New Relationships Save Lenders Time and Money In the Remarketing of Repossessed Vehicles
Dallas, Texas – September 14, 2010 – Roquemore & Roquemore, Inc, the industry leader in skip tracing and collateral location for more than 25 years, today announced strategic alliances with American Recovery Association, Inc. (ARA), the world’s largest association of collateral recovery agents; Recovery Management Incorporated (RMI), a bridge between lending institutions and independent recovery professionals; and OPENLANE, Inc., a leading online auction company in North America for automotive dealers to buy and sell wholesale vehicles. These relationships will add significant new resources and functionality to Roquemore’s existing SkipTrak system through repossession and remarketing management. The SkipTrak system allows lenders to securely assign skip tracing and/or repossession services requests to recovery agents. Lenders can then track the progress of the assignment through SkipTrak’s robust document management and secure messaging systems.
Roquemore will utilize ARA members, who are known for their Best in Class approach, as its preferred agents for the nationwide recovery of collateral. The $5 million bond from ARA provides added security for Roquemore’s clients. These agent relationships will be managed by RMI. RMI Quick Response Program® leverages state-of-the-art license plate recognition technology and a national network of professional, accredited and insured recovery specialists to create a 24/7 collateral recovery department for Roquemore to utilize for its clients.
“Partnering with the world’s largest and most respected association of professional recovery agents who are bonded, insured, certified and experienced is a win-win for our clients and our business,” said Rod Roquemore, President and CEO of Roquemore & Roquemore. “The existing relationship between ARA, RMI, and OPENLANE provides the best of both worlds in reduced risk, cost and turn around time, while increasing efficiency.”
The strategic alliance with OPENLANE will enable Roquemore to increase its service offerings by providing a seamless transition from repossession to remarketing. This will be greatly enhanced with the release of SkipTrak 2.0 scheduled for deployment in September 2010. Capitalizing on OPENLANE’S unique and efficient platform, SkipTrak 2.0 will display all remarketing data in a user-friendly interface that allows the end user to interact with and track the progress of their service request from the skip and repossession through the liquidation of the asset.
“OPENLANE is committed to providing a powerful online technology platform for companies in the repossession industry to reduce recovery & remarketing time and costs while expanding services they can provide their lender customers,” said Zach Hallowell, Business Line Director, OPENLANE. “We’re thrilled Roquemore & Roquemore has chosen the OPENLANE platform as a way to increase remarketing efficiencies for their clients.”
About Roquemore & Roquemore
Roquemore & Roquemore, Inc. has been the industry leader in skip tracing and collateral location for more than 25 years recovering nearly $2 billion in assets for lenders and insurance companies. In 2004, The SkipTrak web application was designed, developed and deployed to assist clients in the management of their skip tracing assignments. Roquemore is the leading provider of skip tracing services for collateral protection claims (CPI) and has worked with nearly 3,000 credit unions recovering collateral in all 50 states, as well as nine foreign countries. More than half of the nations’ 10 largest credit unions utilize Roquemore for their skip tracing and collateral location needs. For more information, please visit www.roquemore.com or call 800-500-7855.
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 Recovery Management Incorporated
Recovery Management, Inc. (RMI) serves as a bridge between lending institutions and independent recovery professionals, creating a more efficient collateral recovery and auction process. RMI facilitates the real-time flow of communication and data between lending institutions and recovery agents. As a result, lending institutions have better management oversight of the entire recovery process through a higher level of communication with their agents. For more information, go to www.rmi-now.com.
OPENLANE, Inc. is a leading online auction company in North America for automotive dealers to buy and sell wholesale vehicles. The company offers end-to-end auto remarketing solutions to auto manufacturers, captive finance companies, lease and daily rental companies, financial institutions and wholesale auto auctions throughout the United States and Canada. OPENLANE powers online remarketing programs for American Honda Finance, Audi Financial Services, Avis Budget Group, Chase Auto Finance, Chrysler Financial, Porsche Financial Services, Volkswagen Credit, among others. For more information, please visit http://www.openlane.com or call +1 (866) 969-0321.