FOR IMMEDIATE RELEASE
As we quickly approach the arrival of our 9th anniversary of the first North American Repossessors Summit (NARS), I thought I would reflect some on where we are today as an industry.
For starters, many of the people who attended the first conference are no longer in the business, and I am concerned many who attend this year’s event won’t be in business next year.
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This is not breaking news. Yes, these are Pressing Issues, but then again these Pressing Issues have been the norm for too many years, without a solution or even an attempt at a solution, by any of the associations that represent many professional agencies. These Pressing Issues have finally started to put agencies out of business and showing the failures of past and present. The points that you bring up, as in the cost of insurance, CFPB compliance, while they are valid, are not the true major financial impacts. The major financial impact on all members is the lack of action, by the leaders, when a pattern of failure is evident. Insurance cost was impacted by a pattern of claims that lasted many years, yet no one responded with a plan of action. The loss of work to the forwarders was a result of an unaddressed pattern and lack of action that has cost the industry 75% of the market share. I’m sure you get the picture. The associations have lost credibility, in the worst way, for the failing culture they have created in a once profitable industry.
What most people want to read is the plan that is in effect to reverse these Pressing Issues. Does one even exist? Is it too late? I think most have been hopelessly driven to think it is too late and have exited. If the representatives of this industry are the leaders of the associations, then please give us a detailed explanation what they are doing to reverse the damage that they all have allowed for too many years. Membership dues are also a Pressing Issue that you failed to mention. Members now get even less with the loss of a worthless illegal bond. Member dues have become a burden with the financial squeeze that they have felt. Three questions based on what association members pay in dues: 1. Please let us know what value, if any, is left in membership. 2. Which lenders require membership in an association as they did years ago.
As far as NARS, the one place that association members can go to meet potential clients, is open to any person or company, despite if they are a professional repossession company, part time towing company, an association member or not. That is a hefty expense in travel, rooming and conference fees to have a front row seat to the empowerment of the non-member, in many cases non-professional discount competitors. Question #3: WHY?
True leaders talk about the solution, not the Pressing Issues.
Great response to a worthless article. The lack of response from the writer of this article, Les McCook is the exact same response he and ARA have shown this industry for years. So sad, for there really is a lot of great guys in this industry that need leadership not BS from some has been.