NAICS 561491 - Repossession Services
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What is NAICS 561491
NAICS code 561491 covers establishments primarily engaged in repossessing tangible assets such as automobiles, boats, equipment, planes, furniture, and appliances on behalf of creditors due to delinquent debts. Businesses operating in this sector specialize in asset recovery, often working with financial institutions, leasing companies, and other entities to reclaim property when payments are overdue. The repossession process involves locating, securing, and transporting the collateral to prevent financial loss for the creditor. Government agencies contract for these services to manage and recover assets tied to defaulted loans or seized properties, ensuring accountability and minimizing financial risk.
Industry Classification for NAICS 561491
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.
Breakdown for NAICS 561491
- Primary focus on recovering tangible assets for creditors due to delinquent debts.
- Includes repossession of vehicles, equipment, boats, aircraft, and household items.
- Typical businesses are small to medium-sized specialized repossession firms.
- Government contracts often emphasize compliance, timeliness, and secure asset handling.
- NAICS code 561491 is critical for financial institutions and government asset management.
- Contracts range from local to federal levels with varying scopes and durations.
Included Activities for NAICS 561491
- Locating and recovering delinquent collateral assets.
- Securing and transporting repossessed property to storage facilities.
- Coordinating with law enforcement for secure repossession when necessary.
- Documenting repossession activities and maintaining compliance records.
- Communicating with creditors and debtors regarding asset recovery status.
- Conducting skip tracing and asset tracking using technology tools.
- Preparing repossessed assets for resale or disposal.
- Providing post-repossession reporting and asset disposition services.
Business Types for NAICS 561491
- Specialized repossession agencies
- Asset recovery firms
- Vehicle repossession companies
- Equipment and machinery repossessors
- Security and enforcement service providers
- Debt collection agencies with repossession capabilities
Subcategories for NAICS 561491
- Automobile repossession services
- Repossession services
Government Buyers for NAICS 561491
Federal, state, and local government agencies, including law enforcement departments, housing authorities, and financial regulatory bodies, typically procure repossession services. These agencies require professional repossession contractors to recover assets related to delinquent loans, seized properties, or government-owned equipment. Additionally, agencies involved in grant management or loan programs may use these services to ensure compliance and asset recovery when recipients default. Contracting with specialized repossession firms helps governments maintain asset control, reduce losses, and enforce regulatory mandates efficiently.
Contract Types & Procurement for NAICS 561491
Contracts for repossession services under NAICS 561491 commonly include firm-fixed-price, indefinite-delivery/indefinite-quantity (IDIQ), and task order contracts. Procurement methods often involve competitive bidding, simplified acquisitions, or negotiated contracts, depending on the agency's size and requirements. Contract values vary widely based on the volume and complexity of repossession tasks, ranging from small local contracts under $100,000 to multi-year agreements exceeding several million dollars for large-scale asset recovery operations. Performance-based contracting is common to ensure timely and compliant repossession activities.
Details for NAICS 561491
Explore the hierarchy and related codes for this industry
| NAICS Code | Industry Title |
|---|---|
| 56149 | Other Business Support Services |
| 5614 | Business Support Services |
| 561 | Administrative and Support Services |
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