Primeritus Financial Services announced one of its largest acquisitions ever on Wednesday afternoon as the forwarding company has absorbed one of its competitors.
According to a news release, the 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,” Primeritus chief executive officer Mike Thomas said.
“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,” continued Thomas, who became the company’s CEO as Used Car Week 2018 began last November.
CARS was founded in 2005 by Steve Norwood and Terry Groves, two software supply chain veterans, whose vision will continue to drive CARS’ success, according to Wednesday’s announcement.
From the beginning, Norwood and Groves decided to leverage SaaS technology in an effort to revolutionize the repossession and remarketing industries. The company has experienced 84 percent year-over-year revenue growth since 2013.
“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,” Norwood said.
“We will continue to operate as separate businesses leveraging synergies in skip, back office functions and remarketing,” he continued. “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.”
The acquisition of CARS is the fourth one by Primeritus since the beginning of 2016.
During that span, Primeritus acquired Roquemoren in 2016 and Global Investigative Services in 2017 to enhance skip-tracing capabilities. Then last summer, Primeritus added Capital Recovery Group (CRG), which is based in Tucson, Ariz., and is a recovery solution company dedicated solely to the powersports community.