Most people associated the repo man with an unpaid car, TV set, or home. For one Florida-based business, repossession is best associated with private planes, luxury furniture, and high-end automobiles. Ken Cage, a private repossession expert from Florida, has made a career out of repossessing luxury items from the formerly wealthy.
The economy has hit many once-wealthy investors and business people hard, creating a new industry of removals and repossession firms dedicated to taking back luxury items. Some of the most frequent assignments include multi-million dollar yachts, holiday homes and summer properties, and even private Gulfstream planes.
While many of those hit with large losses have taken to international living – inexpensive low-cost countries provide a higher standard of living with lower expenses – a number are still clinging to their high-end toys. Cage estimates that he’s repossessed over £65 million worth of automobiles, private planes, and luxury yachts.
Repossessing high-end boats and private planes is apparently easier than standard automobiles and private property. While property can easily be moved internationally, Cage states that most boats and aircraft require registration and status updates with transport authorities. Rather than tracking property moved by international movers firms, Cage aims for high-end toys that need to be relocated independently.