American Towman Magazine - August 2022

Page 77

News Flash Wyoming Proposing Tow Regulations

The Wyoming Department of Transportation has released a revised set of rules for the towing and recovery industry which covers a wide range of practices from equipment to customer service. The regulations are a response to numerous complaints over price gouging and unregulated practices. With the input of a Towing Advisory Board formed in 2018, the proposed set of regulations will be enforced by the Wyoming Highway Patrol (WHP) within its jurisdiction. Penalties for violating the outlined rules include levels of suspension or removal from the WHP’s call-rotation list. The proposed regulations include standards companies must meet to get on the rotation list. These include provisions that drivers must pass a background check and their equipment must meet a minimum threshold of safety requirements. The rules also outline how WHP will determine if a company is meeting their obligations to keep rates fair and reasonable. WHP will consider fee schedules, posted rates, quotes and rates charges for similar services. “I think this is a good start,” said Andy Burg, chairman of the Towing

Wyoming released tow regulations to counter price gouging and other unregulated practices.

Advisory Board and longtime owner of a towing and recovery business. “It’s not everything I like or want, but it’s a good start to getting ahold of our state.” Source: wyomingnews.com

Repo Industry Gathers in Denver

At the North American Repossessors Summit (NARS) held in Denver, Colorado, on June 21 and June 22, a gathering of close to 500 repossession agents, collections and recovery managers from an array of industry service-providers convened to discuss issues of concern to the industry. The two-day event was hosted by the American

Recovery Association (ARA) and included presentations given by executives from the finance community and repossession agents. Three executives from the finance community expected repossession volume to rise in the coming months. One of them noted a need to increase loss reserves due to upcoming market turbulence in the next nine to 12 months. Another highlighted that due to the unpredictability of the economy, that the credit-card market could be a good predictor of what is going to happen with repossession rates. Three active repossession agents comprised another panel. Starr Sawalqah, who runs Alpha Re-

A panel presenting information at the NARS summit included three executives from financial companies.

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