Repo Industry Reader's Questions
Answering your questionsIt seems we have a lot of people coming to the site that are new to the auto repossession business. That is good because at least they are looking to gain some knowledge instead of going out there and getting themselves or someone else hurt! We are getting a slew of questions emailed to us and we want to help our readers understand what it really takes to be a repoman. Please feel free to email us if you have any questions, comments or suggestions about starting an auto repossession business, or becoming a repoman or any collateral recovery questions. We will collect several questions and answer them in an article for all to see rather than answer your repossession industry questions by email. So let's get started with this month's questions.
Brandon's Storage Yard Question"I was looking at your website and did not see anything on storage of the cars and trucks that have been repoed. is it necessary to have your own storage upon recovery of the cars or will the dealer or bank supply a place to take the car after collected?"
Brandon, (normally) the auto repossession business is responsible for having a secure, fenced in and well lit storage facility with the proper insurance to cover the lender's collateral from theft or damage. The reason I put the word normally in parenthesis is because some local lenders may have you deliver their collateral to a storage lot they rent or even sometimes to a local branch. I always hated to drop off a vehicle to an unsecured bank lot and refused to do so unless it was during business hours so someone could sign a release accepting full responsibility for their collateral.
Tom's Success Question"How do I become successful in the auto repossession business? What is the number one secret?"
The number one secret is a combination of hard work, honesty and integrity and spending several years working for someone else that has the above qualities. Learn the inner workings of being a great repoman by working for a reputable company for a long time. Combine that experience with the ability to wake up each morning and look at yourself in the mirror and honestly say "I do the right thing no matter what the circumstances are" and you are well on your way to being a success in the auto recovery industry.
Gary Asking about Auto Repossession Associations"Is joining one of the associations a necessity to making money in the auto repossession business?"
I think being a member of one of the associations can help, however it is not the end all to running a successful repo company, but a small tool. I was never a member of any of them and built a successful auto repossession business through marketing and branding the company name, word of mouth, honesty, integrity and having a high pick up rate combined with damage free recoveries. We never made promises we could not keep and when we did make a promise we produced. All that to say - an association does not make the recovery company, but great recovery companies make the association. Try and make it on your own and if you every feel you have some extra money to spend, then consider joining one of the associations.
Marty's Wrecker Question"Should I buy a Ford, Dodge or Chevy truck as a repo wrecker?"
Marty, I think that is up to your personal preference. It is no secret that I am a Ford man and I make no apologies for that! The only thing I would recommend is that no matter what truck your purchase, you should get a dually (4 rear wheels). I know some guys out there that tow collateral around that do not own a dually truck, but I think it the best way to go for towing capacity and durability. Also, some states have laws against anything but a dually performing tows and repossessions.
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