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].
American Recovery Association president Dave Kennedy didn’t mince words to open a letter he delivered to the industry last week.
“We are failing — all of us,” Kennedy wrote.
Kennedy used the direct language to introduce the latest endeavor by ARA, which has been assessing, researching and creating content that the association said will make “a clear and present argument for radical change” within the pricing structures of the repossession industry to be beneficial to all parties.
ARA emphasized that repossession and recovery are essential to the entirety of the auto-finance business, which is why the association opened a series dubbed, “The Cost of COVID-19 on the Industry.”
Kennedy continued in the project introduction, “Given the current state of economic affairs and the added pressure of COVID-19, our already struggling business model has become even more difficult to navigate.
“It seems that every day, there is a new challenge and we see many good repossession companies closing their doors, unable to keep up with the ever-increasing cost of doing business. The repercussions have shockwaves throughout the industry — lenders and forwarders alike are struggling to find quality adjusters who can produce results and maintain compliance,” he said.
“It’s easy to wax poetic about the ‘good old days’ — when repossessions were simple, when compliance was minimal, when consumer complaints rarely escalated to litigation,” Kennedy went on to say. “It’s easy to hope that sweeping change will happen somewhere, sometime, eventually. It’s easy to wait for the decision makers — whoever they may be — to regulate, litigate and compensate their way to a more viable and sustainable revenue model.
“No one is coming. It’s up to us,” he added.
ARA offered a host of suggestions for repossession agents, finance companies and forwarders. The association reiterated that each of those industry segments must work together to create sweeping changes.
“Now is the time for action,” Kennedy wrote. “Now is the time to come together to ensure the survival of our industry. Now is the time to galvanize the industry and reassess our failing business model.
“Now is the time to rethink and rectify a revenue model, which will allow for repossession agencies to operate in a viable and sustainable manner. It's hard work, yes, but to slip back into complacency will be the death of our industry.”
The opening segment of this ARA project can be found on this website.
Already a training provider, RISC now is getting involved in the employment part of the repossession and recovery industries.
On Tuesday, the firm launched RepoHiring.com in an effort to helps connect collateral recovery industry employers with qualified job seekers. Free for both employers and job seekers, RISC emphasized this site is designed with the asset recovery industry in mind.
Over the past few years, RISC acknowledged the collateral recovery industry has been particularly challenged to identify and retain qualified employees.
“The old process simply wasn’t very efficient,” RISC said while noting that without a centralized resource, industry job seekers found opportunities through word of mouth, Facebook, Indeed, Craigslist or other social media.
“None of these sites were designed with the collateral recovery industry in mind,” RISC added.
RISC explained RepoHiring.com is geared to fill that gap across the gamut of roles in the repossession and collateral recovery industry including agents, lenders, forwarders, industry service providers, skip tracers, locksmiths and more.
Employers can post unlimited free job opportunities on the site in just minutes. They can also search the database of registered job seekers with public profiles.
Job seekers can create a profile and save it to apply for future opportunities. They can upload a resume or build out an employment profile.
“Once the profile is built, applying for jobs is as easy as a single click,” RISC said.
“If you’re reading this, RepoHiring.com was built for you,” the firm went on to say.
RISC noted RepoHiring.com currently serves all U.S. states with plans to expand as demand grows.
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%
PAR North America launched centralized title warehousing and electronic title processing services that the business unit KAR Global said is in compliance with all state regulatory requirements.
PAR explained its title services can save customers additional staffing and storage costs and provide confidence that needs are met in a timely, efficient and compliant manner.
“At PAR, we’ve created a more efficient, convenient experience for our clients with expanded and innovative services to meet all their needs,” PAR president Lisa Scott said in a news release distributed on Thursday.
“Our warehousing service relieves customer pain points while ensuring adherence to all regulatory requirements,” Scott continued. “Plus, our electronic title processing service gives customers digital access to titles across North America, anytime day or night—offering customers the most seamless, all-encompassing solution in the industry.”
PAR acknowledged title warehousing and processing is a manual, paper-driven process for auto finance companies, so the company has streamlined and centralized these services.
Now, PAR can work on behalf of its customers to process and warehouse vehicle titles during the financing, recovery, auction and resale of a vehicle. PAR will store, process and send vehicle titles directly to the consumer while providing full transparency and digital access to title images at any time 24/7.
“The team at PAR works very closely with our clients to provide strategic solutions and deliver benefits and value beyond typical vehicle transition services,” Scott said. “Plus, we stay connected and in lockstep with the National Titles Solutions Forum to monitor the most up-to-date changes in state titling requirements.”
PAR’s title services are just one segment of the company’s full repossession lifecycle management solutions. The title services group can deliver more than a dozen solutions to customers, from repossession, redemption, corrected and duplicated titles to tracking, history, storage and transfer of equity.
PAR is a leading U.S. provider of vehicle transition services with coast-to-coast solutions for compliance tracking, recovery management, remarketing, skip tracing and title services. PAR leverages its corporate family connections under the KAR Global umbrella to provide unique end-to-end solutions to more than 400 clients nationwide.
For more information about PAR and its new title management services, visit https://parnorthamerica.com/.
Allied Solutions and Recovery Database Network (RDN) not only operate in the same Indianapolis suburb, but the companies now are partners since they both seek to help auto-finance companies in the same area of their operations.
Allied Solutions, one of the largest providers of insurance, lending, and marketing products to financial institutions in the U.S. for more than 40 years, and RDN, a business unit of vehicle remarketing and technology solutions provider KAR Global, recently announced a partnership the companies believe will give finance companies a seamless, efficient solution for their asset recovery needs.
For more than 10 years, RDN highlighted that its software-as-a-service technology has provided auto-finance companies with improved recovery performance and increased operational efficiency while offering full security and transparency. The web-based application can connect thousands of recovery agents and automotive lenders to a streamlined vehicle recovery process — with reduced redundancies and increased actionable data throughout the entire recovery, re-titling, and remarketing value chain.
“Our clients are seeking secure, digital solutions to enhance and optimize their current recovery processes,” Allied Solutions senior vice president Anne Holtzman said in a news release. “RDN provides a trusted technology that enables lenders to better measure their performance and move more quickly through the repossession process.
“With a full suite of tools, and continuous adaption, RDN is a great partner to help fill an inventory management need for many of our clients,” Holtzman continued.
“Allied recognizes that our clients have a diverse and ever-expanding set of needs when it comes to recovery strategies,” Holtzman went on to say. “This partnership with RDN establishes an adaptable and comprehensive solution that we can provide to our clients so they can feel confident they are being as efficient and effective as possible with their recoveries.”
RDN vice president of business development John Sibbitt added, “At RDN, we are committed to continuously enhancing our technology and connecting customers to a streamlined vehicle recovery process.
“Now, Allied Solutions customers using the RDN asset recovery platform will have access to transparent repossession processes with real-time, automated status updates and tracking — connecting Allied Solutions’ lending customers to the agents managing their asset recovery,” Sibbitt said.
Editor’s note: This commentary is the second in a series compiled by Joel Kennedy, who is the current president of the National Automotive Finance Association and board adviser at TruDecision, looking at the intricacies of repossessions and recovery. The first segment is available here.
I founded an auto-finance business during the peak of the Great Recession in early 2009. I knew credit, risk, analytics, finance, compliance — you name it. But when it came to loan servicing and managing delinquent borrowers, skips, recoveries, asset disposal — it was a trial by fire.
Despite our team’s collective naiveté, we did a decent job of handling these activities early-on. In fact, we did well enough to get through multiple rounds of funding and “servicing retained” deals. After the second round of funding (the “big” round) the loan portfolio really grew, and along with that growth came a lot of new issues and problems to manage. The hallmark of these issues was that they were largely centered on finding borrowers and collateral that we had lost our grip on, and these problem accounts have a way of hiding from you, so you really run the risk of missing some big things.
In hindsight, there were choices to be made on how to manage these operational components that I should have outsourced entirely from day one. The problem was that my partner and I put too much stock in building all of these capabilities internally, and we viewed outsourcing them as dilutive to our brand. We figured that building a finance company that is nothing more than a bunch of outsourced systems, vendors, etc. cobbled together, can that really be unique and create enterprise value? We certainly got a passing grade in Management Hubris 101.
I now reflect on the opportunities from my auto-finance company with a much better understanding of all of the moving parts operationally and how they manifest in the financials. Nowadays, it doesn’t matter to me who does an activity — just is that activity optimized and maximized — or am I at least getting the best possible service or result. My time embedded with Flying A Information Resources, a skip/locate and recovery company really opened my eyes to the full power and scope of outsourcing in a way that eliminates a lot of the pain, friction, and knee-jerk management that I self-inflicted.
Top 8 challenges
Through my experience, I identified what I believe to be eight primary challenges.
Challenge No. 1: Lagging repossession, skip, and recovery rates
For non-prime banks and finance companies (mostly small-to-mid-sized), repossession rates generally run in the low-to-mid teens, but have been rising in recent years. Similarly, the unrecovered skip rate (as measured by the number of unrecovered repos in the current year / number of repossessions for the prior year) runs on the lower side of the mid-teens as well. Recovery rates (net post-charge off deficiency) for the non-prime segment generally run in the mid-to-high teens. So, now that we have the general benchmarks, how does your institution stack up? If you are outperforming, then you probably already know that, and have a good thing going. For underperformers turning the tides on lagging performance can be tough – there are a lot of moving parts with systems, process and people, which can make diagnosing the problem a substantial undertaking.
Challenge No. 2: Days to recover are increasing
The longer the days to recover, the worse your collateral recovery will be. Plain and simple. And the reasons for nonperformance can come from a number of prior actions that resulted in misses. Did you start off with good customer contact and get ahead of delinquency and roll rates? Were there misses along the way where your collectors decided to wait rather than advance an account to assignment for repo? Do you have a solid process that is followed consistently on which accounts need to be skip-traced or assigned? All of these misses add up to a huge hit on your bottom line because when cars are missing for too long, the more busted up they become, and the less you have to recover at auction if and when you get it. Even worse, you end up recovering a total bomb that you should have just abandoned.
Challenge No. 3: Poor / declining collateral sale proceeds
Poor collateral sale proceeds can be a function of many things. For example, just as automotive retailers look to match the collateral they carry to their local clientele, auctions have some differences that are worth noting. A vehicle that does well at a larger, higher volume auction may not do well at a smaller auction, and vice-versa. It is a good idea to be constantly evaluating your auction returns, and looking for ways to improve the top line and reduce your recovery and reconditioning costs. Do you have someone representing you at auctions? Do you have good lane placement and time of day for your cars to roll through? At the end of the day, the CFO’s question on this one is a good one; what was our expectation for collateral sale proceeds versus what we are actually recovering?
Challenge No. 4: Volume of recoveries and agent management is unmanageable
When delinquency and roll rates increase or even spike, regardless of whether it was weaker credit quality for a particular vintage, seasonal / exogenous factors, or poor collections performance, you have a bubble that needs to be addressed. This is often the time that outsourced options are seriously considered and deployed, and for good reason; you have a bump in volume that you don’t want to staff to, you just want to solve it. In my opinion, this is the time when a longer-standing relationship with an outsourced vendor gets crucial. The lender knows that the accounts were mismanaged, but most will look to hold the vendor to a standard that is more suitable to a well-managed account. If this understanding gap can be overcome, then chances are that vendor becomes strategic.
Challenge No. 5: I am not confidently managing specialty accounts
Specialty accounts can quickly eclipse a finance company’s abilities. Military, BK, Non-self-help states, and sovereign nation reservations all have particulars that if not properly managed can equate to serious legal, regulatory, and reputational risks, along with the risk of losing recoveries, or even the lender’s claim to pursuing the deficiency balance. It has been my observation that most finance companies fall into two camps on this: one that relies on the most expensive and comprehensive legal guidance they can buy, and those that ignorantly apply their normal process to these accounts. To shed further light on the issues involved with the most prevalent categories, I interviewed some experts.
• Military: Kelly Blankenship of KRB Partners, a regulatory compliance consultancy provides some caution in handling military recoveries, said, “Make sure you have policies and procedures in place to verify the military status of your borrowers before your company begins the repossession process. A best practice would have checks and balances in key places along the repossession process, for ex., at the time the vehicle is categorized as eligible for repo and prior to assigning it for repossession agent or forwarder. As a reminder, protected service members are people who have made an installment payment (one payment is enough) prior to entering military service and were in the military at the time of repossession.”
• Bankruptcy: Brad Cloud of National Bankruptcy Services (NBS), a bankruptcy administration and management firm serving lenders and loan servicers, said, “Our clients who have built up internal bankruptcy management functions know the pain of having to manage multiple different law firms across the country to assist in the management of bankruptcies. The cost of court filings can really add up, and it is not always easy to staff bankruptcy teams with experienced administrators. In general, NBS can deliver results for half the cost of doing the same internally. And, when you consider that bankruptcy files generally represent between 50 and 100 basis points in a portfolio, even the captives (who have the capacity to do it themselves) choose to outsource this work.” Cloud adds that the first step for them is to audit what the client has done, and what he sees are that debtors and their attorneys tend to err on the side of less (in terms of validating assets, and their values) and it is on the lender to identify this, call it out and correct it – with real financial impacts.
• Sovereign nation reservations: Gabriel Garcia of Flying A Information Resources has been working specialty accounts for some time. According to Garcia, “Each reservation has their own laws, so if an agent is not fully familiar with the tribal laws, it is better to check in with the tribal police before going to make contact with the borrower or touch the collateral. It is actually best to have a native of the reservation to act as an agent while performing the recovery and performing any contact with the borrower.” Garcia had some interesting tidbits on the stickiness of a recovery that pertained to the use of a GPS (can be sticky on a reservation), and the fees (legal fees + access fees + native lawyer fees) that can quickly add up when you don’t even have eyes on the car and you have no idea of the vehicle’s current condition. Another interesting fact is that geography can be an issue in the recovery of a vehicle when it is recovered outside of tribal lands. You can end up recovering a vehicle just outside of tribal land, yet the only road back to the tow yard requires that you re-enter tribal land on your way back home. In many cases, the agent can be forced to surrender the vehicle to tribal police unless they have a signed surrender form from the customer.
• Non-self-help states: On the topic of non-self-help states, Garcia continues, “It is important that the self-help laws are written into the contract. Lenders that do not put that verbiage on their sales contract are not able to use self-help. If self-help fees are approved and available to the client, then the repossession agent has to file paperwork and pay fees to both the parish and the local sheriff’s office. There are always two fees paid, one to each municipality.” Garcia sites a specific example, with the state of Louisiana, “You approach the customer with a voluntary surrender form, and if they sign, you can repossess the vehicle. If they refuse, you can pay a fee to the sheriff then you can do a self-help repossession.”
Challenge No. 6: Loan and payables associated with recovery and sale activities are unmanageable
Some auctions provide transport, and reconditioning and net those charges out of your disposal proceeds, while others invoice you directly for these services. When contemplating a skip that flips to a deep skip, then moves to recovery, is then stored for some time, transported, reconditioned and sold, you could have quite a lot of invoices tied to that single account. Further, if you do a good bit of business with any of these vendors along the process, chances are they will invoice you for all the services and then you have to break it all out and assign it to each unit. And, this assignment of all recovery, reconditioning, transport costs is super-important, and must be correct on the deficiency balance notice, and in many states the issuing of that notice must be timely. This is just one of the reasons why you want to stay far away from the accounting team during month’s close activities. They are literally ripping their hair out (and for good reason).
Challenge No. 7: Immature skip and recovery operations
Loss mitigation is a tough game. You need to apply a significant amount of rigor and structure to keep things organized and not drop any balls. At the same time, it requires a great deal of financial intelligence / intuition, and the more analytic your team the better. Unfortunately for most small-to-mid-sized operators if they have one good person that fits this bill, they are lucky. Grit and determination are great, but they should not overshadow the higher-level skills that need to be present as well. You can hire a “hammer” to do the job (perhaps someone that used to work in skip / recovery for a repossessor), or you can hire a “hand” that will provide more guidance and analytical leadership. The fact is that you need both, and they both need to be gritty since they are always cleaning up someone else’s mess. The reality is that many operators hire out of immediacy and desperation, often thinking that they can develop excellence internally, only to be disappointed.
Challenge No. 8: Managing non-auto recoveries
Similar to the specialty accounts, non-auto recoveries can be problematic for lenders or holders of these different accounts. Let’s say that you picked up a few portfolios of boats, farm equipment and RVs. These are vastly different collateral types that would be housed, stored and even hidden in a variety of ways. So, the real issues don’t start at the point of repossession — they start prior to that in the skip phase. The farmer hides his farm equipment on a friend’s farm, the boat owner hides their boat in dry-dock, and the RV owner is never in one place (or state) for long. If the majority of your holdings are in auto and these other assets make up a smaller number in the portfolio, you may find yourself spending significant time and effort simply lining up vendors to help you.
In summary, managing collateral recoveries is an entire process that can be mapped out, but managing the process tree can be difficult given that there are very few “vanilla” involuntary recoveries. This can often result in these accounts not being worked, or perhaps outsourced to a specialist that understands the legal and regulatory aspects but may not be so great at operationalizing the solution.
Possible solutions
When it comes to managing collateral recoveries, the fact is that there is a baseline level where we all use outside vendors to get the job done; recovery agents, and auctions to name just two. I support a strategic, and financially-driven decision to guide the structuring of this function either internally or outsourced. So, while I admitted bias and hubris on my part at my last finance company (where we outsourced the minimum), I have seen the value of a more exhaustive outsourcing arrangement for everything from skip through recovery and disposition, and I have changed my tune accordingly.
The short answer is that there are organizations out there that do a very good job of specializing this skill-set and function, takes care of the accounts, hires people, handles sub-contractor payment and performance, possesses workflow, and can even share some resources across a variety of lenders that can save you significant money. To me, it is no different than me listening to Spotify and not buying CDs, and buying movies in the cloud and abandoning DVDs, and purchasing cloud space for my digital photos instead of buying photo boxes. Be open to the changes and you may find better results and fewer headaches.
Evaluating what is right for you
When evaluating options of insourcing / outsourcing, I offer a basic framework for assessing:
• Results: Is your team outperforming or underperforming on key metrics such as recovery rate, skip rate, collateral recovery $? If you are underperforming is it because your back-end team is underperforming or is it because your collections team is underperforming and letting too much flow through, or is it because the underlying loans (customer, asset, structure) are poor?
• Cost of achieving results: How much does it cost you to staff, train, and equip your skip, recovery, asset disposition team? Are replacement resources readily available in your locale? Take the time to add up the cost of all the skip tools (e.g. license plate recognition, PACER, information sources, etc) and the success rate associated with your staff employing these tools. Is there a better option available to you?
• Capabilities: Do you have access to an abundance of highly skilled resources that specialize in these activities? Do you have legal and regulatory expertise in the specialty areas such as military, BK, non-self-help states? Is your loan accounting function highly performing, or do they seem all frazzled every month-end?
Joel Kennedy is a consumer finance executive, advisor, and consultant. He has a passion for growing and improving auto finance ecosystem. He has over 24 years’ experience helping big banks down to start-up finance companies to build, grow, improve, and repeat. He is the current president of the National Automotive Finance Association, and a board adviser to TruDecision. He can be reached at (240) 308-2169 or [email protected].
Along with the opportunity to reconnect with other industry operators, the American Recovery Association is using this year’s North American Repossessors Summit to unveil a new program that’s been in development for several years.
During NARS 2020, the association will be debuting its new program — ARA University — an initiative to help members position themselves as industry leaders through courses to improve their business and growth.
Part of the event includes an “Introduction to ARA University” as Dan Johnson and Doug Duncan will take the stage to reveal a first look at the industry program that will give invaluable information to members looking to further their business growth.
“With an eye toward providing certifications and credibility to the repossession industry, this introduction will set the stage for the unified education of all sectors of the business,” ARA said about this portion of NARS 2020, which is set for May 7-8 in Irving, Texas.
The association elaborated about the speakers who will introduce ARA University
Johnson is the chief executive officer of Camping Companies in Phoenix. ARA highlighted that Johnson has considerable experience in organizational development across his career, gaining the respect of many professionals in the asset recovery industry due to his effective leadership of successful repossession companies and his contributions to the broader repossession community through his service with the American Recovery Association.
Doug Duncan is president of TalentValue, possessing 30 years of experience in business planning and human resources. Duncan’s clients are companies in a wide variety of industries including the supermarket industry and a large Midwest insurance company.
Complete details about NARS 2020 are available at www.reposummit.com.
Organizers of the North American Repossessors Summit (NARS) have announced the opening of nominations for their second annual Industry Awards. Designed to honor exemplary repossession professionals, this year’s award categories include Recovery Agent of the Year, Service Representative of the Year, Humanitarian of the Year and Agency Owner of the Year.
NARS officials said submissions can be made until March 6. The NARS committee will choose the top three nominations in each category before opening voting to the public to select winners.
“All nominees will be carefully vetted based on the quality and detail of submission and their contributions to the repossession industry,” officials said.
The awards categories are as follows:
Recovery Agent of the Year
The Agent of the Year Award honors the 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.
Service Representative of the Year
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 our industry.
Humanitarian of the Year
Humanitarian of the Year submissions showcase 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.
Agency Owner of the Year
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. This person 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.
To submit someone for an industry award, go to reposummit.com.
This week, Resolvion, released a new specialty suite of services.
The skip-tracing and repossession management firm explained these specialty services were designed to address many of the challenges that finance companies encounter in their repossession activities.
Resolvion’s specialty services include the following programs:
• Rural area recovery
• Bankruptcy recovery
• Red Flag/Cease and desist Recovery
• Impound recovery
• Native American Reservation Recovery
Resolvion president Josh Elias indicated these unique programs will support Resolvion’s existing core repossession services.
“Our specialty services are designed to address major pain points for our clients while reducing overall costs and risks,” Elias said in a news release. “This was a major initiative that took a lot of resources to successfully implement so we’re excited to introduce it to our clients.
For more information about Resolvion’s specialty services, finance companies can contact Jose Mendiola at [email protected] or call (954) 931-2848.
