EDITORIAL
Well, this isn’t likely to help in my job hunt in lending and collections, but I’ve got to get it off my chest.
A friend of mine who works in a repossession related business, recently had a meeting with a leader of a large financial organization who assigns their work through a large forwarding company. Their conversation turned to fees and my friend brought up the fact that many repossession agencies are closing due to decades long stagnant fees created by the forwarding model. The leader of this organizations indifferently said, “that’s their problem.”
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The so-called Repossession Industry will not die. It like many other Industries is dealing with consolidation and possibly a “Roll Up”. There are a number of ever growing “Consolidators” active in this Industry. They are taking over large geographic areas and continue to expand as each additional “mom and pop” operation exits the Industry. Dumbass forwarders, lenders and the recent Insurance debacle have greatly accelerated the pace of consolidation. Forwarders fail to realize that they do not stand a chance against a consolidator who controls a geographic area and has his own trucks (boots on the ground). As such the Dumbass Forwarder and Dumbass Lender fails to realize that the “mom and pop” operation is his best ally.
Probably in the next few years everything will be controlled by a handful of large companies (consolidators) and when it does the pendulum will swing in the other direction.
Bravo Kevin, Bravo!