The repo business is booming across the country and Georgia is no exception. More and more people are finding themselves in financial straits, which leaves the banks providing plenty of work to the repo companies. There are no special requirements to start a repo company in Georgia, but you must have a license to operate a vehicle and complete insurance coverage if you want to become involved in this business. It’s definitely not a business for the meek!
Purchase your tow truck.
Purchase the required insurance, which will include both liability insurance and coverage for your tow truck.
Fence off and secure your impound lot.
Get your business license. Go to the clerk’s office at the circuit courthouse. Complete the necessary forms and the clerk will issue the license.
File a fictitious name statement with the Georgia secretary of state if you’re setting up as a sole proprietor.
Set your prices. Pricing should be within the limits allowed by law for storage and clean-out of the vehicle. Other fees such as the towing and impound fees are set as negotiated between your company and the bank. The lender or other interested party will pay these fees if the debtor does not redeem the property repossessed.
Notify banks and other lenders that you are available to provide service to them by using different forms of advertising, such as direct mail, yellow page ads, and direct contact.
When you repossess a vehicle or other item, it’s best to notify the local police department so that the police know what is going on.
Jobs of this nature are dangerous. You need to stay on your toes and be aware of everything that’s going on around you.
- towing truck image by Aleksandr Ugorenkov from Fotolia.com