Industry Scorecard Sets Standards to the Entire Recovery and Lending Community
Dallas, TX, February 1, 2011 – American Recovery Association, Inc. (ARA), the world’s largest organization of professional finance adjusters and certified recovery specialists, and Subprime Analytics, a leader in performance analysis of subprime portfolios, today announced the second phase of the recovery industry scorecard initiative with compiled data from January 1 to December 31, 2010.
The industry scorecard is an independent performance analysis derived from data records that allows repossession companies to compare its performance against its peers. The scorecard measures individual companies and industry performance, such as recovery rates and time to recovery. It provides lenders an objective tool to evaluate existing and potential repossession vendors while providing industry benchmarks for repossession companies to manage and identify best-demonstrated practices and key performance indicators. The data is compiled by Subprime Analytics from a variety of software systems, including RDN, RePros and PRIOS.
The industry scorecard was launched in October at ARA’s 46th Annual Convention and has proven to be beneficial to recovery agents and lenders. Phase two of the industry scorecard is open to ARA members and nonmembers. ARA’s Data Committee includes Mike Plue of Premier Recovery Service, Dick Frame of Midland Auto Recovery, Phil Hourican of Premier Finance Adjusters, Chris Dunleavy of TCAR Recovery and Remarketing Services, and Ken Shilson and Jon Moreland of Subprime Analytics.
“The recovery industry was one of the few industries that lacked an industry-wide tool to measure its performance,” said Joe McOwen, president of American Recovery Association. “The industry scorecard is a solid solution to help recovery agents improve business and assist lenders in their evaluation of agents.”
For Recovery Agencies who are interested in participating in the 2011 scorecard, please go to www.repo.org and download the instructions and forms or contact Mike Plue at Premier Recovery Service at firstname.lastname@example.org or Dick Frame with Midland Auto Recovery at email@example.com. Participation in the program is only $200 per company, and the ARA Board of Directors is offsetting $100 of the cost for its members as a benefit of membership. The deadline for submissions is Tuesday, February 15, 2011.
About American Recovery Association
American Recovery Association, Inc. (ARA) is the world’s largest organization of professional finance adjusters and certified recovery specialists. ARA members specialize in locating and repossessing collateral on behalf of lending institutions including banks, savings institutions, finance companies, credit unions, rental/leasing companies, and auto, truck and equipment dealers. ARA members serve 27,000 national and international cities. All members are certified, independent business operators. For more information, call 972-755-4755 or go to www.repo.org.
About Subprime Analytics
Subprime Analytics analyzes performance by using data mining and extraction technology. Through its proprietary copyrighted software, Subprime Analytics evaluates underwriting practices, calculates returns on portfolio investments, and identifies performance patterns and trends. The company also provides independent analysis of industry data, developmental benchmarks, and provides due diligence services to financial institutions that provide capital to the subprime industry. For more information, call 713-290-8171 or go to www.subanalytics.com.