Copart Follow Up – ARA Names Lender

Over the past week, there has been a good deal of public discourse regarding the entry of CoPart to the repossession market. What was missing from these conversations was the name of the lender who was employing them to do it. Well, in case you missed it, over the weekend, the ARA named them.

Below is the email sent on Saturday May 3^rd.

A few days ago, ARA issued a letter to the industry addressing concerns about certain bad actors within the lending community operating under the Copart program. Since then, we have received numerous calls and emails from recovery agents, lenders, and members of the LPR community. The prevailing message from these conversations is clear: they wish to affirm that they are not involved in the problematic behavior cited and do not want to be unfairly grouped with those who are.

We commend their proactive stance in seeking clarity and accountability. While there may be differing opinions about the Copart program itself, many lenders have explicitly stated that they neither support nor wish to be associated with unethical practices.

It is disappointing that we have yet to receive a response from OneMain Financial Services—the institution at the center of these concerns. ARA remains firm in its position that recovery professionals should neither support nor partner with institutions that operate in ways inconsistent with industry standards and ethical guidelines.

Education and compliance must continue to be top priorities for everyone participating in this ecosystem. Substandard practices have no place in our industry, and it is the collective responsibility of all parties involved to uphold the highest standards. The general public deserves nothing less. Cost-saving measures must never come at the expense of integrity, safety, or professional accountability. Any party compromising these values for financial gain should seriously reflect on the harm they cause to our industry and the public we serve.

The ARA Board of Directors

ABOUT AMERICAN RECOVERY ASSOCIATION
Originally chartered on July 22, 1965, and located in Dallas, Texas, American Recovery Association (ARA) is a membership organization made up of more than 260 repossession business owners providing service from more than 500 locations to more than 27,000 national and international cities. As the world’s largest association of recovery professionals, ARA strives to be a leader and advocate for the recovery industry by providing member support, education, and certifications; fostering relationships between the lending community and repossession agents; and hosting the annual three-day North American Repossessors Summit (NARS) – the largest repossession conference in the industry. For more information, go to repo.org or call (972) 755-4755.