How Do You Open A Repo Business?
The repo business is a billion dollar industry with more than 5,000 firms in the United States. When a person defaults on a car loan, lenders need to get that car back, and they do not want to do this job themselves, according to the Locate Repos, a website that assists both lenders and recovery agents. Many of these businesses operate out of homes or small offices. This can be a lucrative business, according to Locate Repos, because a typical repossession only takes 15 to 30 minutes, and the fees people charge for this service are between $150 and $200. Learn how the repo business works and how you will get your assignments by doing some online or offline research on the industry or by working for someone else who has a repo business. Contact your Secretary of State’s office where you will be doing business to find out if you need a license. Make a list of the different markets to establish a client base, such as banks, car loan companies, used car lots, new car dealerships, car renta
