VOICED: Even boats aren?t safe

Repo man Randy Craft showcases his skills in picking boat ignitions, a task requiring patience and practice. He works for IRG, a major repossession agency, and faces dangers like threats and chases. The economic downturn has increased repossessions, with IRG seizing numerous boats and other luxury assets. The repossession market is expanding to include larger items like jets and yachts. The industry is heavily influenced by the struggling real estate sector, and high repossession rates are expected to continue until economic recovery.

What is Randy Craft's primary method for repossessing boats?

• He buys the boat from the owner at a reduced price.

• He waits for the owner to leave and then picks the ignition.

• He negotiates with the owner to hand over the boat.

• He uses a legal warrant to seize the boat.

What challenges does Craft face while repossessing assets?

• Competition from other repossession agents

• Legal battles with owners

• Threats and physical confrontations

• Difficulty in finding the assets

How has the economic downturn affected boat owners?

• Increased sales of boats

• More owners unable to pay loans

• Higher demand for luxury boats

• Owners investing more in boat maintenance

What types of assets are now being repossessed more frequently?

• Small fishing boats

• Luxury cars and jets

• Residential properties

• Antique furniture

What is the primary reason for the increase in repossessions according to Cage?

• A rise in luxury asset theft

• The struggling real estate market

• Increased competition among repossession agencies

• New government regulations