GUEST EDITORIAL
The shut-down of a major part of the national economy has affected everyone to some degree. The repossession industry has been especially affected, with many agencies closing their doors. Even before the pandemic, the recovery industry was declining into an unsustainable condition with many agencies forced to close. Many others were left questioning how much longer they could stay in business.
It seems the recovery agencies that have survived thus far are those who had a good financial footing before March, with enough reserves and SBA loans to keep the doors open. We are one of those, but in our service area, we know of several smaller agencies that have gone out of business. We are extremely grateful to our good clients who have helped us to say that we are here and still in operation and will continue to work effectively for many years to come.
Now to update you on what we have also been doing, when the economic shutdown began, our membership organization, the American Recovery Association (www.repo.org) held numerous industry-wide meetings online with recovery agency owners to investigate the issues facing our industry. Many of the brightest and best minds in this industry devoted untold hours on this project. This work has resulted in an important document that will alter the course of the industry for the better.
We hereby present it to you and urge you to review it. This is a general summary of the main issues we identified and work still proceeds on a series of upcoming short videos and papers on the individual topics laid out in this white paper. We anticipate that these will shed some light on the many areas that need improvement and be the driving force to strengthen these and create the truly professional industry that you deserve working for you.
Read it here at https://repo.org/files/White-Paper-Final.pdf.
Thank you very much!
Lauren DeWitt
President
Capital Adjusters, Inc.
Austin, TX
512-836-8030
capitaladjusters@repoaustin.com
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