DRN held its first-ever Virtual Showcase in October 2020, hosting experts from various segments of the auto industry. Part of the agenda focused on repossession. We hosted a number of our Affiliates as well as several industry leaders to discuss the state of the repo industry coming out of the Covid-19 pandemic, as well as areas of needed change within the broader auto finance industry. Our speakers included:
• Dominic Clegg – Towing San Diego
• Stephanie Findlay – IR Services
• Ed Marcum – Recovery Specialists Insurance Group (RSIG)
• Les McCook – American Recovery Association
• Mike Peplinkski – Harding Brooks Insurance Agency
• Starr Sawalqah – Alpha Recovery
• Wendy Sousa – Allied Finance Adjusters
• Naz Akel – MVTrac
• Jeremiah Wheeler – DRN
Like so many others, the U.S. repossession industry took a direct hit from the COVID-19 pandemic. Business closures, transitions to remote work arrangements and quarantine orders meant there were fewer drivers on the roads. In addition, federal and state moratoriums on repossession activities during the pandemic caused repossession volumes to drop quickly and significantly. Government stimulus packages, loan deferments and extensions and other aid efforts were put in place to help individuals weather the financial storm created by the pandemic.
Fortunately, repossessions have begun to rebound as restrictions have lifted, drivers are back on the roads and businesses are returning to more normal operations. Of the agencies represented in our Affiliate Roundtable, current volumes (October 2020) ranged from about half of what they were prior to Covid-19, with a few at or near normal levels again.
“Running at 50% was the new norm,” stated a repossession agency owner. “We had a fast drop to zero in March, then slowly were back up to 50% for months. But we’re on pace to hit 70% this month.” Agencies and lenders alike are hitting the reset button as delinquency processes restart.
To learn more about how the industry adapted,
About the author:
Andy Cameron
As SVP Recovery, Andy leads the DRN Affiliate Network and Hardware Sales team with a focus on maximizing data collection, Affiliate growth and increasing recoveries. In his previous role as the VP of LPR Operations, Andy built an LPR division from the bottom up, including agent management, dispatch services and national distribution of LPR systems. He also was responsible for rapidly establishing and growing the operation’s national footprint. Andy joined DRN in 2014 with more than 20 years of experience in Internal Security and is an honorably discharged United States Marine Corps veteran.
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