Of course, if you have been in business for 25 years, then I would showcase that. However, you may not have been in business for a long time, so you won’t want to focus on “Been in business for three years”. Another way to convey your experience in the business would be to count your years of experience working as a repossessor, rather than only being in business for 2 years. If you have some veteran repo agents and office staff members working for you, you will want to describe your employees as seasoned. When I had my company, I had personally repossessed thousands of vehicles and my agents had done the same. I touted “thousands of damage, drama, lawsuit and violence free vehicles repossessed when talking to potential clients.

You should highlight in your packet if you have never had an insurance claim and promise damage and problem free recoveries. Make sure you let them know if you have never had a lawsuit. If you have a fleet of wreckers, you will want to showcase that. If you have one, then of course, refrain from mentioning that. You should make it known, if you had previous law enforcement, investigative, or skip tracing experience. Let them know if you worked in collections or for an auto finance company in the past.

Put the microscope on your strengths and fail to mention your weaknesses. Talk about your great customer service in your office and how you feel an update is just as important as a condition report on  a repossessed vehicle.

Now, I am going to tell you what will be the most important content to have in your repo business packet to insure that you are going to be the company getting the lion’s share of the repo work in your area. Compliance is the key! We are about to go through an onslaught of repo company office inspections. From what I am hearing, the Consumer Financial Protection Bureau (CFPB) is currently conducting audits of many of the major lenders and their collection departments. This is going to force the lenders to use due diligence in selecting a repossession company as a contractor. If I was creating a company packet, my main focus would be laying out how I keep debtor’s data safe by truncating all but the last 4 digits of their social security number on a repossession order. I would explain how sensitive data is monitored internally through the use of passwords and audits on office computers, to locked file cabinets and office doors, to the shredding of all documents. I would talk about my office and storage lot security, cameras and electronic security systems I have in place. I would make sure to mention how I drug test and do criminal background checks on my employees. Talk about the certifications that you and your employees have. Include details of on the job training you conduct with your repossessors and office staff. Most auto repo companies do not have a company handbook detailing the standard operating procedures of their company. If you do not have one, then you need to get one! You should make a note in your packet that you have a company handbook and include some key excerpts of the handbook demonstrating how you protect your clients with your written policies. This compliance information will be the best selling point in your packet to potential clients in the coming months and years.

You might be wondering, “How can I advertise my repo business effectively?”Here is the http://repoindustry.com/ company promotion list:

• Plan a  sales pitch. You will want to know what you are talking about and be able to confidently speak about your company by phone or in person at any given moment. No long pauses, stuttering or other signs that show a lack of confidence in your company.
• Don’t have a website? Get one right away.
• Set up a free internet business listing with Google.com/local/; Bing.com/local/; and listings.local.yahoo.com/ and be sure to include a link to your website and a description of your company.
• Set up a business profile page on Linkedin, Facebook and Twitter and be active on those sites.
• Have a printer make up some professional business cards, a company packet, letterhead and envelopes. Always have business cards with you. You never know who you are going to meet. I know one repossession company owner that went to a fund raiser and met a man that was in upper management of a nationwide fiance company. He never in a million moons expected to meet a prospective client at this meeting. If he did not have business cards with him, he might have had to write his contact information on a dirty napkin and probably would not be picking up an average of 75 cars a month over the last 5 years from that finance company.
• Pass out your business cards to everyone. You never know who might know someone in the auto finance industry.
• Send your company packet to as many lenders as you can.
• Have a Power Point digital packet created so you can send it via email.
• Have a professional one minute DVD made about your company with video of your office, equipment, storage lot and staff. Include a brief message from owner talking about the benefits of using your repo company. Thsi DVD can be included int he company packets you send out, can be uploaded on Youtube, and can be sent via email.
• Make sales calls as often as you can. Do not be afraid of the dreaded “cold call”, because they can’t kill you, they can only say yes or no.
• Join professional business associations such as groups such as the Chamber of Commerce, Rotary Club, or other civic associations. You are bound to make some contacts there as well as get personal satisfaction being a member of these worth well organizations.
• Pay for online memberships of auto repossession industry directories.
• Send out online press releases about your company.
• Attend auto repossession, skip tracing, and other industry related seminars. You can also offer to speak at some of these seminars branding yourself as a professional int he repossession world.
• Write an article for an online repossession industry related website or hard copy publication.
• Net work with other reposessors online and in person. This industry could be great if we all learned to lend a helping hand to each other.
• At all times, act accordingly and professionally in your business and personal life. You and your equipment can be your best and worst commercial! I know one repossession company owner that recently got into a road rage situation while driving his wrecker. He was quite depressed to realize he had flipped off one of the top members of the board of directories of a credit union that he did work for. He lost that account which averaged 25 repossession a month – that is pick ups, not repossession orders!   Not including transport and key fees, he lost nearly $9500 a month in revenue. Now that is one expensive middle finger!!!

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Meeting for a lunch with a potential or current client is an excellent way to grow your auto repossession business.. Eating with a client sets the scene for a casual and intimate connection. This setting can bring about a bonding experience leading towards a long lasting business relationship.

Of course you have to handle yourself professionally and sociably for this to happen. Easting with someone will bring familiarity to the relationship exposing you manners (good or bad),, weaknesses and strengths. Depending on how you conduct yourself will either strengthen the relationship or ruin it.

Before making an invitation for lunch you need to determine if he your client can fit the meeting into his schedule. Some collection mangers get bombarded so frequently with lunch offers that make it a practice not to accept any invitations. If they can’t meet you somewhere for lunch, or don’t have the time, then offer to meet them at their office.

When you invite a client to lunch, you need to make the purpose of the meeting very clear. Do not act as if you just want to hang out and shoot the bull. Make it clear that you are paying for the meal like, “I’d like to take you to lunch” or “Please allow XYZ Recovery to buy you lunch.” Do not say, “Let’s do lunch” as it will leave him wondering who is going to pick up the tab. A good invitation would be: “I’d like to meet with you and talk about (insert your purpose). May I come and see you sometime? Or, could you break away from busy day to let me take you to lunch?”

Make sure you choose a place to eat that is appropriate for a business lunch! You will want to avoid noisy places, restaurants located in areas plagued by traffic congestion and certainly no seedy strip clubs or hole in the wall bars! Find a restaurant that has an inviting feel to it. The location should be close to your clients office and convenient for him. The meeting place should be chosen with only him in mind and not you. As the host, you should be the one to choose the venue, unless he outright requests a certain restaurant.

Here is a list you should consider when making your restaurant choice:

• One that serves a variety of cuisines such as a cafe, bistro or steakhouse. This is to make sure your client will be able to pick out a dish he likes.
• One that you have been to before and know that the food is tasty and the customer service is first class. Remember if it is not 1st class, it’s no class!
• Pick a place that is clean, has a relaxed atmosphere, and most importantly quiet.
• If the meeting is out of your area, search the internet for restaurants with great reviews.
• Do they accept your credit card?

You do not want to be stuck sitting in the restaurant lobby for 20 or 30 minutes because there are no tables available. So be sure to make a reservation! There is nothing worse than looking like a poor planner by ending up having to go somewhere else to eat because your client can’t spare the time for the 50 minute queue for a table. Also, be sure to reserve a quiet table for your meeting.

Arrive at the restaurant at least 10 minutes before the scheduled time. Use the restroom when you arrive so you do not have to excuse yourself during the lunch to do so. You should allow the   hostess to seat you and tell her to be on the lookout for your client. While you are waiting, have a word with your waitress. Inform her that this is a business lunch and you would like her to bring you the bill. Also request that she keeps interruptions to a minimum, but not to sacrifice customer service in doing so. Promise her a healthy tip for her service.

Once you have your table secured you may go the restaurant lobby and wait for your guest to arrive. When he arrives, allow him to follow the hostess to the table and let him choose his seat.

Lunch rules:

Shut your mobile phone. off.

• Give undivided attention to your guest and the meeting.
• If he makes the first move and orders alcohol, then you may as well. But go light on the booze with just one.
• If he is pounding the drinks, you should still sip yours and do not get even remotely close to being intoxicated.
• If he orders a drink and you are not a drinker, just tell the waitress you will have water for now.
• Don’t smoke.
• Match your clients meal. If he has a three course meal then you should do the same,
• Try to order something similar so your plates will come at the same time.
• When you choose your food, make sure you order food that is not messy and easy to eat. No Saganaki flaming cheese, barbecued ribs or Oysters Rockefeller!

.Getting down to business:

Do not attack him with business talk as he sitting down. You need to wait for an appropriate time to talk shop. For new clients, you should spend some time getting to know each other and catch up on things since your last meeting with a current client. Enjoy some light conversation minus any talk about politics or other touchy subject. Sports, travel, and hobbies are excellent subjects for conversation. Continue to hold off on talking business until your meals have been ordered. A great time to talk business is between the salad or appetizer and the main course. When the bill comes casually pick it up and place your credit card in the bill holder and close it. This should be done with absolutely no effort or attention drawn to it.

The day after your lunch meeting, you should send the client a short not thanking him for taking the time out of his busy schedule to meet with you.

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Hear me loud and clear! If you want things to change in your business, then you are going to have to make some changes! Just because you have done something a certain way, does mean it is the right way to do it. If you continue to do what you have always done, you will always get the same result. If you are not overjoyed with your business growth, then you need to come to the realization that the methods you have been employing, the actions you have been taking, and the thoughts you have been thinking have all been dead wrong! Sometimes you have to slow down and take a few steps backwards in order to see some growth. If your willingness to learn is a 10, but your willingness to change is a zero then you are dead in the water. 10 times 0 is zero! If you are 100% teachable and are 100% willing to make changes, then you can make some radical changes in the direction that your auto repossession business is headed.

The first step to being teachable is to begin to take in all the information that you can. How do you do that?

• Find a SUCCESSFUL mentor in the auto repossession industry. Do not choose a mentor that owns a repo company that always has his own wreckers up for repossession!  Find a mentor that has a proven track record of success in this industry. Ask him questions. Learn the steps he took to be successful. Listen more, talk less!
• Educate yourself through certification. RSIG is one of the companies that I would recommend taking a certification course and test through. Once you do that, find some other auto repossession industry certification courses and take them as well. What if there are ten certification courses out there? Talk them all. Even if you learn 1 thing from each of them, it is well worth it.
• Read everything you can about the auto repossession industry. Read ever article on our online auto repossession industry magazine here. Read every post you can in the our auto repossession forum here. Read every blog article in our RepoIndustry Blog. Do not just read here on our site, but read everything you can about the auto repossession business on every site, in every book or magazine out there.
• Read books, magazines and websites on running a business. Like it or not, you are a business owner and you need to learn everything you can about running your auto repossession business – marketing, sales, budgeting etc.

Once you implement this first step, the next ste is to set up a plan on how to implement what you learned., and then begin to practice those changes. From that point on, success and business growth will be yours! You may be coming up with the excuse that all of that will take a lot of time. You cannot afford to not take the time it takes to learn how to run a successful and profitable auto repossession company.

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Over 20 years ago, I had the opportunity to take an EVOC (Emergency Vehicle Operations Course) and what I learned there stuck with me. Always be prepared for an accident and your a less likely to have one. The course taught me to not only keep my eyes on the road just in front of me, but as far down the road as they could see. It taught me to look through the rear window and on through the front window of the car in front of me watching all along for potential dangers. It taught me that always stay active by scanning in front of me, to the sides and use my mirrors to monitor the rear.

There are several things that could cause a repossessor to have a crash. One would be outside distractions -  from a pretty girl jogging on the street to the repoman scanning houses looking for collateral. There are also internal distractions – the phone, the gps, the laptop and of course the CD player and radio! Make sure you curb your wrecker when fidgeting with any of those devices and use an ear piece for phone communications when  you are driving. Illegal actions such as driving too fast or unsafe lane movement can also cause a crash and poor maintenance on your wrecker can be the culprit in a crash – bad tires and brakes both come to mind. Weather conditions, as in the situation I described above, are also potentially hazardous.

As I get older, I have learned one thing. Driving faster does not really get you there that much quicker. When you are out working, slow down! It might not only keep you from having an accident, but you might notice a vehicle you are looking for by moving slower. Always make sure you take the appropriate evasive action when faced with a potential collision. You might want to think about and practice what you will do when something really happens.

My final word, is about fatigue and sleepiness. I have been there and if you are going to be truthful, you have too. We have all had plenty nights on the hunt where we worked way too many hours. I can remember plenty of times where I was rolling around in the darkness and found myself nodding off. What did I do to combat that? I tried to get the right amount of sleep. of course that did not always happen, so I became a contortionist! I could sleep in all sorts of positions in my wrecker! I can remember several nights where I went to a police department parking lot or a rest area to grab a quick nap and woke up and found myself curled up on the floor of my wrecker. I am 6′4″ tall and at that time I was quite large, so that was real feat for me. If you find yourself nodding off when you are driving, do not be stupid and continue on down the road. Your life and the lives of driver’s around you more important than some debtor’s vehicle. Find yourself a safe spot, pull over and grab a power nap. Do it a few times a night if you have to, until you are completely alert to drive. I want all of you to make a lot of money in the auto repossession business. More importantly, I want you to go home to your family safe every night.

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• Speak clearly, sound professional, helpful and cheerful. I often times find that the staff I deal with give off the impression that they are bothered to answer the phone. I notice this as soon as they answer the phone. It is almost like they want to say to me, “I am busy with my Facebook Farm, so let’s get this over with”. Make the caller feel important when they call.
• Do not eat, drink, chew gum, or make bodily noises when you are talking on the phone. The other day I was talking to an auto repossession company manager and she slurped some drink through a  noisy straw and then belched in my ear! Save those activities for your break or lunch time.
• Never use slang words or curse words.
• Address the caller with the proper greeting. Good morning, good afternoon, or good evening, depending on the time of day.
• Give the caller your full attention and listen what they have to say.
• Have a pen and pad ready to take notes if necessary, and take full, accurate notes.
• Be patient and understanding. If the caller is rude to you, be pleasant back. Do not stoop to their level.
• Always ask when you have to put a person on hold and do not leave them waiting for longer than a few seconds.
• Do not interrogate callers.  I know that your staff may want to protect you and be your gatekeeper., however the 20 questions with the rude tone is not needed.

You never know who the caller is on the other end. it may be your best client calling or it may be a potential client calling. It might be a debtor that is down on his luck, who, by the way, deserves good customer too. Again, whoever the caller is, they can’t see your face, your expressions or your body language. They can only hear your voice. How you speak and present yourself on the phone will leave them to decide if your repo company has a professional office or not. Keeping clients and getting clients depend heavily on your business phone etiquette.

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This happens because it is nearly impossible for two people to have the same vision and mission for the repossession company. Anything that has two heads is a monster! I have seen co-owners almost come to blows over the brand of printer that was purchased. I know one man that lost his best friend because his friend thought being a business owner meant less work and not more work and decided to only contribute about 3 hours a day to their new repo business. One partner was out repossessing cars 80 hours a week, while the lazy partner was hardly putting any miles on his take home wrecker and was lucky to pick up 3 cars a week. I know of one father and son repo team that have not spoken to each for nearly 10 years. Not only that, when their partnership blew up, they went out and each started an auto repossession business of their own. Now father and son are competitors in the same city and when asked how the other is doing they go into a swearing tirade about the other person.

My first advice, is to pass on the partnership even if means the delay of launching your repo business venture. However, if you are still sold on a partnership, let me give you some advice. Documentation! Documentation. Documentation! Everything detail about your partnership, each of your responsibilities, your business plan and how the repo company is going to be run needs to be in writing. I am not talking about a 3 minute napkin plan the two of you came up with while having lunch at Chic-fil-a either. Everything needs to be done under the advisement of a licensed attorney that can direct you on the correct way to preserve the company and partnership you are setting up and also put it all in writing. You also need to develop a company handbook that will be your indisputable “Bible” on how things will be done. if it is followed to the letter, there will be less disagreements.

Secondly, you need to make sure that the two of you see eye to eye on every aspect of the business and other areas as well. I look at every business relationship like I am looking at a possible spouse. I am married now, but when I used to date I had a strict screening policy. When I first dated someone, I watched for little things that irritated me or things they said or did that I did not like. I knew that if there were little problems in the beginning, there were going to BIG problems later. If I saw the smallest problem with a girl I was on a date with, I made it the last date! I actually ended a date I was on while looking  at the menu because the girl revealed to me she was vegan, card carrying PETA member. I was a hunter and love my rib eye stakes, so I suggested we go home immediately! She was not happy, but my motto in love is better to cry once, than cry every day for the rest of your life! I do not believe in that theory (I say it is a lie) that opposites attract and make for good relationships. If you are going into business with someone, you need to be like minded. You need to think the same way in nearly every way – business, personal, political etc.

I wish you all the luck in your auto repossession business venture. I will again advise you to pass on a partnership in your company. If you go against my advice, do it cautiously. And remember, partners share everything. The risk of investing, the responsibility, the sweat and labor, the stress and headaches and most of all the profits. For me, I am not willing to share the profits, so I will handle the rest all on my own!

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Absolutely Not!

So you have been making some sales calls and finally got an appointment with the collections manager of a lender you are trying to get repossession business from. What should you wear to the meeting? I have seen some real fashion disasters worn by auto repossession company owners going to meet with a lender. I once was visiting one of my clients and one of my competitors dropped in unannounced to try and get some repo orders. He showed up in jeans with the knees torn out of them, a wife beater T shirt, a wallet chain and a pair of flip flops. He had a dirty ball cap on that said “Porn Star”.  I am not sure if he had bathed or brushed his teeth that morning, but he smelled like recycled summer sausage! I have told this story before and been told I am a great story teller. I wish it was just a story, but it did happen. Needless to say, he never got one order from my client and was soon up for repo himself.

I have had many people tell me that all they wear is Harley Davidson shirts, jeans and boots and they are not changing who they are for anybody. That is great, I used to wear “biker wear” a lot myself. In all  my years in business, I found one thing out – people react to what you are wearing. If you show up anywhere in a ketchup stained tank top and shorts, you will be treated a whole lot different than the man that is wearing a pair of dockers, a button down shirt and some casual shoes. I came to this revelation some years back in my daily trips to my bank to take care of personal and business transactions. If I went in the bank looking like I just fell off the mattress, I was treated exactly how I looked. I was barely greeted, there was no smile, no chit chat and even the customer service was substandard. However when I entered the bank in casual business attire or once in awhile wearing a nice suit jacket and tie, they fell all over me. They greeted me, they smiled, they were in a hurry to assist me and sometimes they told me I was looking fine! Some of you may say that they should treat all customers the same, and that is 100% true. But the reality is, that it does not happen that way. Shortly after I made my discovery that your appearance will determine how you are treated,  that particular bank approached me and offered me an unsecured business line of $60,000 to use for payroll if some of my clients were slow to pay. Was it because of how I dressed when I went in there? I would say it was definitely  a big part of it.

I am not saying you need to wear a suit all the time, but I am saying to dress for the occasion. If you are going jogging, wear a jogging suit, T shirt and tennis shoes. If you are going on a poker run on your “hog”, put your leather chaps on and a Harley Shirt – but do not forget to wear a pair of jeans under those leather chaps! And if you are going to meet with a lender, dress appropriately if you want your auto repossession to grow.

So, I ask again. What is appropriate dress for meeting with a lender? Is it a suit? I would say no. You are  a repossessor and honestly, I can’t ever remember meeting a client that was wearing a suit. You do not want to dress better than the client you are meeting, so I am suggesting you wear casual business attire. Maybe a pair of dress pants or khaki dockers with a nice button down shirt. You will also want to make sure your have showered, slapped a little anti-perspiration on, combed your hair, brushed your teeth and ironed your clothes. Below are a couple examples of what to wear and what not to wear when you are trying to get clients to use your auto repossession business or visiting clients that already use your repossession service.

This woiuld be appropriate.

This is not cutting it!

Please do not EVER dress like this!

This would also be fine.

At some point (I am told in the mid 1950’s – old timers feel free to comment) lawsuits, assaults and the hassle of doing it themselves became an issue and lenders began using outside contractors to  perform their auto repossessions. This system worked quite well for years and years and deep business relationships developed between lenders and the local repossessor. This relationship resulted in loyalty and trust between the two and owning an auto repossession business was quite profitable. The lenders were happy to pay fees for professional services and not only paid for the basic repossession, but also for other services the repossessor performed. These fees included key cutting, mileage, storage, investigation and skip tracing, condition report and photos, transport to auction and often times extra for accounts where a lot of time was spent in getting the collateral picked up. They nearly always paid a close fee.

One major lender (that I will not call by name), in my opinion, broke the local adjusters down by bringing up the dreaded “C” word – contingent only. An all inclusive fee was forced upon the repossession company owners by this company and by not collectively saying “No”, this industry began to slide down a slippery slope. Other lenders slowly but surely began to follow this contingent only trend and although some stood their ground and said “No”, a majority did not. This allowed the lender to adapt a practice of setting the repossession fees, rather than the repo company owner setting his own fee.

In 1990’s, debtors became more mobile and and more lenders were having their “paper” spread across all 50 states. There were also a lot of mergers and acquisitions of smaller banks and large nationwide banks became the norm.  Lenders began to add more adjusters to their vendor list and this is where I believe the personal relationship between lenders and local adjusters began to vanish. Juggling thousands of agents became a daunting project and emails, faxes and proprietary systems replaced the old fashion telephone update.

The Present: In a day technology the personal touch this business used to have is all but gone. We now have mobile phones, VOIP systems, land lines, fax lines, email, instant messenger programs and yet I see less communication in this business than ever before. I see lenders that have no idea who the adjusters they use really are. Often times there is no contact information or issuing customer service representative name on a repossession order. Without that, how can an agent call to request more information or give an update? Recovery rates are down, fees are down, operating costs are up and a majority of repossession company owners are not taking a stand to keep this industry great.

The Future: The future is yet to be seen. You, the auto repossession company owners of today are this industry’s future. To start, you need to conduct yourselves honestly and professionally at all times. You can write the future of this industry by educating yourselves and learning to to be better business owners. You need to work united together to mold this industry into whatever you would like it to be. This means taking a collective stand to work for fees that make your company profitable and worthwhile.

If you have an SOP for your company then there will never be a question of what is expected of your office staff and repossession agents. They can sign that they received and read the handbook. This holds them accountable for their work performance whether it is good or bad. Your employees will not be able to claim ignorance about a rule when you have to take action on a violation of a rule found in the handbook. This can help protect you and your company from unemployment claims as well as possible legal action. You can combat claims of favoritism if you simply enforce the written policies of your company equally with all of your employees. It will put everyone employed with you on level ground and this helps create a happy and well running work environment. A well drafted company handbook will not only protect you, but also protect your employees as well.

Having a company handbook is also a valuable tool in marketing your auto repossession services to potential clients. It shows that you company is a professional, efficient company that has guidelines on how to serve them from the acceptance of the repossession order to delivery of their collateral to auction. You can actually share with the lenders your step by step written guide on how you get the job done and minimize their (and your) window of liability.

Your handbook should detail all the procedures you want in place for running your collateral recovery operation. It can lay out such things as hours of operation for your office, to medical and sick leave, to drug testing  of employees. It can map out the recovery process you want your repo agents to follow in the field and how you want your office staff to stream information to your lender clients.

You want to be sure you cover all areas to avoid lawsuits from debtors. One area in particular would be the storage of a debtor’s personal property, how it is inventoried and what documentation you have the debtor sign and file upon receiving his personal effects. One suggestion I have for you that was rule at my company was the storage of liquids. We always disposed of liquids – chemicals, bleach, laundry detergent, gasoline etc. We did not want a hazardous material spill or chemical reaction to occur at our office. Another suggestion I have for you is to have a rule regarding the storage of firearms and what procedure is set for returning guns to a debtor. One of our members and contributing authors, Bill Meinhardt, posted an excellent suggestion in the our auto repossession forum. Bill posted this:

“I always unloaded the weapons and rendered them temporary inoperable with plastic pull ties” in a thread titled Guns and ammo in car – what’s your policy?

I suggest all of you that do not have a company handbook to get one. it will professionalize your repossession business and help things to run smoother at your company.