A week after making it official that the company acquired Remarketing of America, Location Services returned to acquisition mode on Wednesday by securing five more operations for its portfolio.
Location Services announced the acquisition of Auto Approve as well as four recovery agencies, including Repossessors Inc., CARS Recovery, Digital Dog Auto Recovery and American Recovery Specialists of Florida.
Management highlighted the offerings now provided by Locations Services can give credit unions, banks, captive finance companies and other financial institutions the ability to have one company manage the entire loss-mitigation outsource process, including auto refinance, recovery, skip-locate, account administration, license plate digital technology, transportation and remarketing.
“We are very excited to announce the acquisition of Auto Approve and the four repossession agencies, which expands our service offerings, making it a seamless process to refinance, secure and monetize vehicle collateral from default to auction,” Location Services chief executive officer Lee McCarty said.
“Our purchase of Auto Approve uniquely positions us to provide auto refinance services and the purchase of the repossession agencies has expanded our reach and our ability to support the boots on the ground, our valued repossession agency partners,” McCarty continued.
“This gives us the ability to provide customers the most efficient, effective and compliant services, no matter their location. Most importantly, we are very proud the business owners will remain fully engaged in our business as partial owners of our company,” he went on to say.
Last week, Location Services announced its strategic partnership with Allied Solutions, one of the largest providers of insurance, lending and marketing products to financial institutions. The company also announced the acquisition of MOXKOR, which previously operated at Remarketing of America.
McCarty explained Location Services’ acquisition of Auto Approve, which offers refinancing options for consumers, as well as the securing of four repossession agencies, sets the stage for significant change in the outsourced servicing industry.
He insisted the partnership and acquisitions positions Location Services to become a vertically integrated, national direct loss mitigation outsource provider, streamlining the servicing process for thousands of credit unions, banks and financial services associates.
“Our team of seasoned auto finance professionals possess in-depth knowledge of state and federal regulatory requirements and we understand the struggles of managing a consistent and compliant service proposition that boasts high recovery rates,” McCarty said.
“We are excited to be teammates with such a strong and successful group of entrepreneurs and look forward to discussing our future with our current and potential clients," he added.
In the days and weeks ahead, Location Services pledged to work closely with clients and business partners to ensure a seamless transition.
“We provide our clients with the most efficient, effective and compliant loss mitigation experience possible. Acquisitions and partnerships like these, drive consistency and optimize performance, allowing financial institutions to realize enhanced resolution rates, reduced losses, and the most compliant services possible,” said Eric Gerdes, president and chief operating officer Location Services.
“We are very excited about these announcements and committed to preparing and equipping our employees and repossession agents with the processes, technology and tools needed to exceed customer’s expectations relative to performance, safety and compliance,” Gerdes went on to say.