Where to start setting up a REPO CO?

BennyBlanko

Hi there,

I was made redundant there last month :(and my redundancy came through. I want to make it work and for it to make a path to sucess for me and my family.
So, I want to set up a reposession/recovery business.
I'll focus on cars/trucks/plant and the likes.Can anyone point me in the right direction please?the LAW surrounding it? Customers? How to market it?
Thanks ever so much.
Hope you can help.
Ben.

Darragh29

BennyBlanko wrote: »

Hi there,

I was made redundant there last month :(and my redundancy came through. I want to make it work and for it to make a path to sucess for me and my family.
So, I want to set up a reposession/recovery business.
I'll focus on cars/trucks/plant and the likes.Can anyone point me in the right direction please?the LAW surrounding it? Customers? How to market it?
Thanks ever so much.
Hope you can help.
Ben.

Well you'd want to make sure you can deal with the stress of it for a start. I know a lad who now has to move house because he unknowingly took on a repo job which involved recovering a car from a nephew of a criminal family. He has had death treats made against him and his wife & kids and had a gun put to his head 2 weeks ago warning him to get out of town or suffer the consequences.

All the money in the world woudln't pay you to live like this... There are a lot of lower risk activities out there that would give you peace of mind.

dennistuam

benny i know things are tough but do you real want the lowest of the low evicting people out of their homes , i know that there is people need to do it but benny you know the saying what goes around comes around or every road has a bend , bad karma benny

elgransenor

Don't expect people to queue up with advice for this venture.:mad:

DubTony

Benny, I'm with the rest of these guys. I wouldn't have a clue how to set it up, but to be honest, would you really, really want to be the guy who everyone hates? Also as Darragh points out there are serious risks. Paul Gray, he's the Dublin City Sheriff's son (or might even be the man now), had the living sh*t kicked out of him a few years back. And he has the full force / support of the law behind him and most of his business would be dealing with tax issues for revenue.

I'd be inclined to find another area to put that hard earned cash in to.

dahamsta

Great time to go into the business though, you've got to admire his acumen!

BennyBlanko

Hi...........

Well, I was not seeking anyones approval or their opinions on the trade that is recovery agency. I was looking for basis tips on the set up on this business and its like any other - but it just happens to be in a business that some here do not like - big deal.
DeMelodrama coins it and with thanks - its about the current enviroment, this is an oppertunity.
Its not like i'm setting up a Prostitution ring or a Canabis growing operation - its legal and all above board and so it involves dealing with lowlifes and the like.I thought about this and will evaluate all as i go. I also am not going to be turfing people out of their houses etc, its cars/plant etc i'll focus on.Not residential property.
I'm thinking outside the box here and not getting emotive about the task like some here. There no sentiment in business,a jobs a job in recessionary times,being part of the equation when a bank or whatever want their asset back does not make me a bad person, just a business person trying to make a living.
No harm in that.
Thanks anyways.
Ben

dennistuam

your a right that its legal but benny we have a long history in ireland about evictors and repo men, we are giving you our twopence worths but i put it like this benny your kids will not be the most popular at the party when the other parents are told what you will be as popular as a traffic warden or tax man ,

duncanb

BennyBlanko wrote: »

Hi...........

Well, I was not seeking anyones approval or their opinions on the trade that is recovery agency. I was looking for basis tips on the set up on this business and its like any other - but it just happens to be in a business that some here do not like - big deal.
DeMelodrama coins it and with thanks - its about the current enviroment, this is an oppertunity.
Its not like i'm setting up a Prostitution ring or a Canabis growing operation - its legal and all above board and so it involves dealing with lowlifes and the like.I thought about this and will evaluate all as i go. I also am not going to be turfing people out of their houses etc, its cars/plant etc i'll focus on.Not residential property.
I'm thinking outside the box here and not getting emotive about the task like some here. There no sentiment in business,a jobs a job in recessionary times,being part of the equation when a bank or whatever want their asset back does not make me a bad person, just a business person trying to make a living.
No harm in that.
Thanks anyways.
Ben

Be it houses or cars you will still be greeted with a kick in the mouth when you knock on the door....
other people wont see it as you describe-"doesnt make me a bad person"
make a living some other way if you are loking for something that will not be stressfull...

anyway i would think that you swould need many contacts and time to build such a business, there are some main players out there already....

dahamsta

Stop lecturing him lads, I'm sure he has the idea by now.

Can you do hands-off repo in Ireland I wonder, or do you actually have to knock on the door and deal with the scuts and unfortunates?

adam

ArseBurger

AFAIK you use the County Sheriff to do your court appointed repossessions.

Oh, and I applaud your entrepreneurial spirit.

[Jackass]

Benny, don't worry about the "morality" of it, and I don't see how it's relevant to people here to put in a :mad: face.

He's a business man who's rolling with a punch and has found a sector in the industry in massive growth. I say fair play to him. Does it make a difference if Benny does it and creates jobs etc., or that some multi-national company from Sweden does it?

Banks aren't going to say "Ah sure keep the car, we can't get a repo man anyway..."

I would imagine Benny you set it up like any other business through all the usual channels and then you contact every business you can think of and offer your services.

I would say you would have to be very proactive about it. Research the market, find out the going rates the big companies charge, how are these contracted? I know AIB for example have a certain amount of full-time staff who are contracting by employment to the bank to do repo work and call outs etc., but in the current climate, I'd imagine there would be a certain amount of out-sourcing.

Essentially, try and find as many repo companies as you can in Ireland. Whatever way you find them, market through these channells in the same way.

Then contact them, pose as a small distribution store in Athlone that has supplied to a company on credit going into liquidation.

Ask them what rates apply, how exactly they conduct their business, who are they contracted with, what insurance do they have and how does the process work?

Just milk them for information.

The beauty of this as well is (possibly) minimal training, so you could literally do all the hard work over the phone and in meetings, attempt to secure a few contracts and then almost immediatly you can take on a couple of staff on a temp contract and begin business.

Best of luck with it anyway mate.

That's my guess at how I'd go about it anyway, but I'm sure you have plenty of your own good ideas to throw into that mix also.

mountainyman

Yeah but if you're looking for free advice people don't have to give it.
I'd go in all guns blazing that's all I will say. Advertise all round your area with fliers in every house.
Get ads on the radio and on TV.

Before you do anything else BUY a towtruck.

dahamsta

Advertise a repo company? Bizarre. It's hardly a consumer or small business level trade.

EKRIUQ

Is there any such thing as a repo company in Ireland?

All cases go through the courts then passed to the messenger of the courts that will produce court papers to the defaulter which will lead to a claim on goods which doesn't mean anything because the courts don't want possessions they want the unpaid amount and back it goes to the court.

There is regular house evictions but that's all done through court orders.And company's go through the liquidation route.

Benny check out your business actually exists first, Ireland is not like the U.K. when it comes to repossession it's done through the Sheriffs office.

seanybiker

very good thinking benny. Dont mind people saying ya wont be popular. Its a job not a popularity contest. Best of luck with the venture

Darragh29

seanybiker wrote: »

very good thinking benny. Dont mind people saying ya wont be popular. Its a job not a popularity contest. Best of luck with the venture

True, on a business level it ticks the boxes... However, I learnt a lesson recently in business, about taking on a project that was personally stressful.

There is no point in earning good money if you cannot relax enough to spend it. This is not a moral argument I'm making by the way.

All I'm saying is that don't make a decision like this without taking into account, any quality of life issues that it might end up ultimately causing for you. It's all very well saying, "I just want to hear business arguments, I don't want to hear any criticism of the idea", you'd be well advised to think this through from every aspect...

nobjob

all the best with this project benny,I am thinking of doing the same, maybe we should get together as they say two heads are better than one.

jhegarty

mountainyman wrote: »

Before you do anything else BUY a towtruck.

Not , first thing to do is make sure your VHI and life insurance is paid up

Kennet

If you get up and running mate and you looking for some muscle,I'm your man..........