Selected by CIO Review as one of the Top 20 Most Promising Automotive Tech Solution Providers in 2014.
One of the reasons for the increase might be the incredible growth in the deep subprime financing market. While nonprime/prime lending for new automobiles was up nearly 20 percent, and subprime lending was actually down 11 percent over the same period last year, deep subprime lending skyrocketed by 51.15 percent.
A similar trend played out among used automobile financing, as prime lending was up 21.16 percent, subprime lending was down 20.89 percent, and deep subprime lending was up 21.24 percent – another net gain for high risk lending over the previous year.
For auto lenders who are just getting to the party, there’s no better way to protect your assets than by investing in a telematics solution. With a system such as GoldStar GPS from Spireon, BHPH dealers can keep track of their vehicles 24/7, with no complicated equipment or risk of detection. When a borrower is late with a payment, the system can send multiple alert messages, and, if needed, disable the vehicle’s starter until restitution has been made. Lenders who’ve added GoldStar GPS to their operations have seen recovery costs decrease by an average of 40 percent.
With numbers like those, you’d be silly not to invest in a telematics solution of your own. And for a limited time, you can trade in your old GPS devices for the Talon CDMA – even if your devices come from one of our competitors!
Call for details: 1-866-655-8825.