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Are you branding your auto repossession company? Before you answer, let’s take a look at some of the essentials of branding. A successful brand needs to:
  1. Be different. Forget about all the cliché claims that other repo companies make. Be unique in ways that really matter to the lender.
  2. Make promises on which you can deliver. Never make claims that you can’t live up to. I know several repo business owners that are unable to be honest with their lenders about service. Some regularly accept assignments that are way, way out of their service area, and they do this thinking they will make their client happy. They always promise to be diligent on running those long distant accounts, but are lucky to get around to even doing a first run. The bad news is, the client won’t be happy. The owner would be better off to tell the lender that they only provide quality service and, in this case, they can’t do that. They could then give the client the name of another repo company right in that area. The lender will appreciate the honesty.
  3. Interact with your clients. Get to know them personally and develop a deep, long-lasting relationship – a bond, if you will. Be genuinely interested in them personally, instead of just being interested in their business.
  4. Communicate regularly with your clients. In a day and age of landlines, cell phones, text messaging, email, twitter, Facebook, etc., there is no reason why you should not stay connected with your clients. Don’t forget the U.S. Postal service for getting a Christmas card or birthday card delivered right to your client.
  5. Have a catchy company name, logo and motto. I was told recently by a vendor manager of a large lender that said a cool name and motto sticks out in their mind when someone does a sales call. She said that the staff in the vendor department sit around talking at lunch about the coolest name of the companies that had made sales calls that day. You don’t have to change your name, but you can always add to it. For example, there are several auto repossession companies in America that bear the name Bulldog Recovery. If there are twenty of them nationwide, how would an owner of one of them get their name to stand out in a nationwide client’s mind over the rest? How about a catchy motto? “Bulldog recovery ~ We take a bite out of your past due accounts”. Corny? Maybe, but that Bulldog Recovery will stand out from the other Bulldogs.
  6. Get your name out there physically. Get packets, brochures and business cards in the hands of every possible client out there. Do not send an expensive gift to one person in a department, but rather send something that brands your company to every customer service representative that works for your clients. If your name is on every desk of a recovery department via coffee mugs, post-it notes, pens, etc., whom do you think will come to mind when they need a car picked up in your service area? Check with your client to see if this is allowed. Most will allow it, if it is a small gift to every employee and not just to one person.
  7. Get your name out there in the cyber world. Hello! It is 2012, and if you do not have a website, get one built. You need to drive traffic to that site. The way you do that is to advertise on ALL the online auto repossession company directories on the internet. Am I plugging our site? Sure, I am. If I said I was not, I would be lying. However, I am also plugging the 4 or 5 other directories out there, as well. You need to be on ALL of them, not just ours. The successful repossession companies out there advertise in the directories, and the ones that struggle do not. You also need to write some auto repossession articles on your website and a blog you set up, as well as other repossession industry related sites that will allow you to do so. Why? To brand yourself as an auto repossession expert and professional.
Your brand will reside in the hearts and minds of your current clients, as well as prospective lenders. A strong brand is invaluable as you battle to build a broad client lender base. It is so very important to spend some time investing in, researching, defining, and building your brand. Your brand is the source of a promise to your lenders. It is the foundational cornerstone in the marketing of your auto repossession business. Google, Coke, Ford, Dairy Queen and many other successful companies brand themselves. You know their names because they branded their companies. Besides knowing their name, you need to learn from them in the area of branding.

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