I keep getting a lot of questions about what should go into an auto repossession company packet. What’s in your packet, besides the normal insurance certificate, bond, licensing, certifications and coverage area, depends on several factors. You need to look at the strengths of your repo business and highlight that in your packet.
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.
If you have never had an insurance claim, you should highlight that in your packet, and promise damage and problem-free recoveries. Be 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 only one, then of course, refrain from mentioning that. You should make it known if you have 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 were 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, and the cameras and electronic security systems I have in place. I would be sure to mention how I do drug tests and 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 from 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.