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Employee Spotlight: Patty

Mon, 15 Jan 2024 14:47:54 GMT

Meet Patty!

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GLAS is awarded SOC 2 Compliance via AICPA

Mon, 04 Dec 2023 15:41:10 GMT

Great Lakes Asset Solutions, a prominent name in commercial asset recovery, has achieved SOC 2 compliance through AICPA.org, signaling a robust commitment to data security.

SOC 2, a framework by the American Institute of Certified Public Accountants (AICPA), focuses on key factors like security, availability, processing integrity, confidentiality, and privacy of customer data.

This certification underscores Great Lakes Asset Solutions' dedication to maintaining the highest standards of data protection. By aligning with AICPA's stringent criteria and undergoing independent audits, the company assures clients that their sensitive information is handled with utmost care.

In an era where data security is a top priority, Great Lakes Asset Solutions' SOC 2 compliance not only enhances its credibility but also positions the company as a trusted partner in the realm of secure asset management solutions. This achievement sets a benchmark for the industry, highlighting the company's commitment to excellence in data management.

Equipment Finance News

Wed, 11 Oct 2023 12:29:34 GMT

Great Lakes Asset Solutions Featured in Equipment Finance News Article

We are happy to be the experts in the industry of commercial repossessions! Our own Nick Walker was quoted in the below Equipment Finance News article. Check it out!

https://equipmentfinancenews.com/news/lender-operations/equipment-industry-repos-abandonments-on-the-rise/

Commercial Emphasis

Wed, 06 Sep 2023 18:51:17 GMT

Why being commercial only matters

Are you familiar with the saying, "Jack of all trades; master of none"? At Great Lakes Asset Solutions, our focus is exclusively on commercial applications, including heavy equipment, trucks, trailers, business equipment, and more. This approach allows us to embrace both aspects of this statement. We excel as the "jack of all trades" within the commercial sector, but we are also true masters of commercial repossessions. The only exceptions are trains, planes, and boats.

So, why is this emphasis important?

Firstly, it boils down to compliance. We engage only with fully compliant agents. This means they maintain up-to-date liability and insurance coverage and possess active licenses. Our systems are designed to alert us before a license expires, ensuring ongoing compliance.

Additionally, this specialized focus provides our account managers and repo agents with invaluable experience in dealing with business owners. This expertise allows us to apply our knowledge effectively. Communicating with consumers is quite different from engaging with business owners.

Lastly, specialization prevents us from spreading ourselves too thin. If we were involved in other types of repossessions or collections, it would divert our attention from what we excel at and are passionate about.

Additonal Services We Offer:

1. Door Knocking : We deliver demand or warning letters directly to borrowers on behalf of financing companies.

2. Auto Dialer : We provide an automated dialer system that streamlines your collection efforts. Simply provide us with a CSV file of necessary information, and we will handle the rest. You only pay for successful connections. All successful connections get connected directly to YOUR agents.

3. Transport : We negotiate the best transportation rates to move collateral units between agent yards and your desired locations, whether it's 2 miles away or 5,000 miles.

4. Voluntary Surrender : If borrowers wish to return their collateral voluntarily after speaking with you, we act as intermediaries to facilitate the return process.

5. Asset Picture Reports : What sets us apart is our provision of picture reports for the collateral we handle. This ensures that you receive your units in the same condition as we received them.

If you have any questions about our services, please don't hesitate to contact us at (716) 201-3070. We are here to assist you with your commercial asset needs.

Weakness Index for Carriers - What does that mean?

Thu, 24 Aug 2023 15:16:13 GMT

FTR - Index showing weakness for carriers

Freight Transportation Intelligence (FTR), recently released their condition index data for June that shows there has been a consistent downward trend in market conditions. These favorability conditions are determined by many different factors such as diesel prices, interest rates, price per units and more.

"We expect negative TCI readings to continue for nearly a year longer and little, if any, improvement until 2024. As we have noted before, the challenges are not uniform as the current market is hitting small carriers much harder than larger ones, especially considering the recent upturn in diesel prices," says FTR Vice President for Trucking Avery Vice.

Delinquency Rates Increasing

Mon, 07 Aug 2023 19:48:50 GMT

Great Lakes Sets a New Record for Monthly Volume

In July, Great Lakes set the largest amount of monthly volume in company history. With well over 11

Our Growth Continues! Looking for a Company Controller

Mon, 31 Jul 2023 15:21:28 GMT

Great Lakes Asset Solutions is looking for a company Controller

We're hiring for a company Controller! The job description and qualifications are below:

Job Description: Financial Controller

Position Overview:

The Financial Controller is a senior management role responsible for overseeing and managing the financial operations of the organization. This position plays a critical role in ensuring the accuracy and integrity of financial information, implementing financial controls, and providing strategic guidance to the executive team. The Financial Controller is responsible for financial reporting, budgeting, forecasting, and compliance with applicable regulations and accounting standards.

This position reports to the Chief Operating Officer / President

Key Responsibilities:

Financial Reporting and Analysis:

● Prepare accurate and timely financial statements, including income statements, balance sheets, and cash flow statements.

● Conduct financial analysis and provide insights on key financial metrics to support decision-making and strategic planning.

● Ensure compliance with accounting principles, standards, and regulations, such as Generally Accepted Accounting Principles (GAAP) or International

Financial Reporting Standards (IFRS).

Budgeting and Forecasting:

● Develop and manage the budgeting and forecasting processes, collaborating with department heads and executives to set financial targets and objectives.

● Monitor budget performance, analyze variances, and provide recommendations for cost control or revenue enhancement.

● Prepare financial forecasts and projections to support long-term financial planning and business initiatives.

Financial Controls and Compliance:

● Establish and maintain internal financial controls to safeguard company assets and ensure compliance with relevant laws, regulations, and accounting standards.

Job Description: Financial Controller

● Conduct periodic financial audits to assess the effectiveness of internal controls and identify areas for improvement.

● Oversee the preparation of tax filings, ensuring compliance with tax laws and regulations.

Cash Flow Management:

● Manage and optimize cash flow by monitoring cash positions, forecasting cash needs, and implementing appropriate cash management strategies.

● Coordinate with the treasury department and banking institutions to ensure efficient cash management, investments, and banking relationships.

● Develop and implement cash flow forecasting models to support liquidity planning and financial decision-making.

Team Leadership and Development:

● Provide leadership, guidance, and supervision to the finance team, fostering a collaborative and high-performance work culture.

● Set performance expectations, conduct performance reviews, and provide mentoring and professional development opportunities.

● Ensure the finance team's adherence to ethical standards, professional conduct, and confidentiality.

Stakeholder Management:

● Collaborate with executives, department heads, and external stakeholders to provide financial insights, guidance, and support for strategic decision-making.

● Act as a key liaison with external auditors, tax advisors, and regulatory bodies.

● Communicate financial results, forecasts, and recommendations effectively to non-financial stakeholders.

Qualifications: Financial Controller

● Bachelor's degree in finance, accounting, or a related field. A master's degree or relevant professional certification (e.g., CPA, CMA) is preferred.

● 8+ years in finance or accounting roles, including managerial or supervisory experience.

● Strong knowledge of accounting principles, financial reporting, and compliance requirements.

● Experience in financial analysis, budgeting, forecasting, and cash flow management.

● Proficiency in financial software and systems, such as ERP (Enterprise

Resource Planning) systems and financial reporting tools.

● Excellent analytical skills and attention to detail, with the ability to interpret and present financial data effectively.

● Strong leadership and team management skills, with the ability to motivate and develop a high-performing finance team.

● Excellent communication and interpersonal skills to collaborate with stakeholders at all levels.

● Knowledge of relevant laws, regulations, and accounting standards, such as

GAAP or IFRS.

Commercial Repossessions: An Essential Component of the Financial Lending Business

Fri, 21 Jul 2023 19:14:38 GMT

In the dynamic world of financial lending, various tools and strategies are employed to mitigate risks and ensure the security of investments. One such critical aspect is commercial repossessions. These procedures involve the seizure of assets or collateral from borrowers who have defaulted on their loan agreements.

Understanding Commercial Repossessions:

Commercial repossessions are an inherent part of the lending business, offering a vital mechanism for lenders to recover their investments when borrowers fail to meet their contractual obligations. These repossessions can be commercial or residential customers. We focus on repossessions that are associated with commercial loans, which are extended to businesses and entrepreneurs for various purposes such as expansion, equipment acquisition, or working capital. To secure these loans, borrowers pledge they will pay back the loan as agreed in their contract, or the lender can take back the collateral. What lenders do with the collateral varies on a case-by-case basis.

The Role of Great Lakes Asset Solutions:

Great Lakes Asset Solutions stands at the forefront of facilitating commercial repossessions, acting as a specialist service provider that assists lenders in efficiently recovering commercial collateralized assets. With their expertise in the field and a robust network, we play a pivotal role in securing the interests of financial institutions. We only do commercial repossessions at our firm; we don't do collections, consumer or other recovery work.

Key Components of the Commercial Repossession Process:

Contractual Obligations and Default: Commercial repossessions begin with a comprehensive loan agreement that clearly outlines the terms and conditions of the loan. This includes specifics on repayment schedules, interest rates, and, most importantly, the collateral pledged. When a borrower fails to meet their repayment obligations as per the agreement, it triggers a default situation.
Notice and Communication: Prior to initiating the repossession process, lenders, including Great Lakes Asset Solutions, follow legal procedures and provide the borrower with notice of their default status. This communication is essential to afford the borrower an opportunity to rectify the situation or explore alternative solutions.
Asset Location and Recovery: Upon exhausting all possibilities of resolving the default, the repossession team, such as Great Lakes Asset Solutions, commences the process of locating and securing the collateralized assets. The company's network of professionals, skip-tracing, training and knowledge of local ordinances all make a difference in efficiency of locating your assets and ultimately returning the assets to your possession.
Asset Valuation and Sale: Some lenders prefer to remarket their repossessed collateral, attempting to pay for the rest of the loan, or to even make more on it.
Post-Recovery Procedures: Once the sale is completed, any remaining balance (if applicable) is settled with the borrower. The lender can then close the loan account, and the asset recovery process is officially concluded.

The common misconception is that lenders want to repossess, because they can make more money. This is NOT true. Lenders prefer to NOT repossess, as this costs time, money and valuable resources. Oftentimes, lender's do not know the condition of the collateral, thus making repossessions risky as well.

The Importance of Responsible Repossession:

While commercial repossessions are essential for lenders to protect their investments, responsible and ethical practices are paramount. Companies like Great Lakes Asset Solutions prioritize maintaining a balance between the interests of the lenders and the rights of the borrowers. They adhere to legal guidelines, communicate effectively, and work diligently to find equitable resolutions whenever possible.

If your institution has outstanding collateral that you need to locate and returned to you, reach out to your experts at Great Lakes. We are happy to assist in any of your commercial repossession needs. Please email Sales@glassetllc.com or call (716) 995-7400

Great Lakes Asset Solutions Expands Leadership Team with New Appointments

Tue, 18 Jul 2023 16:19:13 GMT

(LOCKPORT, NY) Great Lakes Asset Solutions LLC, a leading provider of repossession services on commercial accounts, is pleased to announce significant changes to its leadership team. These appointments aim to strengthen the company's capabilities and support its continued growth in tackling delinquency rates within the market.

Anthony Garver, a seasoned professional with extensive experience in operations, has been promoted to the position of President of Great Lakes Asset Solutions. Since the company's establishment in 2015, Garver has consistently driven growth year after year, making him an ideal choice for this pivotal role.

Additionally, Great Lakes Asset Solutions welcomes Nick Walker as the Director of Sales & Marketing. With a strong background in sales and operations management, Walker brings valuable expertise in nurturing existing client relationships and establishing new partnerships with new clients utilizing the services provided. Anthony Garver expressed enthusiasm about the new addition, stating, "We are excited to bring Nick on board to our growing team. His experience will enable our sales team to focus on expanding relationships with our clients." Walker's professional background spans various industries, including retail and energy.

Brandon Marvin, Chief Executive Officer of Great Lakes, emphasized the company's commitment to locating and returning assets promptly, stating, "We aim to find all our clients' assets and facilitate their swift return. With the appointments and the introduction of fresh perspectives and expertise, we are confident in achieving this goal."

Great Lakes Asset Solutions LLC continues to innovate and develop new approaches to assist clients and broaden their reach. The company is excited about the opportunities that lie ahead, both in the immediate future and beyond.