June 19, 2024

Cathedral of Praise

Maximizing Your Business Potential

How to Earn a Living in the Auto Repossession Business

No matter how the economy is doing, there is one industry that’s always profitable. In fact, when the economy is doing terrible, this industry is even more profitable.

What is it?… You guessed it – the auto repossession industry!

But what many people do not know about getting into the repo business, is that in most cases:

  1. You don’t need a college degree, and,
  2. You usually don’t need years of specialized training

All you need is a calm attitude and the motivation to complete auto repossession jobs you take on.

So, how does one get into the repossession business?

Here are three insider tips for getting into the repo business…

Tip #1 – How to Get Free Help With Licensing Requirements

Requirements for getting into the repo business vary greatly by state. While some states require that you have several years of experience working with an existing repo company, other states simply require that you carry adequate insurance and register your business with the proper state agencies.

Instead of spending hours looking for the answer, I suggest visiting a large metropolitan library. Many times, their library staff are willing to research the licensing requirements for you – saving you time and frustration.

Tip #2 – Solicit Business From “Buy Here, Pay Here” Car Lots

When you’re just starting out, you’ll discover it’s easier to get repo jobs from “buy here, pay here” car lots than big banks. These car lots work with many subprime clients. Because of this, they always have cars needing repossessed.

As you establish a name for yourself in the industry, you’ll be able to leverage your experience to negotiate deals with banks and get even more business.

Tip #3 – Don’t Pay Retail – Get A Tow-Truck on eBay

You may be surprised to discover you can get a full-sized tow-truck (wrecker) on eBay for around $20,000 or less. You may have to drive a few hundred miles to pick it up, but it beats paying for a new tow-truck.

And, I think you’d agree getting financing for $20,000 is a lot easier than for $50,000 or more!

Getting into the auto repossession industry is easy. If you’re committed to changing your financial future, you may have what it takes.