By Holly Balogh / President @ RISC
Most reading this blog may have their assumptions about what the repossession industry is all about or the types of jobs that come with it. You may have seen reality TV shows about repo, including “Operation Repo”, which ended in 2014 or “Airplane Repo” and “Lizard Lick Towing”. These shows depict a fast-moving, high-energy environment that also involves high-risk and high-stress. While these shows tend to glamorize the industry, they only provide a small window into the vast $1.4 billion industry.
The repo industry, also known as the collateral recovery or asset recovery industry, is in the business of repossession. When consumers default on a loan, such as a vehicle loan, then a lien on that loan can be activated. The legal remedy for the repossession is called “replevin” or in some markets self-help repossession. This vast industry supports the millions of loans that are issued to consumers every year.
Many different business areas support this vast industry with a wide variety of repossession jobs. On the frontlines, there are the repossession agents or drivers who pick-up cars, and the financial institutions who have large departments devoted to supporting the management of their recoveries. In addition, there are many supporting service companies that ensure the collateral recovery industry is efficient, abides by laws and regulations, and supports the consumers. Some of these third-party support companies include transport, auction, software, locksmith, license, education, inspection, and compliance, among others. Each of these different supporting industries has many different types of positions, from hourly workers with limited experience needed to executive-level salaried positions.
A great reason to get into the industry is that the breadth and depth of the different kinds of jobs allow for lateral movement among different companies and upward mobility. Great ideas get rewarded and many people in the industry have started their own successful companies through hard work and experience.
Another reason to get into the industry now is that recoveries increase during economic downturns. As we recently experienced an economic slowdown due to COVID 19, many jobs were lost, including in the recovery industry. However, these jobs will come back quickly as individuals will be unable to make payments on their debts. This means that recoveries will increase and the industry will come back with a vengeance. Those working on the front lines will end up with more work than they can handle.
Repossession industry jobs are interesting, challenging and it’s a unique market segment where multiple job opportunities exist. RepoHiring is a great resource to find jobs and learn more about career opportunities in this fascinating industry. Start searching on RepoHiring now!