Consolidation that the repossession and recovery industries have rarely seen — if ever — came to light on Tuesday.
According to a news release, Camping Companies and Paramount Recovery Service are merging, and four other repossession companies are involved, too, as Accurate Adjustments of California, Able Auto Adjusters of California, Advanced Services of Redding California and Tri-State Recovery of Arizona are melding into a new company in move officials said will be completed by the end year.
Starting Jan. 1, the combined company will be known as ART Asset Adjusters, which plans to offer direct one-call asset recovery services throughout California, Arizona, Nevada, Utah, Colorado and New Mexico operating from approximately 40 marshalling facilities across that service footprint.
The news release indicated the owners of the merging companies will continue in full time roles with ART Asset Adjusters providing leadership and operational continuity for all auto-finance clients.
“Each of the six companies that are joining together have a well-established track record in their respective markets for strong operational performance and for maintaining quality relationships with their lender clients,” said Kevin Camping of Camping Companies, who will serve as president of ART Asset Adjusters.
“Combining the talent and experience of all the industry leaders within our six companies will allow us to more effectively know and serve our lender clients going forward, while also becoming a dynamic place for professionals in our industry to build a successful and long-term career,” Camping continued.
Steve Simons of Paramount Recovery Service will serve as senior vice president and chief strategy officer of ART Asset Adjusters.
“In addition to our great people, the combined resources of these six companies will allow us to more effectively and efficiently deliver quality results in the field for our clients on a daily basis,” Simons said. “Paramount has been a leader in the deployment of LPR and other technologies that continuously improve operational performance and timely response.
“Coming together as one larger company will greatly increase our collective ability to be aggressive adopters of new technology and lead the industry in delivering asset recovery services that increase the financial success of our lender clients,” he added.
Doug Camping of Camping Companies will be chief financial officer of ART Asset Adjusters.
“The combined scope of our people, resources and service footprint will give each of the clients we proudly work for increased confidence that they can count on our company as trusted partners,” Doug Camping said. “Our ownership team is resolutely committed to our company setting the standard in the repossession industry for being fully compliant, financially strong, managing risk well and always investing in our future.
“This will allow us to continue serving our clients for a long time to come,” Doug Camping went on to say.
And Dan Johnson, who will serve as chief executive officer of ART Asset Adjusters, added this perspective.
“With a passion for leading the charge in our organization to empower our employees towards personal growth and professional success, I share the collective excitement of our leadership team about this merger and our future together,” Johnson said.. “As an ownership group, we have two foundational and guiding motivations in coming together as one company: to provide a stronger and brighter future for the hard-working and loyal people that presently work for each of our companies, and to continuously improve our ability to be the most trusted lender services partner in asset recovery for each of our lender clients.
“We will accomplish these two goals together as one team – ART Asset Adjusters, LLC,” Johnson concluded.
For more information, visit www.artassetadjusters.com.