In a still struggling economy, one vertical that isn’t doing too shabby is the vehicle finance industry. Last year the space yielded a high number of used car sales with 40.5 billion units sold, a 4.5 percent increase from the previous year.

While several factors can be highlighted for this growth including consumers being able to get a loan in an easier manner that in turn enables a larger amount of subprime loans to be accepted, those actively leveraging M2M business intelligence are seeing key benefits as well.

M2M solutions allow companies to capture critical business data using mobile devices in the fields (for example, our GoldStar GPS Talon unit installed in a vehicle) and then push this information to other devices (for example, Spireon’s NSpire M2M intelligence Platform) and back through other devices such as desktop computers, smart phones, tablets and so forth where it’s served up as actionable business intelligence. For the vehicle financing industry, M2M offers tremendous potential for enhanced collateral management, improved efficiencies and productivity, reduced risk, and enhanced borrower communications.”

While there are countless M2M offerings now on the market, they all vary in terms of capabilities. One of most robust platforms readily available is NSpire, a scalable, highly reliable and secure cloud-based platform that contains a massive amount of data that can be viewed in real-time. It allows customers to having ongoing access to the most up-to-date information and can be expanded with ease to meet both current and future organization needs.

For vehicle finance companies, this means you’ll always be able to pinpoint the exact location of a vehicle in real-time for faster, less costly recovery. The real-time data is collected, crunched and translated into easy-to-read reports with amazing speed. This redundancy also means you’ll stay connected to your borrowers via payment reminders and alerts that reduce delinquencies.

So while flexibility and productivity is key, keeping confidential data protected 24/7 from cyber threats is also a necessity currently. Luckily, NSpire keeps vehicle finance firms safeguarded with its close knit monitoring functions and even tighter security requirements.

An M2M solution is a great idea for your enterprise overall yet when it comes to ROI, quality of performance is essential to the system for organizations in each and every industry.

— Corinna Tutor
VP, Integrated Marketing
Spireon