Repo men at odds with Harley-Davidson say the motorcycle maker doesn’t pay enough for difficult and dangerous work, but Harley cites higher credit losses owing to a shortage of repossession agents
The Milwaukee-based motorcycle maker said it can’t find enough agents to repossess bikes from buyers who fall behind on their payments, which Harley executives attributed to a shrinking number of professionals willing to take on the task.more complex and dangerous than reclaiming cars“They expect the work for free, and that’s what we’re trying to get away from,” said Vaughn Clemmons, who is president of Automobile Recovery Bureau in Houston and head of the American Recovery Association.
Harley last week said that its credit loss rate was 3.2% in the first quarter, up from its typical rate of about 2%. The company said the first quarter is usually the worst for such losses because some customers tend to make their payments during the spring and summer riding season only to become delinquent later in the year.
Mr. Clemmons said the pandemic prompted some of his colleagues to put their tow trucks to less stressful and more profitable use, such as roadside assistance. Cox Automotive, which tracks auto industry data, said that car, truck and SUV recoveries, by far the biggest part of the repossession business, have declined over the past three years. About 1.6% of the loan base was subject to repossession over that period. Over the 12 years before that, the average was 2.4%, according to the firm.
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