With auto repossessions at an all-time high, getting into the repo business has never looked more lucrative. And while you can make up to $500 per repo’ed car, investing in a tow truck isn’t cheap.
The good news is, you probably don’t need a tow truck to start your own repo business. Here’s 3 ways you can get started in the repo industry on a shoestring budget:
Tip #1 – Partner With A Locksmith and Literally Drive The Repo Cars Away!
Nowadays, finance companies keep key codes on file for every car they own. The key codes are a “blueprint” that tells locksmiths exactly how to create a key the same as the original.
Even if the bank doesn’t have the key codes, you can find companies online that will supply key codes for any domestic or foreign vehicle in less than an hour. All you need to give them is the make, model and VIN number.
With your original key in hand, you can have someone follow you to the repo site and you can drive the car away!
Tip #2 – Work From Home and Help Banks Track Down Repo Cars
You don’t need to be a repo man to earn a living in the repossession industry. You can start out by helping banks or dealerships track down hard-to-find debtors. This service is called skip-tracing. And they’re willing to pay big money for it since 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’ll need to invest time and money in good training, but it’s well worth it considering you could make $60,000 starting out – without a degree!
Tip #3 – Become A Repo Job Broker
If you don’t like working nights and dealing with confrontational people, you could setup a web site to get repossession job leads in your town, and sell those leads to other repo businesses. Then, as you gain more experience in the repo industry, you could take on more and more jobs yourself.
While these money-making tips are no substitute for having the right repossession tools, they’ll help you make money to pay for the equipment you’ll need later on!