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With an embedded telematics solution, dealers can protect themselves from financial liability, while also decreasing the chance of theft. With a system like GoldStar GPS from Spireon, dealers can manage assets and communicate with buyers quicker, and easier than they ever could before. Not only can vehicles be discretely tracked 24/7 and easily located without the use of outside repossession agents, but drivers can receive payment alerts when their bill is due or even delinquent. By actively providing drivers will this information, the percentage of delinquencies among your subprime borrowers can drop substantially.
Furthermore, telematics devices provide a great, unobtrusive platform for dealers to communicate with their customers. Imagine if dealers began using the business insights to send buyers discounted offers for services and maintenance such as engine diagnostics, brake checks, oil changes, and more.
GPS tracking devices also a great way to deter theft. While many stolen vehicles are sold or taken apart without ever being located, that is virtually impossible with an embedded telematics device installed. When a theft is reported, the vehicle’s location can be immediately pinpointed, and the vehicle quickly recovered.
For subprime auto dealers, loan defaults and vehicle write-offs are events that benefit no one. Thankfully, with a telematics device installed, they can all but be avoided.
To learn more about GoldStar’s Automotive Collateral Management Platform, click here.