In this day and age, many heavy equipment and construction lenders still work directly with local repossession agents, rather than national firms, to find missing collateral. While working directly with the agent assigned can, in some cases, speed up communication, a national provider of heavy equipment repossession services can offer significant benefits. The remainder of this article will shed more light on the subject: nationwide repo heavy equipment.
In many cases, you may not be sure where your asset is located. In fact, with heavy equipment, it could be in one of several field locations. By employing a national commercial recovery firm, you get access to a network of hundreds of contracted and insured repossession agents. Agents can be assigned to check haul sources, debtor home addresses, or family members’ homes that may be out of one agent’s coverage area. This includes the ability to assign agents to both, door knock a location for attempted contacts and repo attempts to secure. Unlike a direct agent, a management firm can use different agents in multiple states. This reality provides a strong incentive to use a national provider and improve the likelihood of locating your equipment.
National firms usually have highly experienced skip tracers and can also afford to subscribe to expensive data source that provide very valuable information. Unless you know exactly where the collateral is located, this can be a big advantage.
Simplified Pricing and Billing
In addition, national providers have a flat fee which includes professional skip tracing, multiple data source research tools, and field agent costs for repo. National firms are also in a better position to advance the funds often necessary to get equipment out of repair shops or impound yards. Fronting large sums is very difficult for the typical small repo agency.
Some national firms have access to LPR systems that can be very valuable in finding rolling stock. The use of LPR technology has revolutionized the auto repossession business and some national firms are leveraging it to effectively recover commercial rolling stock as well.
Special Equipment Handling
Heavy equipment comes in all shapes and sizes. Some agents have expertise with some types of equipment but not others. A national equipment recovery provider will always have at least one agent in their local network that can get the job done. This includes coordinating transportation to a lien holder’s final destination through a network of national transporters.
One of the most important benefits of a national firm is the additional layer of legal protection. National firms take contractual responsibility for the actions/mistakes of their agents. Additionally, they typically also offer larger and more comprehensive insurance policies. As we all know, many things can go wrong in a repossession. With a large national firm standing behind the work, you know that the matter will be dealt with appropriately. That is not always the case with a small “mom and pop” repossession agency.
While there are some benefits to utilizing a direct agent model, engaging a national repossession management firm can add significant additional value.
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