Creating THE Repossession Industry Standard

ARA Roundtable partners with lenders to create better industry standards

On Wednesday April 13, 2022, the American Recovery Association (ARA) hosted a groundbreaking lender roundtable attended by over thirty lenders, forwarders and agency owners. The topic; Building a better and simpler recovery industry. The four-hour meeting was well received and brought forth a bold proposal; Standardized Recovery Industry Contracts.

Addressing the often chaotic and fragmented manners in which key industry needs such as compliance and inefficiencies, roundtable team leaders

were tasked with identifying and discussing solutions to the industries greatest friction points. Identified and discussed were;

Inefficiencies Driven by Platforms-Unique Software, Systems
Duplication of Efforts
Inadequate Indemnification
Standard Contract Language
Ancillary Fees, pre-approvals
LPR staging issues
Compliance inefficiencies
Flat Bed/ Dollie Fees
Injuries
Keys
Data Wiping
Ancillary Fees

With the goal of creating proactive industry standards, they gained valuable input from industry players from all perspectives. From lenders to forwarders to agency owners, the negotiation of common needs that everyone can live with had begun. The end goal; creating the national standard for repossession operations.

The American Recovery Association (ARA) is targeting the June 2022 North American Repossessors Summit (NARS) for sharing the first version of these standards. The ARA believes that a solution to these lingering problems requires a solution that works for all and must have the input and buy-in from all and strongly encourages the attendance and participation of all desiring to make lasting and meaningful changes to the repossession industry that all can profit and flourish from.