J.D. Byrider announced Tuesday that it has been acquired by private equity firm Altamont Capital Partners. Altamont plans to provide Byrider with strategic direction, experienced resources and additional capital to support its growth and franchise expansion initiatives. The purchase of Byrider is Altamont’s first investment from its $500 million fund, which closed late last year. The firm said […] [Read More]

Not long after the automaker declared it was paying back government bailouts and posted quarterly net income for the first time since bankruptcy, Chrysler Group chief executive officer Sergio Marchionne had more positive financial news to share Tuesday. Standard & Poor’s issued a preliminary B+ credit rating for Chrysler. Also coming Tuesday, the automaker learned Moody’s issued […] [Read More]

Innovative Funding Services and LeasePlan USA announced they have formed a partnership.  IFS specializes in providing fleet customers with the opportunity to purchase vehicles and offers a variety of financing options through its lender partnerships, as well as commercial loan possibilities. Meanwhile, LeasePlan provides fleet and vehicle management solutions. It manages 1.3 million vehicles throughout the world. […] [Read More]

Potential legislation that could significantly change how Illinois repossession agents operate continues to make its way through the state’s General Assembly. According to information on the state government’s website, Illinois Senate bill No. 1306, known as the Collateral Recovery Act, is already on the docket within the House’s Judiciary Civil Law Committee for more possible […] [Read More]

All Technology Recovery, a full-service repossession facilitation and management company, recently reached a partnership with Regional Acceptance. Regional Acceptance is utilizing the national network of collateral recovery professionals to provide repossession facilitation. All Technology Recovery intends to provide 24/7 support on LPR2.0 scans for Regional Acceptance. Through All Technology Recovery’s network, officials emphasized that lenders can […] [Read More]

In a key move that allows for an ownership increase, Chrysler announced Thursday that it will repay its U.S. Treasury, Canadian Federal and Ontario aid loans this quarter. The automaker will achieve this by refinancing that debt in a new term loan facility and through a private offering of newly issued debt securities to institutional investors. The offering will […] [Read More]

There have been many recent discussions regarding the practice of forwarding repossession assignments. In addition, the industry has targeted companies that do forwarding, questioning the value, or lack thereof, that these companies provide to the repossession process and to the industry. From the agent’s perspective, the standing argument is that lenders benefit from a direct […] [Read More]

Forwarding, in itself, is not a bad business practice. Afterall, we have been forwarding work amongst ourselves for many years. Forwarding became a nasty word when the auction companies entered into the business to push repossessed vehicles to their respective auctions. Sadly, that wasn’t enough for the auction companies, and forwarding started to become a […] [Read More]

Coming on the heels of Fiat increasing its ownership in Chrysler thanks to another performance achievement, last week the Italian automaker reached another agreement by exercising its incremental equity call option to gain another 16 percent interest in the Big 3 OEM. Under this agreement, Fiat explained that it will exercise in full its incremental equity call […] [Read More]

Renovo Services, a single-source solution provider of recovery and skip-tracing services, recently named a president and chief operating officer as well as chief information officer. Kevin Flynn, Renovo Services’ chairman and chief executive officer, tapped Andrew Mahoney as president and COO. An industry veteran with stints at Alamo Rent-a-Car, JM Family Enterprises and most recently FLD, Mahoney […] [Read More]