Selected by CIO Review as one of the Top 20 Most Promising Automotive Tech Solution Providers in 2014.
By David Meyer, Executive VP
As more dealers and lenders install GPS vehicle tracking devices on their vehicles to reduce risk while protecting collateral and assets, consumers are also becoming more savvy about these devices. And more accepting of them.
When lenders and dealers do a good job of disclosing and explaining the need for and benefits of GPS tracking devices to their customers, the response is by and large positive. In fact, in a recent study conducted by a National Independent Survey revealed that 98% of surveyed dealers reported that their customers rarely or do no object at all to having a GPS installed in their vehicles at the time of sale.
One of the most appealing and compelling consumer benefits of a GPS vehicle tracking system is the added theft protection and peace of mind these devices provide. Consumers appreciate that GPS systems may make it quicker and easier to recover a vehicle in the event it’s stolen. Consumers also appreciate the fact that many insurance companies offer lower premiums for people who have GPS vehicle tracking devices installed in their vehicles.
We’ve seen the shift in consumer attitudes toward GPS systems with our own customers. Last year, a credit union located in Louisiana used our GPS tracking solutions to help two of their customers locate and recover stolen vehicles. With GoldStar GPS, the system offers the added advantage of being able to remotely disable the stolen vehicle once it’s stopped moving, potentially making recovery of the vehicle even faster.
Add this to the other consumer benefits of GPS vehicle tracking: the added motivation and assistance in keeping customers on track with their payments; the increased communication between lender/dealer and customer; the reduced likelihood of defaulting on a loan and having the vehicle repossessed; and the boost in credit ratings. Suddenly, GPS vehicle tracking devices are no longer an imposition but a useful tool to help consumers stay in their vehicles and even upgrade to better vehicles.
So don’t be afraid to tell your car buyers and borrowers about the GPS vehicle tracking systems you use to protect not only your vehicle assets, but also your customers credit ratings and peace of mind.