DALLAS -

The American Recovery Association and Subprime Analytics are teaming up again to compile the second phase of the recovery industry scorecard. This phase is set to include repossession agency data from Jan. 1 to Dec. 31, 2010.

The association explained that this industry scorecard is an independent performance analysis derived from data records that can allow repossession companies to compare performance against peers. The scorecard measures individual companies and industry performance, such as recovery rates and time to recovery.

Furthermore, ARA believes the scorecard can provide lenders an objective tool to evaluate existing and potential repossession vendors while providing industry benchmarks for repossession companies to manage and identify best-demonstrated practices and key performance indicators.

The data is compiled by Subprime Analytics from a variety of software systems, including RDN, RePros and PRIOS.

The initial scorecard came out last October during ARA’s 46th annual convention. Association leaders think it proved to be beneficial both to recovery agents and lenders.

During this next phase, participation in industry scorecard evaluation is open both to ARA members and nonmembers. Participation costs $200 per company, and the ARA board of directors is offsetting $100 for its members.

The deadline for submissions is Feb. 15.

The ARA’s data committee — which includes Mike Plue of Premier Recovery Service, Dick Frame of Midland Auto Recovery, Phil Hourican of Premier Finance Adjusters and Chris Dunleavy of TCAR Recovery and Remarketing Services — is joining forces with Ken Shilson and Jon Moreland of Subprime Analytics to complete the scorecard.

“The recovery industry was one of the few industries that lacked an industry-wide tool to measure its performance,” stated Joe McOwen, president of ARA.

“The industry scorecard is a solid solution to help recovery agents improve business and assist lenders in their evaluation of agents.”

For recovery agencies who are interested in participating they can visit www.repo.org and download the instructions and forms. Or they can contact Plue at Premier Recovery Service at mike@premierrecoveryservice.com or Frame with Midland Auto Recovery at dick@midlandrecovery.com.