Tow truck drivers wishing to expand their services can find the repo business to be a lucrative and exciting career. Repo work is recovering automobiles that have been repossessed because of loan or lease agreement nonpayment.
In this post, we will discuss repo work, the equipment needed, and how to get started in the field.
Overview of Repo Tow Truck Work
The primary duty of a repo tow truck driver is to help recover vehicles that have been repossessed by lenders or leasing organizations. Their primary goal is to secure the car and safely take it to a designated storage location. When a borrower defaults on their payments, repossession businesses work with banks, credit unions, and other financial institutions to retrieve the car.
Equipment Required
Tow truck drivers need the proper equipment to get started with repo work. Here are some of the essentials:
- A repo is often a flatbed tow truck equipped with a wheel lift. The wheel lift is used to lift and secure the repossessed car.
- Repo drivers require lockout tools to get access to the repossessed car. Slim jims, lock picks, and wedges are among the tools available.
- Repo drivers must always keep safety equipment like reflective vests, cones, and flares on hand.
- GPS tracking is required for repo drivers to locate the vehicle being repossessed. This reduces the amount of time spent searching for the vehicle.
Tips for Getting Started
More than simply having the necessary equipment is required to get started. Here are some pointers for tow truck drivers who want to get into repo work:
- Research– Before you begin, learn about the laws and regulations governing repo work in your state. To work as a repo driver, you may need to obtain a particular license or permit.
- Training– Consider taking lessons in lockout tactics, safety measures, and repossession legislation. This will prepare you for any unlikely scenario that may arise during a repossession.
- Networking– This entails establishing connections with lenders, leasing firms, and other financial institutions. This could help you get more repo work in the future.
- Communication– This is essential in the repo business. To achieve a smooth repossession, you’ll need to communicate efficiently with the lender, the debtor, and the storage facility.
Bottom Line
For tow truck drivers wishing to expand their services, the repo business can be a lucrative career. To get started in the field, you will need the proper equipment, training, and knowledge of repo rules and regulations. Repo work can give a consistent stream of income as well as appealing opportunities if approached correctly.
Additional Towing Resources
- How much does a tow truck cost on average?
- Do you need a CDL to to drive a tow truck?
- Tips on how to start a tow truck business
