Some auto repossession company owners will never get a “yes” or a “no”. That is because they do not take the time to pick up the phone to call any potential lender clients. I know you are all busy repossessing cars, making keys, dealing with debtor’s property, talking on the phone with your current clients, and managing your employees. If you own an auto repossession business and just read the above “too busy to call potential clients” list, I am sure you can add a thousand more reasons! However, if you are not always building your lender client portfolio, then you will eventually lose ground. In the future, one or more lenders will stop using your repossession services. This will happen regardless of the wonderful service you are providing them. I have talked to countless auto repo company owners that have lost clients for whom they did work for many years. These clients loved them and they had long relationships with them. They lost them as clients due to mergers, a collection manager retiring, the lender making the decision to go the forwarder route, etc.
I know of one owner that saw his best client vanish when a bank president’s son decided to go into the collateral recovery industry. When I had my repo company, I received calls every week from lenders looking to give me business. I was making a lot of money and had more than enough work, and could have sat back and taken the new work when I got the calls. Luckily, I knew that a business that was not growing was dying. I made it a point to sign on new lenders every month, even if it was just one. How did I do that? I decided to call a certain number of potential lender clients every day. Some of the calls I made were first-time calls and others were follow-up calls to the lenders that were not looking for new agents. Set yourself a goal to call and TALK to five possible clients every day. I capitalized TALK, because leaving five voicemails does not count. Dial clients until you have spoken with five and are able to get them your company packet either by email, fax or snail mail. If a lender declines your services, tell them you would like to check back with them in a month or another time that they agree to. Also get their name, direct line (if they have one), an email address and a fax number. Anyone that has been in this business for any length of time will tell you about a time they spoke with a collection manager that seemed interested in using them and were never able to get them back on the phone again. Your services will be declined by many, and you need to contact them again in the future with a follow-up call.
As your “no” list grows, keep making your five, fresh calls a day and add one to three follow-up calls to your daily sales routine. I keep hearing owners telling me that they do not have time to make sales calls. If you are thinking this as you are reading this, then you need to make a commitment to make time to grow your business. I have been in the business and, besides working hard, I spent a fair amount of time horseplaying with my agents and staff, drinking coffee, taking long, long lunches, visiting with friends, and even watching TV in my office. I had a lot of good times running my company, but I had to prioritize my time. We can always find time for the things we enjoy doing. I enjoyed being successful and making money, so I made time to make that happen. Do not get discouraged when you are making your sales calls. Remember, each “no” is one step closer to your goal!
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