Introduction
I would like to thank everyone who participated in this survey and we hope that it provides a snapshot of where the industry currently comparative to our last survey at the peak of the COVID-19 pandemic crisis. This unprecedented period created challenges for the repossession industry like none it had ever faced before in it’s one-hundred year history. Facing these challenges, agency owners whose businesses survived, were forced to make adjustments to their business models which we hope that this survey captures some of. With that in mind, we added some additional questions to address how agency owners navigated the brief windows of federal assistance offered during this period as well.
Unlike our last survey, which gathered 226 informal and unvetted respondents, this survey required participants to identify themselves and their agencies. This was done in order to better qualify the responses as unique and from verifiable sources so that outlying responses did not taint the data pool. While only 61 agency owners responded, we found the results in many cases to be very similar to the first, except with some interesting developments in the areas of fees. Once again, we thank those who participated and hope that the survey results help their fellow agency owners in guiding their companies as we continue to maneuver through these difficult times.
As always, all individual respondent data is confidential. The purpose of this survey is not to provide any agency or company any competitive advantage against any competitor or client. The purpose is informational and to help guide industry best practices in staffing and fees as well as illuminate any changes in industry behavior.
Click here to See May’s “State of the Repossession Industry Survey” Results!
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