The Miami Herald tells the story of how business is booming for repo men.
National Liquidators, a boat repossessor and auction company in Fort Lauderdale, Fla., says business has tripled in the last year-and-a-half.
The story includes this passage, which puts some perspective on the business:
Along with nine other agents, the company recovers up to five boats daily throughout Florida. Each is listed online for auction within a week; most are bought by foreigners.
''I remember years ago when we used to pick up a boat a day,'' says company President Bob Toney. Right now he has 650 boats for sale or ready for sale across the country -- in addition to Florida, he has teams working in Los Angeles and Cleveland. "People that have gotten into boating more recently are not as experienced and may not have realized the costs involved. Fuel is a big part of it. Marinas are charging $5 to $6 a gallon, and you've got a 300- to 400-gallon tank.''
