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Automotive subprime lending has also been a tricky balance between meeting the needs of credit challenged consumers while mitigating their own risk. Often, the decision was based on how much risk the lender was willing to take.
Luckily, tracking vehicles and recovering assets has never been easier.
What used to take a team of “skip tracers” or “repo men” weeks or months of intensive investigation work can now be accomplished in a matter of hours. With GPS vehicle tracking, in fact, dealers and lenders can discreetly track their assets in real-time, 24 hours a day, and without the threat of detection or removal.
The security and peace of mind of such GPS vehicle tracking devices completely negate the need for lengthy (and costly) outside investigations. Companies with higher risk borrowers can take things a step further by sending alerts to borrowers when they are behind on their payments. They even have the ability to disable a vehicle’s starter when there is a delinquency, and re-enable it once payment has been received.
Additionally, many companies now utilize repeat offender databases and license plate scanners when dealing with new buyers and renters. The ability to recover assets quickly, affords dealers and lenders an added safety net, and makes them more likely to continue offering vehicle financing to buyers who would otherwise not be able to afford to purchase a car or truck. While the latter is likely unimportant to most businesses, for the individuals who benefit, it’s a huge deal.
By investing in GPS vehicle tracking technology, businesses can lower costs, raise profits, and make their employees’ jobs that much easier.
For more information on Spireon’s GPS vehicle tracking solutions, click here.