In a perfect world, customers that come to your dealership would simply follow through on paying for the vehicles they purchase.
You wouldn’t need to verify employment and home addresses to secure a loan for subprime buyers.
You wouldn’t need to call and remind people to make a payment, especially not a late payment.
And you wouldn’t need to recover, recondition and resell vehicles that didn’t find a forever home.
But we don’t live in a perfect world. Even buyers with the best of intentions may experience a sudden and unexpected loss in employment. And instead of coming to you to discuss an arrangement, that primal “flight” instinct kicks in and suddenly you’re scrambling to retrieve a payment or a vehicle.
Now, the easiest way to go out of business is to keep track of your customers – their phone numbers, home addresses and employment locations. It might seem like the right thing to do, but when it comes to the subprime buyer, it’s simply not your best bet.
Here’s why. According to The FactorTrust Underbanked Index:
- A customer who changes their mobile phone numbers four or more times over a 90-day period has a 77% higher default risk than a borrower with two.
- A customer with three or more different ZIP codes over a 90-day period has a 63% higher default risk than those with one.
- Amongst the underbanked, 16% applied with a different employer within 30 days, 20% within 60 days, 23% within 90 days, 25% within 120 days, and 34% within one year.
That’s a lot of numbers, addresses and employers to keep track of – whereas, you could simply track the most important thing, your vehicle. And with the right GPS tracking partner, it’s incredibly easy.
When choosing the right GPS solution, look for:
- Road proven software that allows you to track and locate a vehicle with a single click.
- Features that identify driving pattern changes, indicating a change of job or address.
- The ability to accurately predict a vehicle’s location for faster, less costly recoveries.
- Automatic loan STIPs verification tools that allow you to skip making phone calls.
- Reports and alerts that can be easily customized to fit how you run your dealership.
- An intuitive user interface that lets you track, manage and get on with your busy day.
The right provider will also have a proven track record in the industry and a wide network that connects you to your vehicles no matter where they roam. They need to be reliable, providing you with an uptime guarantee, so you don’t find yourself in the dark and empty handed.
At Spireon, we’ve built our GoldStar GPS vehicle tracking solution with dealers like you in mind. We don’t live in a perfect world, so we’ve made it our mission to protect your bottom line and your vehicle collateral. Let us show you how easy it can be to keep track of what matters most. Get in touch with us today for your free demo and find out how to put the power of GPS to work for your dealership.