FOR IMMEDIATE RELEASE
PALATINE, IL – September 5, 2012 – The MVTRAC Recovery Industry Advisory Board formally announced today the implementation of new strategic policies regarding MVTRAC’s business model and associated operations. The new initiatives were the result of an extensive development and review process, then unanimously voted and later ratified into action at MVTRAC’s annual advisory board meeting.
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I’m not a fan of Slick Willie Clinton, but during his Key Note speech before the Democrat National Committee’s Convention the other night he said “It’s All About the Arithmetic,” and he was right. Whoever gets to count the votes or the money wins!!!
Listen, I was just happy and content to read along and wish everyone good luck with this new business venture, but when I reached the parts about, “We’re taking our industry back, and these new policies are for the Betterment of the Recovery Industry as a whole”, I just have to add in my two cents.
Having worked over fifty years in this industry, I think I know a little something about what policies are good for the betterment of the recovery industry as a whole. With all due respect to the contributors to this article; and putting all other companies, LPR systems, and any political considerations aside; I’ve never seen how anyone can make more money, (profit) by doing more work for less money and come out better in the end.
FWIW, I understand the whole idea about building the data base, but suggesting we can make more profit by working for less money sounds like fuzzy math to me. At the end of the month when you total up your expenses and your income, it’s going to be all about how you do your “Arithmetic”…
As an example: Let’s say you repossess 100 cars a month at $400 a car, which comes to $40,000. Now let’s say you repossess 100 cars at $300 per car. To earn that same $40,000 you will now have to repossess another 33 cars. By the time you deduct the fuel, wear and tear on your equipment, salaries, and everything else it takes to repossess 33 more cars, how can this be a better deal? The only ones getting a better deal here are the forwarders and the lenders.
Just say’n folks, the only real way to make more money in our business is to charge more for what we do. And; trust me when I tell you, for what we do we are well worth it!!!
Respectfully
Art Christensen
We are excited by the sheer volume of accounts being added to the MVTRAC system and the opportunity to become more profitable than our competitors simply by our utilization of the MVTRAC system. MVTRAC has been and will continue to be the “repo man’s” ally in the LPR field and for the Repossession Industry. MVTRAC was born from a repossession agency in operation for over 20 years and not only understands our jobs better than any of their competitors but has a proven track record in protecting the interests of the entire Recovery Industry. Despite having the ability to assign repossessions at a rate $125.00 less, MVTRAC has been paying the most money at the quickest rate for many years. Who among anyone reading this post, would literally chose to make the decision to make less money because it’s the right thing to do for others? Who among us I wonder, would have the character to literally sacrifice themselves and their business to bring greater value to the masses. We sleep well knowing MVTRAC has our backs and is not just making money off of them.
We have received many calls since this press release and I have to say, MVTRAC is still the best deal going for any recovery agency for many reasons. MVTRAC still pays the most, a higher than industry average rate, verses other LPR systems or forwarders. There is a zero wait time for our agents (instant approval, no calls needed!) to secure the unit once spotted by an instant hit. In less than a second, in a millisecond in-fact, we have approval to pick up that car. The dollars saved in fuel while waiting for approval, our agents time, lost opportunities for having to wait for approvals instead of running more addressed or capturing more plates is a huge bonus. WIth a system with a delay, even if you recover one vehicle faster than two hours, that next hit puts you further behind by having to wait even longer so the return on investment may seem calculable by the number of invoices you put on the books, but few of us are calculating the lost opportunities in dollars and factoring all of the components into the math. With a system with a delay of more than a second or a few, creates the hardship of having to go back and search for the unit and we’ve found a large percentage of our recoveries were mobile when hit and followed safely from a safe distance to a stationary position, and recovered. Throw in the diversified revenue streams offered by MVTRAC for the sale of the data, and it puts more cash in our pockets in ways not possible anywhere else and more metal in our yard. For every license plate purchased, we get a one-third share of that sale, will any other ALPR companies give the industry a one-third split?
While every LPR provider has it’s strengths, MVTRAC continues to be the best deal around for all sizes of recovery agencies. Regardless of your region or demographics, from the big cities to rural country, from the Great Midwest, to the Deep South, from the Atlantic to the Pacific, MVTRAC will make you money. Interestingly, I’ve seen posts or spoke with others that have said that other companies came out and the technology was new so they needed to be more forgiving while they worked on perfecting it, that the same problems others experience is the same anyone experiences with an entirely new technology and 100% of the time, it’s an agent that has not used any other system and has not used MVTRAC. MVTRAC has a perfected technology and a perfected model that is perfected for the agents, for their company and for the lenders and with this change, it’s now perfect for everyone in the industry on all sides! Did I mention that MVTRAC spreads the word about our agency to the lenders?
MVTRAC has better compliance mechanisms than any other company and they work with us to continually improve and track our progresses. The cost of compliance is huge, but the cost of being non-compliant is catastrophic! With MVTRAC, they’re spending the money on creating compliance mechanisms that we benefit from and guess who that bank calls when they need an agent direct? An MVTRAC compliant agent like Anytime Recovery, that’s who.
If you have a MVTRAC system and want to know how to get as much as a 30-50% lift on your revenue, or you’ve been thinking about getting into the LPR system side of the Recovery Industry, every single person at MVTRAC is willing to answer your calls and questions and even the CEO takes your calls!. Of course, you can always contact me and I will be glad to talk to you about what we’re doing and how we’re doing it. I’m the General Manager at Anytime Recovery and I’m not a paid spokesman, but gotta tell ya, that bar none, there is nothing better and no where in the industry you can get the lift in your business that MVTRAC brings to the table and I’m so excited to come to work every day that I want to share it with everyone and anyone!
Art, while I agree with you, that you are one of our industry’s veterans and leaders. I have always respected your insight and words of wisdom. It would be great getting a million dollars per car and then be able to vacation the rest of the year. Sadly, that is not where we are at or going to be in the near future. The days of $400 and up repos is ending and there is little we can do about it. Technology added to supply & demand are doing away with that, let alone contingency work. There are more agents then ever before, and sadly, our Associations combined only make up about 25% of all the agents in the U.S. While we have been arguing amongst ourselves instead of uniting, our industry has been sold to the lowest bidder.
My math tells me to work smarter, not harder. LPR can be a great tool in that endeavor. It adds revenue to an already existent cost, driving. When my trucks roll, they are gathering not only instant repossessions I would have otherwise missed, but also data, that will lead to more repos with less waste in the future.
MVTRAC makes no excuses! Their business model and camera systems have both been solid from the beginning. When they sell our gathered data, I get a check, not a threat or empty promise to make it right next time. Their agent agreement is fair and balanced. MVTRAC has never treated me like an employee, but instead as a business partner. They actually have spent hours upon hours helping our company succeed and be more profitable.
Finally, lets use your example: The difference in your example is $10,000 per month. In that month I have repossessed 100 cars. I have also scanned 40,000 unique tags (we actually scan more). Out of those 40,000 scans, I get 10 repos per week, I normally would not have gotten on my own. (again, we get more). At $300 per repo, there’s the $10,000 difference. But I continue to make money off those same scans. Additionally, my scans are purchased say at a penny per scan (not all scans are purchased, but when they are, its more like $100) so for this example we will keep it at a penny. That’s another $400. Still not done, out of those 40,000 scans, I get 10 more orders per week that those scans have saved and regardless of what address the 1-4 year old credit app says, I now have an exact address where the car was scanned. Not only do I save about $100 in costs per repo ($4,000 in a month), but I have actually saved the wear and tear on my truck and equipment and have saved a lot of search hours on employee labor. To be fair here, say an additional $1,000 per week. So in that same month, the math is quite simple: by having the LPR system, I am actually profiting $8,400 more above the $40,000 in your example. Not to mention, those scans keep making me money through future orders and revenue share. Again, working smarter with technology, than harder with less fulfilled demands of a higher rate.
Alex Allen
Anytime Recovery
West Palm Beach, FL