NASHVILLE, Tenn. -

Primeritus Financial Services announced the sale of two of its subsidiaries on Wednesday.

Officials confirmed that Primeritus sold Repossessions Unlimited operating in Florida and Extreme Recovery in California.   

In the first transaction, Chris Fazio purchased Primeritus’ ownership in Repossessions Unlimited. 

As sole owner of Repossessions Unlimited, officials said Fazio will continue to provide recovery services for Primeritus’ repossession management clients, covering central and south Florida as a network agent for Primeritus. 

Primeritus indicated the second transaction resulted in the sale of the Extreme Recovery operations to Solid Solutions 24/7. Solid Solutions is a partnership between Scott Fornaro and Wes Englebrecht.

Under their direction, former Extreme Recovery employees will continue their careers with Solid Solutions 24/7 in California, according to Primeritus.

Primeritus chairman Cam Hitchcock said, “Since our acquisition of Renovo Services in October, we have continued to refine the Primeritus business model and make decisions and investments preparing Primeritus to be the best-in-class service provider in repossession management, skip-tracing, remarketing and transportation solutions for our clients.

“We have made a strategic decision to reduce Primeritus’ involvement in direct recovery as we believe that our 700-plus group of independent network agents can provide exceptional recovery services to both Primeritus and its clients,” Hitchcock continued.

“The sale of Repossessions Unlimited and Extreme Recovery, each to highly respected direct recovery executives, demonstrates our commitment to the strategy and confidence in our network partners,” he went on to say.

Primeritus chief executive officer Chuck Tapp also commented on Wednesday’s developments.

“We wish Chris and his team at Repossessions Unlimited continued success in the critical Florida market, and we will continue to foster a strong business relationship with Chris,” Tapp said.

“Solid Solutions 24/7 is also a mission critical network agent for Primeritus in the California market, and we look forward to developing a strong, long-term relationship with Scott and Wes in this high potential market,” Tapp went on to say.

Continue the conversation with Auto Remarketing on both LinkedIn and Twitter.