PRESS RELEASE
Nashville, TN – Monday, May 17, 2013 – After a year of multiple acquisitions, Primeritus Financial Services, a leader in recovery management, skip tracing and remarketing services, announces the rebranding of several of their business service segments.
“Since the acquisitions of USA Recovery and Renovo over the past year, Primeritus has worked with customers and clients to better align their services with the overall strategy of the company. This rebranding is the next step in Primeritus’ evolution and growth in the recovery services, remarketing and skip tracing industries,” said Chuck Tapp, CEO of Primeritus Financial Services.
Primeritus Recovery is the trade name assigned to front-end repossession placements. Servicing auto finance clients via a network of repossession firms and agents across the country, Primeritus is able to centralize, standardize and better manage the repossession process for our clients. Furthermore, “we have made a strategic decision to reduce Primeritus’ involvement in the direct agent business, as we believe that our 700+ group of independent network agents can provide exceptional recovery services to both Primeritus and its clients,” said Cam Hitchcock, Chairman of Primeritus Financial Services. “The recent sales of Repossessions Unlimited, Extreme Recovery and Allegent, each to highly respected direct recovery executives, demonstrate our commitment to the strategy and confidence in our network partners. In the past six months, we have sold or closed over 36 company-owned direct recovery locations.”
Primeritus SkipMasters is the skip-tracing arm of the company. Leveraging the skills and knowledge from our acquisitions, we provide our customers a stand-alone “locate” service or a valued addition to accounts being serviced through Primeritus Recovery. Moreover, Primeritus has a robust suite of proprietary technology platforms and over a hundred of the most skilled and talented skip-tracers in the country.
Primeritus Remarketing has recently replaced the Remarketing Solutions name in the auction channels as we remarket vehicles online and in auction lanes across the country. Additionally, several new programs have recently been added to increase overall net retention for our clients’ assets.
“With the naming and image branding of our core companies, we are writing the next chapter in the Primeritus story,” said Tapp, “and that narrative will guide us in shaping our corporate culture. Since our acquisitions of ASR, USA Recovery and Renovo Services, we have refined the Primeritus business model and made decisions and investments preparing Primeritus to be the best-in-class service provider in repossession management, skip tracing, remarketing and transportation solutions for our clients.”
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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
I truly believe the reps at Primeritus would be much better off handling calls for QVC or HSN as they know more about turquoise jewelry and celebrity branded cellulite stopper than they do about the repossession industry. “Hurry shoppers, we only have 4 minutes left on this beautiful Suzanne Somers glitter covered Thighmaster!” Thanks y’all for watchin…
INTERESTING TO NOTE: Primeritus spun off the money losing segment into what is now known as Connect One. Apparently the Primeritus bean counters realize that the Sharecropper scenario they have created with their Forwarding model is a money loser for anyone doing the actual field work.
I believe after lenders start seeing that Primeritus is out of touch with the reality of the asset Recovery industry, they may need to rethink things. Primeritus is a middleman for lenders to recovery agencies. They make money pushing paper across a desk. They cut the legs off of the real “best in class” providers. I hope the lenders realize that a majority of the reps have no idea what they are reading. Updates are the main line in recovering an asset. Updates are barely understood by the reps at Primeritus. They delay information from being relayed to the lender and substantially lower recovery rates. It seems that they feel appointments can be made to secure a 180+dpd account. Front line direct access to the agency in the field to the lender gets things done.
Local agents in the city or state the assignment have local knowledge that a desk bound rep in Nashville can’t acquire in 20 years. Lenders be advised that if you want top quality service, skip the forwarders and go directly to the source. Personalized, targeted service with no delay can be found at your local recovery agency.
I feel sorry for Mr. Mappe, his job is like trying to make a rattlesnake look like a good thing.