Repossession specialists, better known as "repo men," are suffering a nationwide decline in business, CNNMoney.com reported.
There were about 1.3 million auto repossessions in 2012, down from 1.9 million at the height of the recession in 2009, according to Tom Webb, chief economist for Manheim Auctions. Data from Experian Automotive shows a one-third drop in repossessions over the same time period.
As the economy recovers, more Americans have been able to keep up with their car payments. The percentage of Americans more than 90 days late on a car loan declined to 4 percent in the fourth quarter of 2012, down from 5.3 percent in the fourth quarter of 2010, according to data from the Federal Reserve Bank of New York.
For those in the repossession business, those are grim statistics. Read more.