In an article posted on The Detroit News on October 18th, 2018, it was announced that Folsom, California based Location Services, LLC, was granted a $500K grant by the The Michigan Economic Development Corp. for the opening of a new office in the Pittsfield Township, south of Ann Arbor, Michigan. In addition, Ex-CEO of PAR North America, Jerry Kroshus, is now showing as the Chief Client Relations Officer at Location Services’ website.
Jerry Kroshus, prior CEO of PAR North America, was last announced as hired as the CEO of Minnesota based, “Auto Approve” in August 2017, formerly owned by Repos Inc. owner Chad Latvaaho, whose company and other companies were purchased by Location Services. Chad, as well as Ron Keys, Chuck Palazzolo, whose companies were acquired, are all now listed as Regional Vice Presidents of Recovery Operations at Location Services, LLC’s website.
A source at Location Services, LLC stated that this is an expansion and not a move, as is erroneously eluded to in the Detroit News article. This expansion was announced to staff on October 10th at the same time as the announcement of the acquisitions of the three repossession companies.
While the opening of the Michigan office may come as somewhat of a surprise, it makes financial sense, as the cost of operations and talent pool in California are far more limiting and the $500K grant puts them in a superior financial position to expanding in California.
Ann Arbor is approximately 250 miles from PAR North America’s Indianapolis headquarters, and a mere 120 miles from Loss Prevention Services in Grand Rapids, MI, putting them within reasonable distance to attract experienced talent from their forwarding competitors.
“The Michigan Economic Development Corp. approved a $1 million performance-based grant to Fraser-based medical devices manufacturer Healthmark Industries Inc. and a $500,000 grant to Pittsfield Township’s Location Services LLC, which provides repossession services to the automotive finance industry. The projects are expected to create 245 new jobs.”
“Repossession services provider Location Services worked with Ann Arbor SPARK, a business incubator, to obtain the MEDC performance-based grant to help it stay in Michigan over California and Minnesota. The firm is investing $1 million into an expansion that would create 106 jobs in operations, finance, compliance and information technology.
Several partnerships have fueled Locations Services’ growth. Earlier this month, the company made a distribution deal with Allied Solutions, an Indiana insurer. It also recently acquired car finance company Auto Approve, risk management provider MOXKOR and three repossession agencies.”
Location Services, LLC, has made many waves in the repossession world in recent weeks with their acquisition of three large repossession companies, Digital Dog Auto Recovery of California, CARS Recovery of California, and American Recovery Specialists of Florida, as well as a rumored five more on the east coast that have yet to be confirmed.
Source: Detroit News.com
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