Is Primeritus on the ropes?

Primeritus sells headquarters for $2.2M

When Primeritus Financial Services purchased Renovo from Kevin Flynn back in 2012, they were a repossession forwarding powerhouse. Fast forward to October of 2021 and the cost of operating in California caught up to them and they closed their El Dorado Hills office. Now, less than a year later, on June 22^nd, it was reported that they sold their Nashville headquarters. Is the end near for Primeritus?

Everyone in the repossession industry has had a difficult time since the start of the pandemic, forwarders included. Layoffs, restructuring and re-strategizing are all at times necessary to balance the books and adapt to changes in business. But perhaps no other forwarding company has been as visibly affected than Primeritus.

On June 22^nd, the Nashville Post reported that Renovo sold their headquarters located at 435 Metroplex Drive to Bulldog Holdings 2 LLC for $2,255,000. Bulldog Holdings is managed by David Mundie, president of High Tide Technologies and does not appear to be involved with Primeritus. The article makes no mention of where Primeritus is going and their website still shows them located there with no updated in their “news” section.

All of this comes on the heels of the termination of their relationship with DRN in February of this year. After which, Primeritus CEO, Chris McGinness shot back in an editorial;

“While we find DRN’s latest move disappointing given the impact it will have on our agent network, we remain optimistic with the opportunities that lie ahead. We believe that competition is a good thing and are excited to help introduce more of it in this space.”

Time will tell what is to become of Primeritus, but its current state is a far decline from the success achieved by the forwarding pioneers at Renovo from whom they acquired it. That said, it’s hard to find anyone in the repossession industry unaffected by the pandemic and the moratoriums and staggering numbers of loan deferments experienced since its beginning.

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