Selected by CIO Review as one of the Top 20 Most Promising Automotive Tech Solution Providers in 2014.
Neil Fisher, RVP Sales-Automotive Solutions
Buy Here Pay Here---> Giving thousands of people the opportunity to get into a vehicle that would have otherwise been denied an auto loan. Perfect! But in this situation the dealer himself now also becomes the lender and the risk factor in his business model just doubled.
GPS vehicle tracking is the front line and most reliable protection in lowering the risks involved with building your own loan portfolio. Period.
Loan Portfolio--àLoans that have been made or bought and are being held for repayment. Loan portfolios are the major asset of banks, thrifts, and other lending institutions. The value of a loan portfolio depends not only on the interest rates earned on the loans, but also on the quality or likelihood that interest and principal will be paid.
*Note, the likelihood that interest and principal will be paid.
GoldStar GPS significantly increase that likelihood! Loan portfolio management (LPM) is the process by which risks that are inherent in the credit process are managed and controlled, some of which cannot be managed on the dealers end. But risk can certainly be controlled with the use of a starter disable/enable along with geo-fence features.
By law, a dealer acting as a lender must observe limits on its loans to a single borrower, to insiders, and to affiliates; limits on interest rates; and the array of consumer protection and Community Reinvestment Act regulations. Sound underwriting standards and risk reduced borrowing can help avoid compliance issues for dealers. To modify consumer behavior, strategies must address the people, processes and tools that are part of the collection activity, with the goal to reduce the emotion associated with collection activities and increase customer satisfaction, all while making borrowers pay on time.
Specifically with GoldStar GPS you can be comfortable letting your asset drive off the lot because you have the confidence and tools needed to recover it rapidly. Ponder the thought of expanding your customer database by writing more loans every month and how this would represent a dramatic increase in revenue; what dealer can refuse that opportunity? Zero.