Selected by CIO Review as one of the Top 20 Most Promising Automotive Tech Solution Providers in 2014.
By Dave Meyer, Executive VP
It’s a fact of doing business in the subprime auto financing market: Occasionally, you may have no other option than to repossess a delinquent vehicle. When repossession becomes unavoidable, risks and costs go up. After exhausting all means available to contact the customer and making arrangements for payments, dealers and lenders must then spend valuable man hours tracking down the customer and delinquent vehicle. This time could be better spent elsewhere such as serving customers, expanding loan portfolios, and growing sales.
Traditionally, recovering a delinquent vehicle has required hiring a repossession agent or skip tracing professional — which of course, costs money. The longer it takes them to locate the vehicle, the higher the costs as well as the risks of vehicle damage. Meanwhile, that vehicle asset is no longer generating revenue.
The good news is: Vehicle repossession doesn’t have to cost you significant time, resources and money. Not with GoldStar GPS in place. GoldStar GPS captures and transmits the GPS positioning of vehicles at your request, allowing you to locate vehicles on demand and in real time. In the event you need to recover a delinquent vehicle, you can simply supply the repossession agent with the exact location of that vehicle. Armed with this data, the agent can repossess the vehicle in less time, incurring less cost.
Now, we understand that on occasion, the delinquent vehicle may be located somewhere that’s not easy for the repossession agent to get to — a gated parking garage requiring a security code, for example. With GoldStar GPS, you have the ability to set-up a geofence, or geographic boundary, around a particular area — for instance, this gated parking garage. When the vehicle leaves the geofence (in other words, the garage), the device sends you an automatic alert to your mobile device notifying you the vehicle has left the zone. Now you are armed with the right information so you can contact the repossession agent, who then has an opportunity to quickly recover the vehicle.
Other alert features, such as the extended stop alert, lets you know when a vehicle is parked for an extended period of time during the day — indicating this is a place of work — versus parked overnight — indicated a residence. This enables you to confirm STIPS, which also enables easier, faster, more cost-effective repossession. Another useful feature in reducing the expense and time of repossession is GoldStar GPS’s starter disable/enable feature. Dealers and lenders can use this feature to disable a vehicle once it has come to standstill and the vehicle has been turned off.
There’s no doubt GoldStar GPS goes a long way to reduce the costs and time associated with the repossession and skip tracing of delinquent vehicles. One of our customers estimates that GPS vehicle tracking saved them around $80,000 in repossession costs between 2011 and 2012. This same customer also expects to reduce repossessions by up to 70% in 2013. That’s because GoldStar GPS also has powerful features that help avert repossession through improved customer communications including the automated payment reminders that serve to keep customers on track with their payments and rebuild their credit.
To learn more about how GoldStar GPS reduces costs, increased productivity and efficiencies, and mitigates risk, visit GoldStarGPS.com.