CBS News recently carried out a report in Atlanta, Georgia on the effects of the recession on car repossession. As a result of a failing economy, the US repo men are doing good business as more and more cars are repossessed on a daily basis.
One auction the reporter visited claimed to be offering over 1200 cars per day in their repossessed cars auctions. Car dealers are taking advantage by buying cars at cheap prices and then reselling at a profits. The repossession men are also profiting from the regular work available whilst the car owners suffer. The repo man who was interviewed claimed that people are living beyond their means and it is catching up on them and in a way he may be right. The bottom is falling out of the credit society and the excessive borrowing which has been carried out over recent years mean that the number of repossessed cars and repossessed homes are on the rapid rise.
