Primeritus Financial Services Exits Direct Recovery Business

Primeritus_logoPRESS RELEASE

Nashville, TN – April 9, 2013 – Primeritus Financial Services, a leader in recovery management, skip tracing and remarketing services, announced today it has sold its remaining direct recovery repossession business to Connect 1 Recovery, LLC.  This transaction finalizes Primeritus’ exit from the direct recovery business.

“Connect 1 Recovery, LLC, will be an important service provider for Primeritus as a multi-state network agent,” said Phil Hanks, president of Connect 1 Recovery, LLC.  “I’m very excited about this new opportunity and my team will continue to remain focused on the direct side of the recovery industry.”

Primeritus’ Chairman Cam Hitchcock commented, “We are very happy with the outcome of this transaction.  Since completing 3 acquisitions in 2012, we have expanded and optimized our agent network in an effort to be the strongest and best solution for our clients.  Our strategy has been to focus on our core business units: forwarding; skip and remarketing services.  The completion of this sale is evidence of our commitment to the strategy.”  Primeritus’ CEO Chuck Tapp added, “We wish Phil Hanks and his team great success.”

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About Primeritus Financial Services:

Primeritus Financial Services is a national provider of repossession management, remarketing, title services and skip tracing services to the auto finance industry in the U.S. and Puerto Rico.  Primeritus was created to lead the industry into a new era of repossession servicing.  Primeritus has partnered with a robust network of professional recovery agents to add value for clients who are seeking to outsource the non-core business functions of their collateral recovery processes, or to supplement their existing recovery efforts. 

For more information on Primeritus Financial Services, please visit www.primeritus.com

 

Media Contact

Joe Mappes, EVP Sales and Marketing

PRIMERITUS FINANCIAL SERVICES

(937) 554-3368

 

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