CARY, N.C. — Cherokee Automotive Group Analytics released the last results of its initial three-part study today.
Of the participants surveyed, 57 percent are in the remarketing industry, while 33 percent are in both the remarketing and repossession industries. About 10 percent are just in the repo industry.
When asked what is the most critical part of the repo process, by far, 70 percent said the percentage of recoveries is the most vital aspect. Meanwhile 22 percent highlighted documentation and 11 percent identified recovery speed.
Apparently, anywhere from five to 30 days is an acceptable turnaround for a repossession.
"While one-quarter of participants said it was acceptable for the repossession process to take five days, 62 percent said that 10 days was an acceptable turnaround time. An additional 13 percent considered one month acceptable for the repossession process," the survey found.
The survey also looked at skip trace costs. While 50 percent of those surveyed did not incur skip trace costs, about 50 percent spent $45. An additional two survey participants indicated they outsource their skip trace responsibilities for $350.
Interestingly, the majority of those questioned said they receive condition reports on assets; however, while 56 percent said e-condition reports include photos, about 44 percent said when they receive e-condition reports, photos are not included.
For full results of the latest survey, please join the CAG Analytics group at Cherokeeautomotivegroup.com/analytics.
CAG Analytics will launch new research methods in the coming months, including LinkedIn communication and polling.