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Drive Report Feature & How Your BHPH Dealership Can Benefit from GoldStar GPS

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Drive Report Feature & How Your BHPH Dealership Can Benefit from GoldStar GPS

-Neil Fisher, RVP Automotive Solutions

Repossession costs have a negative impact on the bottom line for Buy-Here Pay-Here car dealerships. Period. As a dealer, you need a vehicle tracking system that can ensure you make money even from the riskiest BHPH customers along with a comprehensive set of features that can provide your BHPH dealership with exactly what it needs to stay afloat.

Often, underwriters and in house financers {like those in the Subprime BHPH business} gather customer stipulation information, but are unable to independently verify it. Take for example when the customer is self-employed and has very limited independent financial information…. In these circumstances, BHPH operators often rely on the down payment to mitigate the gap in customer credit information and sell the vehicle anyway. Based upon several studies of losses using Subprime Analytics by Ken Shilson, ( historical losses in these situations frequently double those of the industry averages. These results are unacceptable and underscore the conclusion that “down payment doesn’t assure repayment”. So then what? Let the customer walk? Finance anyway and triple the risk of chasing the customer? Spireon’s line of automotive solutions provides BHPH dealers with the vehicle tracking and reliability they need to protect their assets and mitigate risks associated with repossession costs long after the handshake.

Features like the Drive Report allow dealers to know where a vehicle is frequently driving to and parked at. The 3 day report gives a detailed look into the everyday driving habits of the borrower, i.e. parked in a parking lot for 8 hours a day naturally means this is the persons place of employment, thus if a repossession is necessary, the vehicle and client can easily be located. Likewise, the 7 day report is useful for impound purposes, as dealers know how hefty the fines can be when an impound occurs. I could go on and on about the positive impact that each specific feature can bring. Lowering costs, optimizing business model, verify stips to borrowers, the list is endless.

BHPH auto dealers know that they are, at times, subject to different sets of laws than other types of dealers. Some of these laws include state collection laws or sales finance licensing laws. Often times obligations imposed on buy here, pay here dealers are different not because the laws are different, but because the undertakings of the buy here, pay here dealers require a different response to the same laws that are applicable to all dealers. In other words, the “pay here,” or financing arm, triggers different sorts of obligations from, and responses to, the same laws that apply to all types of dealers.  

For a full list of the features and benefits offered from GoldStar GPS please visit and check back soon for more a more detailed take on our customizable feature set.

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Recent Bloggers

  • Corinna Tutor
    VP, Integrated Marketing
  • David Meyer
    Executive Vice President, Sales & Services Automotive Solutions
    Spireon, Inc.
  • Neil Fisher
    Vice President of Field Sales, ASG
    Spireon, Inc.