NAICS Code 561491-01 - Repossessing Service

Marketing Level - NAICS 8-Digit

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NAICS CODE 561491-01
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NAICS Code 561491-01 Description (8-Digit)

Repossessing Service is an industry that specializes in the recovery of assets that have been financed or leased and are in default. This industry involves locating and taking possession of the collateral, which can include vehicles, equipment, and other valuable assets. Repossessing Service companies work with financial institutions, leasing companies, and other creditors to recover the assets that have been defaulted on.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 561491 page

Tools

Tools commonly used in the Repossessing Service industry for day-to-day tasks and operations.

  • Tow trucks
  • Lock picking tools
  • GPS tracking devices
  • Bolt cutters
  • Jumper cables
  • Wheel lift attachments
  • Winches
  • Spotlights
  • Lockout kits
  • Diagnostic tools

Industry Examples of Repossessing Service

Common products and services typical of NAICS Code 561491-01, illustrating the main business activities and contributions to the market.

  • Vehicle repossession
  • Equipment repossession
  • Boat repossession
  • Furniture repossession
  • Electronics repossession
  • Jewelry repossession
  • Art repossession
  • Real estate repossession
  • Aircraft repossession
  • RV repossession

History

A concise historical narrative of NAICS Code 561491-01 covering global milestones and recent developments within the United States.

  • The repossessing service industry has been around for many years, with the first recorded repossession taking place in the 1800s. However, it wasn't until the 20th century that the industry began to grow and become more organized. In the United States, the industry saw significant growth in the 1950s and 1960s, as more and more people began to take out loans for cars and other expensive items. This led to an increase in the number of repossessions, and the industry began to develop specialized techniques and technologies to make the process more efficient. In recent years, the industry has faced challenges due to increased regulation and competition from other debt collection methods, but it continues to play an important role in the financial sector.