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Location Services Exits Direct Repossessions

Good Afternoon Valued Clients. As the pandemic continues we have made several strategic business decisions to better position ourselves in the marketplace. We are excited about our direction and are hopeful that we will have your full support as we pivot.

 

Please be advised of the following adjustments:

1)-We are exiting the direct model for now. We are retaining our licenses where it makes sense to keep them. We also want to share that Brad Webb and his Premier Adjusters team in Texas, along with Patrick Dunleavy and his TCAR team in the Northeast, have made the decision to acquire their legacy operations and will continue to run their footprints. These areas will remain under Location Services management for the interim and it will be business as usual while we work through a full transition back to their legacy ownerships.  Both companies will continue running insightLPR cameras and utilizing RepoRoute recovery software, which will allow for continued prioritization for our clients. We also have several recovery agents in our forwarding network that will take over a number of our other lots and territories. This transition will continue to occur over the next few months.

2)-We will continue to build upon our Forwarding model, which includes Recovery, Skip, Remarketing, Transport, Keys and Titles. We already have a robust network of outside agents and a good portion of our existing volume (approximately 50%) is forwarded. Our headquarters has moved to Indianapolis, IN and we have a very well respected and experienced senior team in place. Jose Delgado, Chief Operations and Client Officer, Mohit Mahahan, Chief Information Officer, Mike Suarez, SVP of Operations, and Debbie Stokes, National Remarketing Director, are a few familiar names that have joined us in the past year.

3)-Our LPR division, insightLPR, just made a strategic acquisition last week, as we closed on Riverland Technologies out of Jackson, MS. Riverland has an excellent reputation in the LPR space and partners with cities, police forces and municipalities across the country, providing them with cutting edge LPR camera technology and integrated software solutions. Riverland has been in business for over 15 years. They have a terrific organization with great people and products.

We are also pleased to announce the additions of John Nethery and Dimple Patel to our senior team. John is our current Chief Financial Officer for Location Services and insightLPR. John spent more than nine years at DRN, from 2010 to 2019, as their CFO and COO and was a major contributor to their overall success. Dimple has 20 + years of industry experience and also worked at DRN as their VP of Finance / Controller from 2010 to 2017.

In addition to his CFO responsibilities, John will serve as President of insightLPR. We have big plans for insightLPR and are confident that with John’s leadership and background, along with the demonstrated strength and experience of Riverland Technologies, we will build insightLPR into a very formidable option for our clients. It’s also another reason why we exited the direct model. We want to remain agnostic in the direct auto finance scanning space.

4)-We would welcome the opportunity to stage/host any and all hot lists as we build our scans. John and Jose and teams will be in touch.

 

Thanks in advance for your understanding and support. Our parent company, Delaware Street Company, remains bullish and committed to our forwarding and LPR models. We are excited to continue to partner with all of you and get beyond the pandemic.

Have a great week. Please reach out to Jose Delgado (cell# 317-385-9780), Michele Connell (cell#  714-227-7450) or me with any additional questions or concerns.

Thanks,

Jerry

Jerry Kroshus | Chief Executive Officer

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