When The Game Changed & We Forgot Who We Were
In 1999, the Gramm-Leach-Bliley Act (GLBA) hit the repossession industry, and it didn’t just tweak the playbook—it rewrote it. Suddenly, compliance wasn’t just a nice thing to strive for—it was law. Privacy protections, data security, consumer rights, chain of custody—whether you were ready or not, the rules changed overnight.
The repossession industry didn’t change because we wanted it to. It changed because it had to.
Now, that in itself wasn’t the worst thing. We needed some structure. The “Wild West” days had taken their toll, and it was clear the industry couldn’t just keep winging it with carbon copies and clipboard signatures forever.
But here’s where the wheels came off: once the GLBA and other regs dictated how we had to perform recoveries, lenders started thinking that gave them the power to dictate how we got paid, too. And worse? A lot of us played right into it.
Suddenly, lenders were handing down mandates that read more like ultimatums: flat rates, no storage fees, no mileage reimbursements, no dolly charges, no key fees, no additional compensation—just take this lowball rate and be happy we called you. And we did. Not because it made sense, not because it was sustainable, but because we were scared of losing the account.
We were told how to protect data, how to handle debtors, how to document the recovery, how to store the vehicle, how to communicate with law enforcement, how to log GPS hits—and we did it. We adjusted, upgraded, trained, re-trained, and insured our way into compliance. But while the workload and liability increased, the paychecks shrank.
That’s the moment things got twisted: we let regulation drive responsibility, but we let the clients drive compensation. And the industry’s been upside down ever since.
Want proof? Just look around today.
Agents are out there pulling $85,000 trucks for $300 flat. They’re storing them on insured lots they pay for, using expensive equipment they maintain, submitting daily updates and digital photos—and they’re doing it all for a price that hasn’t moved in 20 years. Why? Because we’ve let the people who need us believe we’re disposable.
Worse yet, there’s still this idea that line-item invoicing is somehow greedy or excessive. Newsflash: it’s business. If we haul a vehicle 75 miles, that costs money. If we need a flatbed or a dolly, that’s equipment use. If we store a unit for days—or weeks—waiting on paperwork, that’s a cost. But because we allowed flat-rate billing to become the norm, most lenders act like we’re trying to pull a fast one when we try to bill what we’re actually owed.
And let’s not forget that the only reason we’re this compliant now is because we were told we had to be. We didn’t dream up data encryption policies or privacy notices because we were bored—we implemented them because GLBA, the CFPB, and state regulations required it. But then they turned around and said, “Thanks for spending all that money. Here’s the same rate we paid you in 2003.”
And we took it.
Why? Because we thought if we just kept our heads down and did the job, they’d appreciate us. But that’s not how this works. Lenders aren’t going to offer to pay more than we ask. And asking for more while operating solo is a fast track to losing the account.
That’s how we got here. Regulation restructured the work. Fear restructured the value.
It’s time to snap out of it.
We need to stop accepting the idea that clients get to dictate both how we do the job and how much we’re worth. We wouldn’t tell a plumber how to fix a leak and how much they can charge for it. We wouldn’t tell a tow company to rescue us from a ditch but say, “Sorry, no mileage or winch fee today.” So why are we accepting that in repossession?
Look—GLBA wasn’t the enemy. It set some important standards. But the real damage came when we let that structure become a leash. And we tightened it ourselves, year after year, by allowing lenders to treat our businesses like an expense to be minimized instead of a professional service that requires skill, risk management, and proper compensation.
This is a wake-up call to owners, especially. You didn’t build your business just to be told how to run it. You didn’t invest in your trucks, your team, your tech, and your training just to lose money on every recovery because someone behind a desk thinks $300 should still be enough.
It’s time to invoice with confidence. Time to demand fair rates. Time to stop apologizing for trying to keep your doors open while being compliant to the letter.
Because the truth is, we’ve played along for too long—and it’s killing us.
Dave Branch
To Be Continued Tomorrow Morning
