The American Repossessor

Repossessing With A Difference!
By Scott Deckling

I  know that there are many wrecker trucks in the market place for both the towing industry and the repossession one too.  Having worked with many of them, I have found  that there are not many that really do stand up to what they are supposed to do.

Recently, I was asked by a repossession company for my opinion of a light duty wrecker as even though they are a well established business of some 13 years, this is the first time that they have had to purchase their own repossession trucks.

Having had a great deal of success with the Jerr-Danâ„¢ Element, I recommended that to them.

The unit is basically an MPL sub-frame with a steel body. The wheel lift has many of the same features including the auto-level function, in-cab controls, and any of the options available for the MPL (wireless remote, motorcycle attachment, and tow sling) will work on the Element.   In addition, the  body also offers two large toolboxes just like the MPL.

One of the main reason why I chose the Element was due to the lower cost auto-loader with all the features of the MPL. There is a substantial price advantage to the Element by going to the one piece steel body versus the modular aluminum body of the MPL, and the body was designed with the same needs, visibility and storage space.

I would not recommend the steel body for those living in a snow belt with lots of salt being thrown around. With the body made of steel you do loose about 700-800 pounds of towing capabilities. It’s also easier to fix modular aluminum body if you ever have an accident.

I know that there are some companies that are putting the Rhino Spray linings on top of the Element body to help prevent scratches and dings from chains etc. The Body is defiantly geared towards the repossession Industry, and if you like all that shining stuff I would stick to the MPL.

Here are the top 5 reasons for choosing  the “Element by Jerr-Danâ„¢ Wrecker” -

• The Element by Jerr-Danâ„¢ offers best-in-class visibility. You have a tremendous view of the under lift and crossbar as well as a low profile, tapered rear deck winch(s) mounted below the rear window.
• Negative Tilt Feature on the wheel-lift, perfect for repossessing vehicles in parking ramps.
• The 4 1/2″ high hydraulic crossbar assures clearance for even the lowest profile vehicles.
• The patented LOCKLINK â„¢ over-center L-arm locking device keeps the arm behind the tire.
• The standard Underlift Level Stop Assist System gets you set up quickly by providing an interrupt to the remote control signal to stop the underlift travel at a desired loading position.

I am positive that everyone has their own preferences where repossession wrecker trucks are concerned and entitled to their opinions, they are.  However, I strongly suggest if  you are in the market for a new wrecker truck, that you at least check the “Element by Jerr-Danâ„¢.  I will be surprised if you don’t favor that over and above any other light duty wrecker.

Still, if you don’t try, you won’t know!

What Differentiates You From Your Competitors?
By Susan Marston

There seems to be no shortage of repossession companies that want to grow their companies but are not sure how.This is predominantly due to the time it takes to invest into new growth areas and the need for additional resources, within their infrastructure, to support the growth.

There are several reasons why growth is not successful for many of them, in addition to their lack of know-how.One main factor is the lack of finance to do so – the most important factor I would say, as each and every time a company takes on a new client, it depletes the company’s cash flow.

Being paid 30-45 days out has a huge impact on the financial well-being of a company and then if you are lucky to gain other new clients in succession, unless you have financial reserves or a good credit line, you will be in trouble.Sometime you have to say no, as not doing so can spread you so thin, that the services you provide are not the quality that the client needs.

‘You only have one chance at a good impression’, so you may as well save that one chance when you can service the prospective client well.

Another reason why growth can fail is lack of management and control and not having the skill base within the company to carry out these functions.If you can’t manage all elements of the business and control your employees within it, how can you provide a good quality service to not only existing ones, but to new clients, too?

It’s much cheaper to keep and maintain existing clients than it is to attract new ones.And I don’t just mean in monetary terms only.

Add to the reasons for growth failure is marketing and truly understanding what that means.No, it’s not just about the ‘packet’ of information you send to prospective clients hoping to get new business.

Within those ‘packet’ contents, lies the basic information that ALL repossession companies think the client needs, and I speak from experience, as I have seen many of them.

Hardly any that I have seen, actually provides the client with the information they want and need to determine that YOUR company is the one for them!Unfortunately, clients receive so many ‘packets’ that are so similar to each other, I wonder how they can make a decision on which repossession company to choose.

What differentiates your company from that of your competitors?And there is your starting point, or at least one of them.Put yourselves in the shoes of the client – what would you do if you received the same information from several companies that wanted to provide you with their services – how would you choose?

There is more to marketing than meets the eye.There are so many elements of your business that need to support your marketing efforts and for some reason many repossession companies do not consider these at all.

There is so much competition within the repossession industry with an influx of repossession companies never seen before.Even if you have been in the industry for years, that is no safeguard in keeping your clients as there is always someone out there that will out-perform, undercut prices and know someone that knows someone, to get them into the client.

I have seen this time and time again with client companies, and without exception, all have had to change to stay in business and make a profit.

Irrespective of industry, I have learnt over the years that clients can be fickle and there are absolutely no guarantees that you will always keep them as you once did.

Clients have had to change to meet the needs of the market place, and you too need to change, just to maintain, let alone looking to enter new market areas.

Later this month, I will be attending the RSIG Conference as a guest speaker on this very subject.

I can’t emphasize enough the importance of planningyour business, and that includes your marketingas that is a key factor of keeping your company afloat and moving forward.

Thinking needs to change in relation to all factors of doing business within this economy, as we may be busy now, but there is no doubt that there will be changes and we have to be ready for them.

A thought that needs to change and change fast, is that a repossession company has to grow via trucks i.e. each field agent has to have a truck.That kind of expenditure cannot be maintained at the level it has been in the past.You have to be innovative in your thoughts and in the way you develop your company.

At any time within business, management, control and communication, together with a good internal and external infrastructure are the keys to successful growth, particularly amidst this ever-changing economy that surrounds us.

I read an article recently that starting a business in the repossession industry was the way to go ifyouwanted a change of career.The article boasted that you did not need any experience or formal training.That’s as much as the author knows – NOT!Every day there is someone looking to enter our industry, there are repossession companies closing down and there are existing repossession companies that make poor choices and decisions that impact our industry.One thing I know for sure, you cannot keep doing what you have been doing as you will not survive, nor will our industry.

Innovation is one of the key ingredients of competitive advantage and it is that that will help our industry to continue and survive.

For example, when was the last time you introduced a new service into your company?

Your competitors are all around you, some are visible, some are not.Irrespective, they are looking to gain your clients for business – so if you want to keep them, invest some time and money in reviewing what your company does, how it does it and who does what, where and when.

You have to speculate to accumulate!