Selected by CIO Review as one of the Top 20 Most Promising Automotive Tech Solution Providers in 2014.
By: Neil Fisher, RVP Automotive Solutions
It does happen…..the need to repossess a vehicle, and on top of that repossessing a car after a borrower has defaulted on a loan can be tricky. Not only does a dealership have to have all the legal paperwork in order, but also many people attempt to hide vehicles that are about to be repossessed. Spireon’s extensive line of Automotive GPS tracking solutions can make this process simpler and less of a headache.
Even though it is illegal for someone to hide a vehicle that is in default, many people attempt to prevent repossession by concealing defaulted vehicles. When this happens, finding a car becomes something of a bounty hunt. In order to retrieve hidden cars, many car dealership owners hire professional “repo experts.” Not only can this process take a long time, but it can also be very expensive. Here is a brief example of exactly how much money is spent on repossessions….The average cost of hiring a repossession specialist to track down a vehicle with a good address is $400. The cost of tracking down a hidden vehicle increases by roughly $1 per mile. Since most people hide vehicles out of state, the total cost of finding a hidden vehicle can easily reach more than $1500!
But you’re in luck! Repossession costs can significantly drop OR even be avoided all together by equipping all cars on your lot with GPS vehicle tracking technology by Spireon. Devices such as GoldStar GPS provide BHPH dealers with an extensive reporting list along with customizable features; our EnfoTrace GPS device is the affordable solution for BHPH dealers with any lot size.
Spireon’s GPS tracking devices will provide dealers with the exact location of a vehicle day or night. Whether a borrower has decided to hide a vehicle in another state or in a junkyard, our GPS vehicle trackers will locate a vehicle no matter where it has been hidden, 24/7 in real-time.
When it becomes necessary to repossess a vehicle, there’s no need to spend a large amount of time and money tracking down the location of an auto. GPS tracking technology is efficient, inexpensive, and ready to locate any vehicle at any time, the repossession process is basically expedited. Same-day repos are now possible as the lengthy search-and-tow process is reduced to simply driving to a known address and recovering the vehicle already located by the GPS tracker. Many repo outfits offer a discount to Buy Here Pay Here dealers that utilize GPS tracking because it simplifies their procedure and reduces so many costs associated with repossession.