ARA Issues White Paper on Repossession Operations in the COVID-19 World

“Setting Uniform Standards for Operating in a Changed Environment”

Dallas, TX – 27 May 2020 – Following up on a May 1^st webinar attended by hundreds of repossession industry professionals, the American recovery Association (ARA) released a white paper titled “Setting Uniform Standards for Operating in a Changed Environment.” ARA Issues White Paper on Repossession Operations in the COVID-19 World

In this paper, they illustrate the disparities in operational expenses over the past twenty years, on various consistent expenses such as;

Employee Wages
Equipment Pricing
Wrecker Expenses
Fuel Costs
Technology
Camera Systems
Compliance
Vehicle Storage

They go on to address the 95% agreement by the webinar attendees on the need to address current and long-standing issues that have been plaguing the industry over the past twenty years, such as;

Personal Property Inventory and Storage
Reverse Indemnification
Force Majeure
Specialty Fees
Programming and Key
Recovery and Handling of Hazardous Materials
Compliance Requirements

And more…

“For repossession company owners though, the current financial landscape is precarious,”

“While many are eager to get back to work, the difficult economic realities of the last few years have now been greatly compounded by the effects of the COVID-19 crisis.”

“Consequently, it has become incredibly challenging to afford continuing to operate in the recovery space and a change to the status quo is needed immediately,”

“Establishing a new economic model and adopting universally accepted industry standards are essential next steps.”

Read the ARA Whitepaper Here!