Financial

INDIANAPOLIS — The industry is seeing a dramatic increase in recovery agents being harmed — or worse, killed — while securing the collateral of their clients. Unfortunately, lenders unknowingly exacerbate this environment with contingency demands. Contingency pricing attempts to cut costs by holding payment until the vehicle is recovered. Contingency demands put the burden on the recovery specialist […] [Read More]

MINNEAPOLIS — The incoming president of ACA International, the Association of Credit and Collection Professionals, asked the industry several questions about where it's heading during the next 10 years. Martin Sher, co-chief executive officer of AmSher Receivables Management in Birmingham, Ala., wondered, "Will you still be working in the credit and collection industry? Will your business […] [Read More]

PARSIPPANY, N.J. — In an effort to beat out Hertz for the acquisition of Dollar Thrifty Automotive Group, Avis Budget Group submitted a bid to the company this week, in addition to passing along a letter to its chief executive officer and chairman. In his letter to Thomas Capo, Dollar Thrifty chairman, and Scott Thompson, president and […] [Read More]

SEATTLE — Varolii Corp., an automated collections communications provider, recently surveyed more than 400 collections and financial services executives nationwide and found nearly half make no distinction between chronically late payers and consumers who have fallen behind for the first time.  The survey revealed that despite an economy that's in a slow-recovery mode, these executives still […] [Read More]

FORT WORTH, Texas — Buzz throughout the repossession industry nowadays often has to do with limiting liability as much as possible. A pathway agencies are adopting with more frequency is the use of license-plate recognition technology. Cort DeHart, president of Digital Recognition Network, said that while attending a recent industry event that agencies not only are securing a […] [Read More]

SANTA MONICA, Calif. — TrueCar revealed Tuesday that it has gained access to new financing that can help push its growth and acquisitions further. More specifically, included in the $35.5 million round of funding is a $21.1 million credit facility from Silicon Valley Bank as well as financing from USAA, Capricorn Investment Group and GRP Partners. […] [Read More]

CITRUS HEIGHTS, Calif. — Whether you are a small credit union with just a few repossessions or a larger credit union with many, proven industry tips can help your bottom line. Included here are two frequently asked questions. I would like to sell the vehicle for more money, so should I fix the damages? Be careful […] [Read More]

PALATINE, Ill. — License plate recognition technology provider MVTRAC recently tapped an industry veteran to be the director of its 2010-2011 advisory board. Named to the role is one of the owners of AZ Asset Recovery, Maria Olson. MVTRAC is asking Olson to facilitate communications, events, memberships and other board objectives. MVTRAC established its advisory board in […] [Read More]

DETROIT — The Ally Financial Board of Directors recently declared quarterly dividend payments for certain outstanding preferred stock, with the largest dividend to be paid out to the U.S. Department of Treasury. Basically, a quarterly dividend payment was declared on Ally's Fixed Rate Cumulative Mandatorily Convertible Preferred Stock, Series F-2, of about $257 million, or […] [Read More]

ATLANTA — The importance of the repossession industry to our economy is something that is often overlooked or misunderstood. Lenders of all types and sizes rely on hundreds of repossession agencies throughout the country as a crucial form of recourse when loans default. As repossessions soared during the last two years, new processes and technologies gave […] [Read More]