Repossession Services
Description
This U.S. industry comprises establishments primarily engaged in repossessing tangible assets (e.g., automobiles, boats, equipment, planes, furniture, appliances) for the creditor as a result of delinquent debts.
Hierarchy
| Code | Title | Description |
|---|---|---|
| 56 | Administrative and Support and Waste Management and Remediation Services 2-digit sector | The Sector as a Whole The Administrative and Support and Waste Management and Remediation Services sector comprises establishments performing routine support activities for the day-to-day operations of other organizations. These essential activities are often undertaken in-house by establishments in many sectors of the economy. The establishments in this sector specialize in one or more of these support activities and provide these services to clients in a variety of industries and, in some cases, to households. Activities performed include: office administration, hiring and placing of personnel, document preparation and similar clerical services, solicitation, collection, security and surveillance services, cleaning, and waste disposal services. The administrative and management activities performed by establishments in this sector are typically on a contract or fee basis. These activities may also be performed by establishments that are part of the company or enterprise. However, establishments involved in administering, overseeing, and managing other establishments of the company or enterprise are classified in Sector 55, Management of Companies and Enterprises. Establishments in Sector 55, Management of Companies and Enterprises, normally undertake the strategic and organizational planning and decision-making role of the company or enterprise. Government establishments engaged in administering, overseeing, and managing governmental programs are classified in Sector 92, Public Administration. |
| 561 | Administrative and Support Services 3-digit subsector | Industries in the Administrative and Support Services subsector group establishments engaged in activities that support the day-to-day operations of other organizations. The processes employed in this sector (e.g., general management, personnel administration, clerical activities, cleaning activities) are often integral parts of the activities of establishments found in all sectors of the economy. The establishments classified in this subsector have specialization in one or more of these activities and can, therefore, provide services to clients in a variety of industries and, in some cases, to households. The individual industries of this subsector are defined on the basis of the particular process that they are engaged in and the particular services they provide. Many of the activities in this subsector are ongoing routine support functions that businesses and organizations perform in-house. However, it is common to contract or purchase services from businesses that specialize in such activities and can, therefore, provide the services more efficiently. The industries in this subsector cannot be viewed as strictly "support." The Travel Arrangement and Reservation Services industry group includes travel agents, tour operators, and providers of other travel arrangement services, such as hotel and restaurant reservations and arranging the purchase of tickets, serving many types of clients, including individual consumers. This group was placed in this subsector because the services are often of the "support" nature (e.g., travel arrangement) to businesses and other organizations that purchase such services. The administrative and management activities performed by establishments in this sector are typically on a contract or fee basis. These activities may also be performed by establishments that are part of the company or enterprise. However, establishments involved in administering, overseeing, and managing other establishments of the company or enterprise are classified in Sector 55, Management of Companies and Enterprises. Establishments in Sector 55, Management of Companies and Enterprises, normally undertake the strategic and organizational planning and decision-making role of the company or enterprise. Government establishments engaged in administering, overseeing, and managing governmental programs are classified in Sector 92, Public Administration. |
| 5614 | Business Support Services 4-digit industry group | This industry group comprises establishments engaged in performing activities that are ongoing routine business support functions for clients on a contract or fee basis, or serving other establishments of the same enterprise. |
| 56149 | Other Business Support Services 5-digit NAICS industry | This industry comprises establishments primarily engaged in providing business support services (except secretarial and other document preparation services; telephone answering or telemarketing services; private mail services or document copying services conducted as separate activities or in conjunction with other office support services; monetary debt collection services; and credit reporting services). Illustrative Examples: Address bar coding services Mail presorting services Bar code imprinting services Court reporting services Repossession services Real-time (i.e., simultaneous) closed captioning of live television performances, meetings, conferences Charitable fundraising campaign organization services on a contract or fee basis |
| 561491 | Repossession Services 6-digit U.S. detail | This U.S. industry comprises establishments primarily engaged in repossessing tangible assets (e.g., automobiles, boats, equipment, planes, furniture, appliances) for the creditor as a result of delinquent debts. |
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Classification References
- 01Providing monetary debt collection services--are classified in Industry 561440, Collection Agencies; and
- 02Providing towing services to motor vehicles--are classified in Industry 488410, Motor Vehicle Towing.
Index Items
Automobile repossession services
Repossession services
How Item Can Help
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Transportation Management Software reduces logistics costs by optimizing routes for delivering seized vehicles to auctions or moving liquidated goods to third-party sellers while complying with industry regulations.
External Resources
Census.gov NAICS Detail
Official US Census Bureau definition and scope for NAICS 561491.
Repossessors.org
Official website of the National Collection and Leasing Association, the primary trade association for the industry.
FCC Lender's Bureau
Federal Communications Commission page offering guidelines for recovery of government-sold property including repossession services.
Repossessors Directory
Industry directory listing licensed repossession and collection agencies across the United States.
