June 20, 2012 – Late last year CU Collector readers were introduced to the newest concept in national repossession services, Relliance Inc. Relliance is a cooperative based company made up of the best in class recovery agents from all over the country, joined together to form one organization to fulfill repossession and remarketing services for national lenders that want a single point of contact. By filling a need only presently being addressed by large forwarding companies, Relliance has hoped to bring some balance back to an industry that has been ravaged by low fees and substandard performance at the agent level.
This article has been designed to provide an update on the progress Relliance has made in fulfilling its mission, and to give a glimpse into the future of national repossession services in today’s market:
Over the past six (6) months, Relliance has been very busy contracting several regional and nationally known large lenders. These lenders are those who desire a national provider for recovery services and this group is comprised of captive automobile finance companies, national credit unions, large regional and national banking entities, and finance companies who own auto loan portfolios. Through the initial marketing process, Relliance has learned that the issue of the day for many of these large lenders is compliance, compliance, compliance. Equal Employment Policies, Privacy Policies, Compliance Tracking, Standardized Selection Processes, Audit Procedures, etc., are all the new hot topics for most lenders looking to avoid the lawsuits and legal snags that have become commonplace in the industry. Consequently, Relliance is becoming quite proficient in demonstrating how its best in class recovery agent network can apply its expertise to keeping its clients businesses indemnified and out of trouble.
Relliance is developing a nice track record of results with its initial clients, and in fact, earlier this year, the first repossession assignment ever received from a client was recovered as well as remarketed. This first assignment returned very profitable funds to the client in under a two week period and was all done solely by the Relliance cooperative members! Since that time, Relliance has begun recovering cars at a nice rate, and now has new clients coming online in several stages of the contracting process.
One of Relliance’s early strengths has come from a strategic partnership with a predominately known skip trace company. Through this relationship, Relliance members nationwide have been able to participate in receiving assignments, which have served as a way for the new company to build its infrastructure as business has grown. To date, the reviews from clients have been extremely favorable, as the strength of the largest and most capable companies in the Relliance network have gotten a chance to shine.
Other interesting activities underway with the new company include Relliance continuing to grow its membership base to address market demand and coverage. Relliance is also securing contracts for the discounted purchase of fuel, insurance, tires, and other services, as part of its ability to buy in volume as a group. Relliance is currently participating in RFP’s from large lenders, and continues its dialogue daily with clients wishing to increase their profitability through higher recovery rates and greater returns on their collateral through the innovative services and structure of the Relliance Cooperative.
For additional information, go to www.RellianceInc.com