With car repossessions at an all time high, getting into the repo business has never been more lucrative. And while you can earn up to $500 per car repossessed, investing in a tow truck isn’t cheap.
The good news is that you probably don’t need a crane 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 Up With a Locksmith and Literally Drive Repo Cars Away!
Today, finance companies keep key codes for every car they own on file. Key codes are a “blueprint” that tells locksmiths exactly how to create a key just like the original.
Even if the bank doesn’t have the key codes, you can find companies online that will provide you with 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 drop off site and you can drive the car!
Tip #2: Work from home and help banks track buyback cars
You don’t need to be a repo to make a living in the recovery industry. You can start by helping banks or dealers locate hard-to-find borrowers. This service is called hop tracking. And they are willing to pay a lot of money for it since their cars are worth thousands of dollars.
You can charge $30-$100/hr to provide skip tracking services to banks, or even other recovery companies. Of course, you’ll need to spend time and money on good training, but it’s worth it when you consider you could make $60,000 starting out, without a degree!
Tip #3 – Become a repository job broker
If you don’t like working nights and dealing with troublesome people, you can set up a website for recovery job opportunities in your city and sell those opportunities to other repo companies. Then, as you gain more experience in the repo industry, you could take on more and more jobs yourself.
While these tips for making money aren’t a substitute for having the right recovery tools, they will help you make money to pay for equipment you’ll need later on!
