GPS tracking has become an increasingly attractive option for auto dealers in the Buy Here Pay Here (BHPH) market. These dealers typically sell to subprime borrowers, and GPS solutions enable them to keep a close eye on financed vehicles until the customer has paid in full. This year, mobile resource management supplier Spireon displayed two of its major automotive solutions at the 2012 National Independent Automobile Dealers Association convention in June. GoldStar GPS and EnfoTrace GPS have both been designed with the BHPH dealer in mind, offering comprehensive and affordable options for increasing returns.
GoldStar GPS is a comprehensive and customizable option that enables the dealer to locate and track vehicles throughout North America. EnfoTrace offers simple and affordable GPS solutions without compromising reliability or accuracy. Both systems help dealers protect their assets while giving consumers with low credit scores a chance to begin rebuilding their credit.
BHPH dealers use GPS tracking solutions such as those offered by Spireon in a number of ways. If a buyer stops making payments, the dealer can locate and track the vehicle in order to protect his investments. He can also disable vehicles if necessary or enable the starter interrupt feature to remind customers of upcoming payments. The tracking systems make it possible for lenders to take on increased risk from low credit buyers, while at the same time giving subprime customers a chance to get back on their feet if they make payments on time.
Most BHPH dealers address privacy concerns up front by informing buyers that the cars contain GPS tracking devices and detailing exactly how and when they will be used. The systems have also proved helpful in the rental car industry, enabling companies to monitor which cars are rented most often, which vehicles are currently available, and where each vehicle is at any given time.
At the 2012 NIADA convention, Spireon exhibited a buyer’s guide for new dealers detailing the benefits of using a GPS automotive solution, an overview of available technology, how to select the right solution, and key features to look for. They also gave a sneak preview of a new GoldStar GPS system that will be launched by the end of the year. Spireon’s goal is to help dealers improve profits and to educate them in the benefits and best practices of implementing a GPS tracking solution into their business operations.