The 6th Annual North American Repossessors Summit showed much success this year with empowering speakers and dynamic discussions revolving around the importance of standing together to revive industry standards. With more than 400 attendees, American Recovery Association (ARA) and Time Finance Adjusters (TFA) joined forces to host the greatest NARS the industry has seen thus far.
At this year’s summit, members from various trade and state associations, along with other non-affiliated agents, came together to address the challenges of the recovery industry and capture projections for the future. By hearing speakers and panelists from a variety of different backgrounds, attendees, including lenders, were able to address these issues within an open and collaborative environment.
A highlight of NARS 2014 was the presentation by CFPB representative, Karyn Mysliwiec, as this was the first time a representative from the CFPB was a featured speaker at a recovery and remarketing industry event. In her own words, she explained common misconceptions regarding the organization’s involvement with the recovery industry. While we were still left with many questions, opening the door for a discussion about the CFPB’s impact on the recovery industry was a good first step.
Keynote presenter, Michael Dougherty, gave a very engaging presentation about the realities of the CFPB and what has actually happened to the industry over the last few years. He answered attendee questions thoroughly and addressed how repossession agents are directly affected by the new compliance standards. During financial and business expert Greg Crabtree’s presentation, the room was filled with eager business owners looking to receive more information on how to turn their business into a profitable one. Attendees also held collaborative discussions with lenders addressing various procedures during the panel, How To Say No To Your Clients Dictating Standards and Policies. The fact that agents and lenders were able to have this dynamic discussion was a positive step for the industry.
The summit featured other influential speakers, including Bogdan Rentea, founder of Rentea & Associates; Doug Duncan, President of TalentValue; Paul Kulas, founder of Belles Camp Communications; as well as different representatives from various recovery associations to all help showcase the need for industry compliance.
In addition to the high quality of speakers, the summit provided more opportunities for attendees to network with other professionals within the recovery and remarketing industries. More than $3,000 in raffle prizes from 30 different vendors was given away at this year’s summit, as well as many other opportunities to win prizes.
Attendees also had the chance to help raise money for others. Over $11,000 was raised for the Recovery Agents Benefit Fund and $3,500 was raised for the NARS Scholarship Awards. Based on the fundraiser, seven students of families from the recovery industry will receive $500 scholarships to put towards their college education.
The second annual NARS golf tournament, sponsored by MVTRAC, was also a huge success. The tournament took place at the beautiful Luna Vista Golf Course, where golfers were able to experience some of the greatest golf in America.
After a successful two days at NARS, it’s easy to see that there is great hope for the future of the recovery industry and how to achieve it at a national level. Many attendees have stated that this was the best NARS the industry has seen in years. NARS will continue to be a place for members and lenders to unify and form one voice for the industry.