Selected by CIO Review as one of the Top 20 Most Promising Automotive Tech Solution Providers in 2014.
For the sake of this short discussion, let’s put aside all of the technology reasons that make telematics and GPS tracking device the best risk management solution for vehicle dealerships and lenders. And let’s just look at the actual statistics when it comes to the subprime auto loan market – statistics that show how you can turn subprime customers into prime profits with the right telematics partner.
The Infographic below begins by presenting all of the data that defines the subprime customer:
What do these numbers mean? They mean it’s time to question what you’re doing to mitigate all of that risk. And the first question should be: “Where do I start to find the right telematics partner?”
You can also see in the Infographic below that almost half of new automotive telematics providers entering the market over the past ten years have gone out of business. Which means choosing the right telematics partner is a risk in itself – unless you know who the reliable ones are. The ones investing in the future of GPS tracking for businesses like yours. And the ones you know who will always be there for you when you need them.
There’s a bottom line this. It makes solid economic sense to partner with a GPS provider: telematics on its own has put over 2.5 million consumers into used cars by making the loans less of a risk. That’s 2.5 million sales and 2.5 million great reasons to grab your share of the subprime market with the help of the right telematics provider.
To learn more about Spireon’s telematics solutions and GoldStar GPS tracking devices, click here.