The Deadly Danger in EV Repossessions

Thermal runaway can kill you and everyone around you, and chances are, you’ve never heard of it.

GUEST EDITORIAL

Thermal runaway is when the batteries in an electric vehicle (EV) has been damaged or short circuited which causes a chemical reaction that triggers a violent ignition. Just moving the vehicle could trigger a fire event. Did you know a normal vehicle fire usually takes about 2000 gallons of water to suppress the blaze, whereas a fire in an EV can take up to 22,000 gallons to extinguish a thermal runaway fire. Bet you did not know that.

While attending the American Towman Exposition this past November, the Energy Security Agency (ESA)team conducted seminars on the challenges and dangers involving EV’s. I was able to attend the ESA presentations and to say I was shocked is an understatement.

The first thought I had after exiting the classroom was to find a way to get this information to the repossession industry. I didn’t have far to go as I knew Ed Marcum of RSIG was also attending the American Towman event. It took about an hour to meet up with ED Marcum and explain to him what I had witnessed. Marcum agreed the repossession industry must be informed of the dangers and challenges about EV’s.

At this years ALLIED/RSIG conference in Detroit MI, the REPO2023 team has brought in the Energy Security Agency (ESA) to bring the repossession industry up to speed on the procedures involved in hooking up, transporting, and storing electric vehicles.

As more and more electric vehicles hit the streets, there will no doubt be a percentage of EV customers who fall delinquent on their monthly payments. The fact is, repossessors will be repossessing more EV’s.

The question is, should you be charging more to repossess and store an EV?

The typical EV requires a new set of protocols when hooking up to and transporting. Another set of protocols must be in place even when storing the vehicle. If you are unaware of the dangers, every auto in your facility as well as your building can burn to the ground.

Are you aware the National Highway Traffic Safety Administration has strict guidelines of storing EV’s? Have you heard of the 50 feet rule regarding possibly damaged EV’s?

At the REPO2023 Allied/RSIG conference, the ESA will inform you of everything you need to know about towing and storing EV’s. We are all aware of how some lenders and forwarders are cheating us out of our repossession fees. Are you aware of any forwarders charging the lender more for repossessing EV’s because of the added risk?

I applaud Allied Finance Adjusters and RSIG for bringing the Energy Security Agency to Detroit to the REPO2023 yearly conference. I can promise you, what you hear at the ESA presentation in Detroit will shock you as much as it did me.

The REPO2023 is a must attend conference, I hope to see you there.