3/8/2023 – As a leading provider of repossession assignment management and compliance management solutions, MBSi recognizes our leadership role in promoting transparency and positive change in the auto finance industry. In 2019, MBSi started the campaign, Driven to Serve You Better, to reach recovery agencies in the auto finance market with a goal to hear what challenges they face, and solutions needed to be successful.
The campaign enabled us to personally meet with agency owners and managers across the United States. These meetings resulted in MBSi eliminating the assignment accept fee and implementing a recovery only transaction fee for repossession agents who process assignments though MBSi systems. The campaign was interrupted during the COVID pandemic and when restrictions were lifted in 2022, we began convening in-person again. This led to opportunities where MBSi facilitated “town hall” type meetings with large auto finance lenders and recovery agency owners. These meetings allowed lenders who do not have direct relationships with recovery agencies access to feedback on how to improve relationships between lenders and the recovery agents who recover their vehicles. As a result of these meetings, the lenders present pre-approved tow dollies and flatbed fees for their assignments saving countless hours of back-and-forth correspondence to seek fee approvals for equipment required to complete the service.
Today, we are pleased to announce another industry milestone. As a result of these in-person sessions, Santander Consumer USA, a major MBSi client, has decided to absorb the RecoveryConnect recovery fees on behalf of recovery agencies. Santander Consumer USA recognizes the value of the RecoveryConnect platform in the marketplace and believes this cost sharing approach will bring immediate value to the recovery agencies who recover their vehicles.
This recent decision is retroactive to January 1, 2023, which means, for those recoveries made in January and February 2023, recovery agencies will receive a credit for fees incurred for completing Santander Consumer USA recoveries in RecoveryConnect. Going forward, repossession agents will no longer incur any transaction fees on Santander Consumer USA accounts. Recovery agencies will see these changes reflected on their next invoice.
Over the years, we have continued to innovate with delivery of the first mobile app, real-time case status in the field, automated assignment distribution, compliance management software and more. With the pandemic in our rearview, we continue to advocate for positive changes in the auto finance market by seeking feedback, bringing groups together for face-to-face meetings, traveling to customers across the country, and attending industry held events.
We will continue our outreach to the industry to keep our finger on the pulse of what challenges need to be addressed and to champion positive changes. We want to hear directly from the source; allowing
us to build a customer-focused repossession and compliance management platform and identify opportunities in the industry to improve processes.
MBSi is driven to serve the industry from the software solutions we provide and modify to be the best solution they can be, to advocating for industry change, to taking steps toward fighting for fair fees.
Media Contact: Heather Ford, hford@mbsicorp.com
