UCW Recap: Recovery Agents Talk Smart Tactics, Driver Safety in Panel Discussion

At Used Car Week 2024, I had the opportunity to moderate a panel discussion that included four experts from the recovery industry. In a packed room, we talked about the importance of alignment among lenders and their service providers and how practical solutions are driving value across the industry.

Our panelists included James Pass, GM at Collateral Recovery Solutions; Doc Foster, CFO, Metro Investigations; John Kimbrell, President, Advanced Collateral Recovery; and Tyler Powell, COO, Paramount Recovery Service.

As a whole, we agreed on the importance of implementing common sense tactics and procedures to help agents control the repossession process and offer a path to resolution where warranted. This includes the use of field release procedures, which enable an agency to efficiently return a vehicle and pay the driver as quickly as possible, while ensuring a more positive borrower experience.

The entire room then jumped in for an energetic discussion about driver safety. There have been numerous and increasing incidents, with many in the audience directly affected by violent borrower situations. Agent safety is top of mind for all stakeholders, but how best to notate a violent borrower in the event of a tier transfer, for example, is not obvious. The panel discussed associating a specific VIN, borrower name, or even specific address to accommodate. Ultimately, lenders are sympathetic to the challenges that agents face in the field and share the common goal of agent safety above all else.

UCW is always a highlight of the year as we reconnect with clients and partners – and create new relationships. Thanks to all panel attendees, as well as to our speakers for their insights, perspectives and thought leadership. I’m always inspired after talking with the “boots on the ground” to understand the day-to-day ups, downs and in-betweens … and to align on challenges and opportunities for improvement and growth. Your success is what drives us.

Please hit me up on LinkedIn or at rpeloso@mbsicorp.com with your reactions!