Hard times for repo forwarding founder

For Sale $31.5M Super-Yacht

Declining repossession volume and the pandemic moratoriums took a heavy toll on everyone in the repossession industry. So I suppose it shouldn’t be too big a surprise if “Automotive Tycoon”, as they refer to him, and ARS founder Patrick Willis is downsizing a little. I suppose there is only so much money you can squeeze out of agencies through $275 contingent repossession fees.

Read the Article Here!

Autoevolution’s “Sea Month” section just posted an article titled “Automotive Tycoon Parting With His Superyacht, a $31.5M American Work of Art” displaying Patrick Willis’s 164 foot “Super Yacht” which he’s put on the market after owning since 2010. His yacht named “Hospitality” has 7 cabins and is capable of comfortably accomodating up to 16 guests.

But of course, Patrick didn’t just sit on the old design, the yacht has undergone two retrofits, one in 2016 and one in 2021 during the pandemic, which everyone else was struggle just to keep staff employed in the repossession industry.

This rather extravagent yacht features a sundeck with a jacuzzi, areas for al-fresco dining, a gym, a swim platform and following 2021’s upgrades, it’s packed with a stable of water toys, including an inflatable slide and several jet skis.

As the article points out, Patrick Willis is the founder of “the world’s biggest national automotive repossession servicing company, American Recovery Service.” They also point out that Willis is also financially diversified in real estate development, so there’s no telling how much of this yacht was paid for by repossessions and how much from real estate.

The article also mentions that the yacht was frequently rented out to others wealthy enough to afford it. To Patrick’s credit, they also refer to him as a philanthropist and point out that in 2019, he sent his yacht and crew to the Bahamas to aid affected persons in the aftermath of hurricane Dorian.

I suppose it’s easy to envy someone who, according to my old boss Bud Krohn, got his first Qualified Manager license under him. Credit where credit is due, he earned his wealth. But any sense of envy doesn’t dismiss any rational resentment from the portion of his wealth accumulated on the backs of a repossession industry that provide it to him.

The title to this story is purely facetious. I doubt that Patrick Willis is experiencing any financial hardship. He’s probably just selling now before the yacht market gets flooded with other super yachts seized from Russian oligarchs across the world.

A nice problem to have I suppose.

Related Articles;

An agency letter to ARS – I don’t think so…

ARS founder speaks out on repossession fees