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How can GPS Car Tracking Help BHPH?

Top Four Benefits of GPS Car Tracking for BHPH Dealers

Automotive Buy Here-Pay Here (BHPH) dealers use GPS technology as a risk mitigation solution. It’s important that dealers are able to keep track of vehicles sold to buyers who have less than impressive credit.

While every BHPH dealership has different terms regarding customer profile and portfolio size, the benefits of using GPS tracking is invaluable. Let’s take a look at the four greatest benefits of GPS tracking for BHPH dealers.

  • Change customer behavior: Loan payments will be prioritized when the customer knows that their vehicle can be repossessed or even turned off if the payments aren’t made. This will help result in lower delinquencies and lower loss rates for dealerships.
  • Help customers rebuild their credit: By utilizing customer service tools, dealerships can help customers improve their credit through automated payment reminders.
  • Re-sell faster: With the ability to repossess past due accounts faster, dealers can ensure less damage to collateral, lower repossession costs and a generally smoother time re-selling the vehicle at the dealership or at an auction.
  • Less collection sources to deal with: By following up with customers who are past due on their own, dealers find that they can reduce the number of collections resources being utilized, as well as limiting the amount of time spent dealing with the customers directly.

These are just four of the benefits of GPS tracking, and as the technology is utilized more and more every day, the possible advantages for BHPH dealers improve every day.