jeremiah Worthington as chief transformation officer
— Jim Smith as chief risk, data and analytics officer
— Shawn White as chief compliance officer
— Jose Esparza as operational vice president
— Jay Lowy as operational vice president
— Dan Johnson as operational vice president
“We have assembled a dream-team of talented and experienced auto finance executives, which definitely differentiates Location Services in this industry,” McCarty said. “We are positioned well for future growth and remain focused on driving value to our clients, through our consistent and compliant national footprint.
“As we push forward with our national strategy, it is critical that we have the right leaders, consistent and compliant processes, and we remain true to our clients,” he continued.
“Based on the steps taken thus far, the leadership team we have assembled and our near-term plans, I couldn’t be more excited about the future of the auto finance outsource industry,” McCarty went on to say.
On Tuesday, Location Services will be hosting two 30-minute meet-and-greet sessions at Used Car Week 2018 at the Westin Kierland Resort and Spa in Scottsdale, Ariz. One session begins at 10:45 a.m. and the other at 11:45 p.m.
McCarty and Gerdes will introduce the Location Services senior leadership team, and they will also provide a high-level overview of Location Services national strategy and product offerings, which include auto loan refinance, skip-tracing, license plate recognition, recovery, locksmith services, transportation, remarketing, account administration, title processing and product cancellations.
Andy Bluhm and David Heller from Delaware Street Capital also will attend and be present to answer questions.
Two prominent industry names — Consolidated Asset Recovery Systems and Digital Recognition Network (DRN) — now are working even closer together.
The two companies that will each have prominent appearances during Repo Con at Used Car Week 2018 announced on Wednesday that they have entered into an agreement to provide license plate recognition (LPR)-enabled repossession management services to the auto-finance industry.
Company leaders explained the agreement combines the power of DRN’s LPR data and analytics with the strength of Consolidated’s network of repossession agencies, enabling the companies to provide finance companies more efficient recoveries.
Consolidated’s managed service offering is used by many of the largest financial organizations throughout the U.S. DRN, through its providers and affiliates, maintains one the nation’s largest database of license plate data. By joining forces, Consolidated can now offer LPR staging through its network of more than 600 repossession agencies for clients looking to augment other servicing strategies, while DRN expands the breadth of its affiliate network, improving the forwarding strategy for both existing and future clients.
The agreement expands the scope of an existing relationship between Consolidated and DRN, in which Consolidated made DRN’s historical LPR data available to finance companies that employ DRNsights through the IBEAM platform.
“DRN has made a substantial impact in the way repossession agents process assignments,” said Steve Norwood, president and chief executive officer of Consolidated Asset Recovery Systems.
“As a technology company that provides services, we recognize the benefits and efficiencies that can be gained by deploying technology to streamline processes. We are excited to add this beneficial service as we continue to evolve our relationship with DRN,” Norwood continued.
Consolidated’s technology platform for repossession management — Internet Based Electronic Asset Management (IBEAM) — will continue to provide DRN historical data to lenders with DRNsights subscriptions, as well as provide simplified single mouse click assignment features for live LPR and LPR staging.
In addition, Consolidated noted that IBEAM will provide automated assignment processing for Live LPR assignments without the need for a 24-hour call center expediting asset recovery, removing potential delays in response time.
“We are thrilled to build upon our existing relationship with Consolidated, supporting its forwarding service solution,” said Jeremiah Wheeler, executive vice president and general manager of DRN’s fintech division.
“We look forward to working with Consolidated and our affiliates to drive recovery rates higher for the auto-lending market,” Wheeler went on to say.
There is still time to join the industry for Repo Con and Used Car Week 2018. Go to www.usedcarweek.biz for the complete agenda and registration details.
Secure Collateral Management already announced the skip-tracing and collateral recovery provider was moving into a new headquarters.
And then Monday, Secure Collateral Management and MBSi Corp. — a member of the Automotive Intelligence Council and provider of repossession assignment software and vendor compliance solutions — announced they are expanding their partnership.
Secure Collateral Management will begin using MBSi’s compliance management system, Contract Comply, to manage collateral recovery vendor vetting, which will be performed by RISC.
Secure Collateral Management recovery vendors will be vetted and monitored by RISC to maintain current copies of business licenses, insurance certificates, articles of incorporation, employee documents and state repossession licenses. All vendor information will be securely stored and tracked in MBSi’s compliance management system, Contract Comply.
“Compliance is at the forefront of our leading skip tracing and recovery services,” said Joseph Farley, executive vice president at Secure Collateral Management. “Selecting RISC’s in-depth vendor vetting process and MBSi’s compliance management system allows us to securely and confidently maintain vendor documents while focusing on locating customers for our lender clients.”
MBSi president Cort DeHart added, “Secure Collateral Management is an outstanding provider and we are proud they are expanding their partnership with us to include vendor compliance management.”
DeHart is also among the executive set to appear during Used Car Week 2018, which begins on Nov. 12 in Scottsdale, Ariz. Complete details can be found at www.usedcarweek.biz.
At the beginning of October, the American Recovery Association (ARA) and Time Finance Adjusters (TFA) announced plans to form one organization that would launch in January.
During a free webinar, the two organizations will present more details of the new American Recovery Association as a result of their recent merger agreement. The event is set for Nov. 7 at 2 p.m. ET.
The webinar will cover detailed plans for the new association such as:
— New dues structure
— Membership eligibility requirements
— Application process
— Acceptance program
— Training and compliance
— New directory
As mentioned, the new association is expected to launch in January 2019. It plans to extend additional membership options to anyone involved in the repossession business, including banks, credit unions, vendors, business owners and their employees.
“As such, all parties are encouraged to attend this webinar, ask questions and be an active and involved participant in the creation of this new association,” officials said.
To register for the webinar, see here.
Lisa Scott took charge of PAR North America (PAR) last August with a specific objective near the top of her agenda as she began to oversee this segment of KAR Auction Services.
“One of my goals was to enhance the customer experience by creating the leading compliance platform in the recovery industry,” Scott told SubPrime Auto Finance News via email.
Well, now the industry can begin its evaluation of the robustness of PAR’s compliance endeavors. On Wednesday, the company launched its new web-based, self-service portal with real-time access to PAR’s compliance data and the compliance data of more than 600 vehicle recovery vendors across the U.S.
PAR — a provider of vehicle transition services in the U.S. with coast-to-coast solutions for recovery management, skip-tracing, remarketing and title services — indicated that Platinum Compliance offers this transparency tool in one easy-to-use dashboard.
“Our customers are facing increased scrutiny and heightened regulatory requirements,” Scott said in a news release. “Platinum Compliance gives our customers the peace of mind that only qualified, experienced and trained recovery vendors are working their assignments.
“Never has our industry had a more comprehensive real-time database of due diligence and compliance documentation — including current state-level recovery vendor requirements across all 50 states,” she continued.
In the email exchange with SubPrime Auto Finance News, Scott explained that vice president of compliance and operations Jessie Herdrich has been key on this project, working closely with the company leadership team to develop PAR Platinum Compliance. Herdrich is among the executives set to appear during Used Car Week 2018, which begins on Nov. 12 in Scottsdale, Ariz.
“We know that our customers are feeling the pressure as the industry faces increased regulatory scrutiny. We have always had a robust vendor management program but didn’t have a streamlined database or a real time point of access for our clients,” Scott said.
“Our biggest vendor management challenge is gathering and organizing information for our network of more than 600 recovery vendors,” she continued. “In the Platinum Compliance system, we have supporting documentation for all recovery vendors — a comprehensive database of state-level requirements, and PAR and vendor due diligence, including insurance certificates, relevant licensing, operational and enterprise policies and even employee-level compliance.
“This is all information our clients review during routine audits and it is now accessible to our clients at any time via a secure login,” Scott added.
Through the Platinum Compliance portal, customers can access due diligence and supporting compliance documentation for all recovery vendors. The comprehensive real-time database includes state-level recovery vendor requirements, and all PAR and vendor due diligence including insurance certificates, relevant licensing, operational and enterprise policies.
Scott reiterated that streamlining what was once an onerous process for collecting, reviewing and storing information, audits are now faster and more efficient.
The all-inclusive dashboard automates reminders and facilitates fast and easy uploading of updated compliance documentation allowing recovery vendors to remain in good standing. Only recovery vendors who are Platinum Compliant with PAR’s compliance checklist may receive recovery assignments.
Scott explained how critical that stipulation is to clients.
“We have earned our customers trust and want to keep it. So when we list recovery vendors as being PAR Platinum Compliant, our customers can trust that they are up-to-date on all required documentation and in good standing,” Scott said.
“That’s why we have developed an efficient, easy to use portal that ensures the compliance of recovery vendors. A comprehensive dashboard empowers every vendor manager to check the status on our checklist of due diligence items. The new system also automates reminders and facilitates fast and easy uploading of updated compliance documentation — making it simpler than ever for agents to remain in good standing,” Scott went on to say.
Scott closed the email exchange by reinforcing a message to finance companies about PAR’s commitment to excellence via this latest endeavor.
“Customers now have direct, self-service access to a single, user-friendly system housing all due diligence and compliance documentation for both PAR and our third-party recovery vendors,” Scott said.
“As a result, customer audits will be faster and more efficient. Customers will also be able to quickly reference state-level statutes and regulatory requirements,” she concluded.
Consolidated Asset Recovery Systems (CARS) recently brought three more finance companies into its client portfolio.
Flagship Credit Acceptance announced today that it has selected the CARS’ IBEAM (Internet Based Electronic Asset Management) web portal for managing the repossession and remarketing of non-performing assets in its automotive loan portfolio.
Crescent Bank and Trust has selected CARS’ vendor manager and servicing solution, Market Place Manager, to support its repossession and remarketing needs.
Zinc Auto Finance also announced that it has selected CARS’ IBEAM web portal for managing the repossession of non-performing assets in its contract portfolio.
CARS — among the companies to gather for Used Car Week 2018 beginning on Nov. 12 in Scottsdale, Ariz. — reiterated that it provides technology and services to finance companies, forwarders and repossession agents that is designed to enhance repossession and remarketing performance.
After completing a long-term evaluation of the IBEAM product, Flagship determined that it would standardize its repossessions and remarketing operations with a single technology.
“IBEAM allows us to manage all of our forwarding partners and remarketing consigners under a single platform,” Flagship loan servicing senior vice president Steve Biehl said. “By allowing us to consolidate data from field-based tasks and analytics through a central technology, we can enhance our performance.
“Analytical insights are key to Flagship’s ability to operate efficiently,” Biehl continued. “IBEAM gives us a way to manage multiple collection operations distributed across the country by creating a centralized view, applying artificial intelligence and allocating assignments efficiently.”
Consolidated Asset Recovery Systems chief executive officer and co-founder Steve Norwood touched on the company’s relationship with Flagship Credit Acceptance before this decision. Flagship Credit Acceptance is headquartered in Chadds Ford, Pa., with offices in Irving, Texas, Phoenix, Irvine, Calif., and Indianapolis. Flagship has successfully grown its portfolio to $2.9 billion in managed receivables. The company currently purchases indirect auto contracts from a nationwide network of more than 10,000 dealers and originates direct to consumers in 46 states.
“Flagship and Consolidated Asset Recovery Systems have been partners for years,” Norwood said. “Their use of analytics has informed many of the enhancements and reporting capabilities in IBEAM, raising the bar for what is considered essential best practice today.
“They truly represent best in class, and we are excited to continue to pioneer new solutions with them that will benefit our clients and the industry,” Norwood continued.
Crescent Bank and Trust chief collections officer Dan Boozer explained the methodology behind the company’s decision to leverage CARS’ capabilities. Crescent Bank and Trust specializes in providing auto financing to high-risk consumers in offices across 23 states.
“We have been partners with Consolidated for several years and have seen the company grow and value the partnership they provide, recognizing their continued thought leadership in the market we are excited as they roll out new solutions and in their ability to drive change in the industry with products like Market Place Manager,” Boozer said.
“The ability to have a predictable cost of service and consolidated invoices, combined with comprehensive reporting has improved our efficiency and allowed us to reduce internal headcount,” Boozer continued.
The IBEAM platform can automate many functions Crescent had to perform with internal resources and has provided the ability to view total cost, supplier performance, event timing, SLA compliance and complaint resolution. It also can retain all the historical records for the field-based activities associated with the repossession and remarketing process which Consolidated performs.
“Crescent was the first company to utilize Market Place Manager,” Consolidated Asset Recovery Systems co-founder Terry Groves said.
“By combining the best parts of sourcing their servicing needs, with the flexibility to engage other service providers through the vendor managed service gateway, they gain efficiencies without limiting their success or results,” continued Groves, who is among the experts set to appear during Used Car Week.
Meanwhile, Zinc Auto also revealed its decision to standardize on the IBEAM platform for repossession management. IBEAM (Internet Based Electronic Asset Management) is a web-based portal that can provide analytics, status and field-based updates for tasks.
CARS explained that IBEAM is unique in that it is built on an architecture that does not allow data to be localized. The benefit is better security of information compared to the traditional technology approach that synchronizes hosted data with licensed applications that may be installed on devices that do not have the property security protections.
Zinc Auto Finance specializes in non-prime retail installment contracts for both new- and used-vehicle purchases. The company is based in Fresno, Calif., servicing franchised and independent dealerships in Alabama, California, Florida, Georgia, Michigan, Missouri, Nevada, Oklahoma, Tennessee, Texas and Virginia.
“IBEAM provides us with efficiencies in managing our direct relationships with agents,” Zinc chief operating officer Rene Strong said.
“We can use the reports and dashboards to determine best performing supplier in a particular market to help improve portfolio performance. IBEAM also allows use to capture all historical data which is useful in evaluating compliance and adherence to our SLAs,” Strong went on to say.
IBEAM can help Zinc audit suppliers to assure compliant execution of repossession assignments and document and address issues that arise through an integrated complaint log. Dashboards allow ZINC to look at suppliers’ history over time to see if there are reoccurring issues or complaints that may underscore a higher risk
“Zinc Auto utilizes IBEAM to self-manage their direct repossession agency relationships accessing features and functions not available in other software solutions,” Groves said. “In addition, our technology stack provides the highest uptime rating in the industry yet it remains unique in its ability to assure data security by leveraging responsive design a technology that emulates web apps and licensed software without pulling data out of the level-3 secure data center.
“This provides the user an experience the same as if the data resided on their device without exposing clients to the risk and effort required to audit and manage all suppliers and users who consume data from the IBEAM portal,” Groves went on to say.
For more information, go to www.ez-recovery.com or contact sales at (919) 518-2277.
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.
MBSi Corp., one of the founding members of the Automotive Intelligence Council, named a new chief operating officer on Tuesday.
The provider of repossession assignment software and vendor compliance solutions to the auto finance industry brought on former Copart chief information officer David Bauer as its COO.
Bauer joins MBSi with 25 years of executive leadership in the auto and insurance services industry. During his more than 15-year tenure at Copart, Bauer designed and built enterprise systems including VB2, the patented live auction platform that helped Copart scale from 80 locations to more than 200 world-wide with a market cap now exceeding $11 billion.
After Copart, Bauer took on the chief operating officer role at Snapsheet, one of the country’s fastest growing tech startups from 2013 through 2017. MBSi highlighted that Snapsheet upended the insurance claims market with their virtual claims solutions and mobile apps. Under Bauer’s technical and operational leadership, Snapsheet scaled its innovative solutions and was able to grow from six employees to more than 400 in his four-year tenure.
“We are excited to onboard David to lead MBSi as we continue to deliver innovative solutions to our growing client base of national auto lenders and their service providers,” said Cort DeHart, president of MBSi.
“David is an exceptional, seasoned leader who has both the technical experience and business acumen necessary to deploy and scale successful technologies to an industry that continues to navigate a changing compliance and technological landscape,” continued DeHart, who again is among the industry executives and experts slated to appear during Used Car Week, which begins on Nov. 12 in Scottsdale, Ariz.
In this role, MBSi indicated Bauer will lead business operations, product strategy and customer support, delivering actionable intelligence and user-friendly software to finance companies, national forwarders, collateral recovery agents and third-party service providers in the auto finance industry.
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.”
