3 ways to start a car salvage business without a tow truck

With automatic repossessions at an all-time high, getting into the repo business has never been more lucrative. And while you can earn up to $ 500 per repositioned car, investing in a tow truck isn’t cheap.

The good news is, you probably don’t need a crane to start your own repo business. Here are 3 ways you can get started in the repo industry on a budget:

Tip No. # 1: Partner With A Locksmith And Literally Drive The Repo Cars!

Today, finance companies keep key codes on file for everyone because they are proprietary. Key codes are a “blueprint” that tells locksmiths exactly how to create a key just like the original.

Even if the bank does not have the key codes, you can find companies online that will provide you with key codes for any domestic or foreign vehicle in less than an hour. All you need to give them is the make, model, and VIN number.

With your original key in hand, you can have someone follow you to the repository site and you can take the car.

Tip No. # 2: work from home and help banks locate buyback cars

You don’t have to be a repository man to make a living in the recovery industry. You can start by helping banks or dealerships locate hard-to-find debtors. This service is called skip tracking. And they are willing to pay a lot of money for it, since their cars are worth thousands of dollars.

You can charge $ 30- $ 100 / hour to provide default tracking services to banks, or even other recovery companies. Of course, you will need to invest time and money in some good training, but it is worth it considering that you could make $ 60,000 starting, without a degree!

Tip No. 3 – Become a repo job agent

If you don’t like working nights and dealing with troubled people, you can set up a website to get leads for recovery work in your city and sell those leads to other repo companies. Then, as you gain more experience in the repo industry, you could take on more and more jobs yourself.

While these money making tips are not a substitute for having the right recovery tools, they will help you earn money to pay for the equipment you will need later!