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unprecedented growth in the subprime auto market over the past few years, many dealers and lenders are still hesitant to enter the sector themselves. After all, subprime financing requires dealerships to lower their credit standards for borrowers, and potentially incur a greater number of delinquencies and repossessions. Considering that the average vehicle charge off costs dealers in excess of $7,000, it’s easy to understand why some businesses might want to avoid the market altogether.
Luckily, for those with an interest in expanding their customer pool and increasing their revenue, a GPS collateral management system can help minimize some of the risks associated with subprime financing. For example, with GoldStar GPS from Spireon, businesses can streamline their operations, improve productivity, and gain greater visibility of vehicles.
GoldStar GPS uses a dedicated, web-based portal that makes it convenient for dealers and lenders to manage assets, and communicate with customers. Lenders can track the locations of vehicles 24/7, and remotely disable their starters if borrowers repeatedly fail to make their payments. Additionally, lenders can set up automatic alerts to notify drivers when their payment date is approaching, or when they are delinquent.
Likewise, borrowers can easily access their accounts, find loan information, and make their payments on time. The security of knowing when and where a vehicle is being driven helps dealers cut out costly hours tracking and locating a delinquent asset.
GoldStar GPS is also completely scalable and can be adapted to your dealership needs. The system can mirror your workflow procedures and integrate itself within your operation. Best of all, it’s incredibly affordable and simple to use. Push to locate. Have alerts automatically sent to your smartphone. Know where all your assets are at a glance.
For dealers and lenders with reservations about entering the subprime market, a GPS collateral management system will provide the protection you need. Learn more about Spireon’s GoldStar GPS award-winning collateral management platform.