Repo-related American Recovery Assn., National Finance Adjusters merge
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The American Recovery Association, an association of remarketing and recovery professionals that specializes in locating and repossessing vehicles on behalf of lenders, has merged with National Finance Adjusters, an organization that specializes in education for collateral recovery and liquidation professionals.
The newly created group now operates under the American Recovery Association name. It is headquartered in Dallas.
Also, American Recovery Management Solutions and Relliance Inc., two companies that manage networks of asset-recovery agents for lenders — known as forwarding companies — have merged. The new entity has taken the name National Finance Adjusters. It is headquartered in Scottsdale, Ariz.
American Recovery Management Solutions was a unit of the former American Recovery Association.
Under the business model of the newly formed National Finance Adjusters, lenders now have the option of communicating directly with the agents who are recovering their vehicles. Under most business models in this industry, lenders and agents communicate indirectly through the company that manages the business, says Les McCook, executive director of the American Recovery Association.
He says the direct access will improve and speed up the flow of information and the collateral recovery process.
"The client will have access to the agent's updates and information and data," McCook says. "They'll have an open doorway to the people in the field working for them."
You can reach Arlena Sawyers at asawyers@crain.com.
