Archives

May 20, 2024

Repo Buzz

Collateral Recovery Repossession News And Directory

Officially Out of Room: State Associations Address The Storage Crisis

Officially Out of Room

September 20th, 2023

 

This past May, the association leaders and members united and issued a press release addressing the critical issue of industry storage, which has placed an overwhelming burden on repossession companies. Our primary aim was to extend an invitation to clients and lenders, fostering constructive conversations on the pressing issue of free storage. Regrettably, only a limited number of clients and lenders have taken advantage of this opportunity to open a dialogue.

Seeking a resolution, state leaders have collaborated and using individual metrics, were able to collectively identify some of the larger contributors to the storage crisis.  Based on our findings we extended an invitation to Loss Prevention Services to engage in a dialogue with a select group of our state leaders. Our objective was to prevent service interruptions by addressing the issues affecting our industry and establish a mutually advantageous solution.

Yesterday, 14 of our State Leaders, representing their perspective states participated in a call with David Cowlbeck of Loss Prevention Services to discuss the ongoing storage crisis.  Several points were discussed, including what are the standard storage expectations, and why agent contracts regarding storage vary so greatly.  State leaders conveyed that the storage issue has caused agents to create strategies on which clients’ vehicles they recover, and in some cases, agents have stopped recovering units for clients who do not pay storage at all.

Although David did not have an immediate answer, he did agree to bring our concerns to his team to discuss further and to meet with us again in 10 days to further discuss our questions and concerns.  We appreciate David for taking the time and meeting with this group and operating on good faith to bring our concerns back to his team to work on a mutually beneficial solution.

With recovery volumes on the rise nationwide, the urgency of the situation cannot be overstated. The message is clear, agents are now operating at full capacity with no available space for vehicle storage.  Without some type of standardized storage and compensation agents are being forced into making untenable choices.

Acknowledging that the scope of the storage crisis is broader, we intend to approach other clients of concern in the coming weeks. In the meantime, we encourage our valued lender partners to take a proactive role by initiating discussions with us. Remember this is a partnership, and together we can implement necessary changes to enhance our industry from all perspectives.

Should you wish to participate in these discussions, please reach out to us at statesrepo@gmail.com  to schedule a meeting.  We eagerly anticipate the chance to engage with your team and collaborate towards industry-wide improvements.

 

Sincerely,

Alliance of Illinois – President Santino Datoli

California Association of Licensed Repossessors – President Marcelle Egley

Florida Association of Licensed Repossessors – President Suzanne Chartier Burns

Georgia Association of Licensed Repossessors – President John Newberry

Indiana Professional Repossessors Association – President Todd Case

Michigan Association of Repossession Agencies – President Jenny Liagre

Minnesota Association of Repossession Professionals – President Kayihan Seran

Nevada Association of Licensed Repossessors – President Mark Zane

New York Professional Repossessors Association – President Salvatore LoDico

Ohio Association of Repossessors – President Amy Bednar

Oklahoma Association of Professional Repossessors – President Lisa Hancock

Pennsylvania Repossession Association – President Jeremy Cross

Recovery Agents of the Carolinas – President Gerri Gentry

Tennessee Association of Accredited Repossessors – President Lauren Kimbrell

Texas Accredited Repossession Professionals – President Bryanna Cox

error: Content is protected !!