Should A Partnership Finance Or Pay Cash For Work Truck 3 Ways to Start an Auto Repossession Business Without a Tow Truck

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3 Ways to Start an Auto Repossession Business Without a Tow Truck

With auto repossessions at an all-time high, getting into the repo business has never looked more attractive. And while you can make up to $500 per repo’d car, investing in a tow truck isn’t cheap.

The good news is, you don’t need a tow truck to start your own repo business. Here are 3 ways you can get started in the repo industry on a shoestring budget:

Tip #1 – Partner with a locksmith and literally drive repo cars!

These days, finance companies keep key codes on file for every car they own. Key codes are “blueprints” that tell locksmiths how to create a key that is exactly like the original.

Even if the bank does not have key codes, you can find companies online that will supply key codes for any domestic or foreign vehicle in less than an hour. You need to give them the make, model and VIN number.

With your original keys in hand, you can have someone follow you to the repo site and drive the car away!

Tip #2 – Work from home and help banks track repo cars

You don’t need to be a repo man to make a living in the repossession industry. You can start by helping banks or dealerships track down hard-to-pay debtors. This service is called skip tracing. And they are willing to pay big money for it because their cars are worth thousands of dollars.

You can charge $30-$100/hour to provide skip tracing services to banks – or even other repossession companies. Of course, you need to invest time and money in good training, but you can start $60,000 – without a degree!

Tip #3 – Become a Repo Job Broker

If you don’t like working nights and dealing with conflicted people, you can set up a web site to get repossession job leads in your city, and sell those leads to other repo businesses. So, the more experience you gain in the repo industry, the more jobs you can take on yourself.

While these money making tips are no substitute for the right repossessing tools, they will help you earn money to pay for the tools you need later!

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