Financial

FORT WORTH, Texas — There is quite a bit of information currently circulating about license plate recognition technology and the various companies that are providing this technology and services. As a recovery professional, I am sure many of you are interested in learning factual information that would enable you to make an informed decision as to how, […] [Read More]

SAN ANGELO, Texas — In preparation for its 74th annual training conference and seminar this week in San Diego, the president of the Allied Finance Adjusters Conference reiterated points that have been echoed by recovery agents from throughout the country. George Badeen issued a message to the conference's membership and anyone involved with repossessing vehicles about […] [Read More]

PALATINE, Ill. — Recent published reports included comments from consumer groups about how license plate recognition technology used by recovery agencies could be compromising privacy. However, a pair of LPR technology providers and a well-respected industry legal adviser all refuted these claims. One provider, MVTRAC, used its two decades of recovery and remarketing experience to create […] [Read More]

DAYTONA BEACH, Fla. — To the professionals in the repossession industry — and yes there are hundreds of them in this business — there's nothing funny or entertaining about Operacion Repo, so-called "reality TV."  Although it slips by pretty quickly in the credits, it has a disclaimer up front that the scenes are staged, coyly referring to them […] [Read More]

DALLAS — The American Recovery Association deemed its recent North American Repossessors Summit a triumph as hundreds of recovery agencies and industry service providers gathered for a two-day event of constructive dialogue. The sold-out summit on March 13 and 14 drew more than 300 attendees who participated in various panel discussions and listened to speakers from […] [Read More]

DETROIT — Ed Whitacre, chairman and chief executive officer of General Motors, said late last week that his company plans to make its second quarterly loan payment to the U.S. Treasury and Export Development Canada on Wednesday, ahead of schedule. More specifically, Whitacre said, "In keeping with our commitments to the U.S. and Canadian and Ontario taxpayers, […] [Read More]

LAKE FOREST, Calif. — National Creditors Connection, a field contact, loss mitigation, on-site inspection and debt recovery services company, recently hired two new account managers. Coming on board are Dan Lozier of Arizona and Shawn Bondy of North Carolina. NCCI officials explained that both Lozier and Bondy will be tasked with developing new business from mortgage […] [Read More]

CARY, N.C. — Cherokee Automotive Group Analytics released the last results of its initial three-part study today. Of the participants surveyed, 57 percent are in the remarketing industry, while 33 percent are in both the remarketing and repossession industries. About 10 percent are just in the repo industry. When asked what is the most critical part […] [Read More]

RALEIGH, N.C. — Given a choice, every lender would prefer to keep the debtor in the vehicle. Once an asset goes out for repossession, the outcome is usually a loss that must be charged off. Even in today's booming used-car market and with the higher asset valuations lenders are experiencing at auction, the likelihood that a lender will […] [Read More]

LOS ANGELES — Westlake Financial Services announced late last week that it has created a new division to will specialize in portfolio acquisition services. The new division, called Westlake Advanced Lending & Portfolio Services, was created to expand the company's product offerings and provide a new source of liquidity for the automotive financial market, according to […] [Read More]