Greed can get the best of all of us. Do not get me wrong. There is nothing wrong with making money with your auto repossession business. As a matter of fact, we at http://repoindustry.com/ do not want you just to make a living owning a repossession business, we want you to get rich! If you are only going to make a living, then why own an auto repossession business? You can go work for someone else and just make a living, and let them deal with the headaches of being a business owner.

On the other hand, you should be sure you share the windfall with the hardworking repo agents you have working for you. If you have a big agency or want to get big, you need to realize you can’t do it without their help.

This is just one of the things the doomed company we are discussing in this series failed to realize. They were a big company, they had a great reputation, and they were making a lot of money. The owner’s sons began comparing our agent’s pay per car with other agents working for their competitors. There is nothing wrong with that if you are comparing quality along with the comparison on pay. Our repossession agents were the cherry on the milkshake! They were the best of the best! They were the biggest reason the company was great! The other companies they were comparing us to were unsuccessful. When you start comparing yourself or your business, you should never compare down, always compare up. You can never improve yourself by looking at the failures of others.

The other agents in the area were getting around $100 for every involuntary repossession they did, and our company paid us $140 per invol. Now, keep in mind this is when the lenders were willing to pay big money for repossessions. This bothered the “boys” to no end, and they constantly threw it in our faces. They were determined to keep our pay in line with the other repo companies. They finally got the owner – dad – to change the rates the repo agents were paid to $100 per repo. Talk about change! This change did not just upset things a little, but it was like a tsunami with the agents. They were furious, and even plotted to stop working so hard. It is very difficult to accept having something you are used to getting taken away from you. Greed and Change were just two things that were the beginning of the death of this once great auto repossession company.