Suzanne Runald – News & Press
Phone: 949-623-3944, Email: email@example.com
March 25, 2016 07:34 PM Eastern Daylight Time
IRVINE, Calif.–Spireon Inc., the industry’s leading open connected vehicle platform company with over 2.5 million active subscribers, today introduced GoldStar Lender, the Company’s next generation GPS vehicle tracking and Collateral Management System (CMS) that has proven to help customers increase their loan portfolio performance by up to 20 percent.
According to Transunion credit services, overall auto delinquency rates have hit their highest rates since 20101, while the delinquency rates among subprime borrowers hit a 20-year high, according to Fitch Ratings2. Spireon’s new GoldStar Lender product is a GPS-based vehicle tracking and collateral management solution that revolutionizes how auto lenders mitigate this increasing portfolio risk and significantly increases returns on borrowed capital.
Spireon’s GoldStar Lender solution adds new product features to Spireon’s legacy of industry leading automotive finance products for managing and mitigating risk in subprime lending for Buy Here Pay Here (BHPH) dealerships and lenders. The value in adopting GPS vehicle tracking for auto finance professionals and lenders is proven, with the following significant results based on Spireon customer feedback:
Additionally, Spireon’s GoldStar Lender provides features to achieve state and federal lending regulatory compliance, including Consumer Financial Protection Bureau (CFPB) regulations.
“The greatest risk in subprime lending is a potential loss of collateral, when the borrower defaults and the lender is unable to recover the vehicle,” stated Kristina Lowe, director of product marketing at Spireon. “Building on the legacy of our groundbreaking auto finance products that we first introduced over ten years ago, the new GoldStar Lender solution extends our ability to greatly reduce this rising delinquency problem, while also delivering new features and the government regulatory compliance that our customers need.”
AFSA Vehicle Finance Conference & Exposition 2016
Spireon will be exhibiting at Booth 317 at the annual American Financial Services Association (AFSA) Vehicle Finance Conference & Exposition, March 29-31 in Las Vegas. For additional information about Spireon’s auto finance and lender offerings, visit https://www.spireon.com/goldstar-gps-vehicle-tracking/.
Spireon, Inc. is the industry’s leading open connected vehicle company, providing businesses and consumers with powerful Big Data insights to track, manage and protect their most valuable assets. The award-winning Spireon NSpire open platform delivers rich information from any GPS connected vehicle or asset, converting that information into actionable insight. Headquartered in Irvine, CA, Spireon’s open connected vehicle platform now supports more than 3 million active subscribers across the company’s growing suite of product offerings for new and used car dealers, lenders and financial institutions, rental car agencies, insurers, consumers, and fleet, trailer and asset management companies.
Learn more at www.spireon.com
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