Primeritus Financial Services, Inc., the leading service provider of recovery management, skip tracing, and remarketing services to the auto finance industry, announced the acquisition of Consolidated Asset Recovery Systems (CARS).
“The addition of CARS to the Primeritus Family of Companies demonstrates our ongoing efforts to grow our business while further diversifying our brands. We are very excited to grow in size and scale and we will continue to invest in technology and operational capabilities which add value. As we continue this journey we will always embrace great people, great processes, and great solutions,” said Mike Thomas, Primeritus Chief Executive Officer.
Steve Norwood, President & CEO for Consolidated Asset Recovery Systems added: “As a result of this transaction, the companies will become the dominate provider of technology and services for managing both the repossession and remarketing of assets. We will continue to operate as separate businesses leveraging synergies in skip, back office functions and remarketing. We are very excited to be a part of the Primeritus family of companies and together continue to provide the highest level of service and the best technology in this market.”
CARS was founded in 2005 by Steve Norwood and Terry Groves, two software supply chain veterans, whose vision will continue to drive CARS’ success. From the beginning, Steve and Terry decided to leverage SaaS technology to revolutionize the repossession and remarketing industry and experienced 84% YOY revenue growth since 2013.