Loan Portfolio Servicing (LPS), a servicing and management company of auto loans and leases, added 7,000 rideshare leases belonging to two different rideshare leasing companies to its portfolio yesterday.
The Forth Worth, Texas-based company is operated under Innovate Auto Finance and provides clients with title and records management, account administration, customer care, collections, loss mitigation, repossession and remarketing management, and loss recovery.
LPS focuses on small mobility companies in order to assist them in getting their product to market quickly but still maintain comprehensive management and servicing, Scott France, executive vice president of strategic initiatives for Innovate Auto Finance and president of LPS, told Auto Finance News.
Previously, LPS helped Uber bring its Xchange Leasing program to fruition and serviced over 30,000 short-term leases through spring 2017.
“It’s so different from standard leases and standard retail,” France said. “… Our mission is to focus more on what is [happening] with the smaller players,” he said, adding that LPS works with clients by asking what they are trying to accomplish. “These rideshares are trying to keep these cars on the road, and from a servicing perspective this creates a challenge because you have a different driver in them every week and what do you with the last customer who owes money? So it creates a complicated matrix on the servicing side of the world.”
The two new partners could not be disclosed, but are owned by corporate trusts, he said.
Throughout the rest of the year, LPS intends to further refine its business model while finding ways to remain flexible as the mobility sector continues to evolve.
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