Spireon Ends 2017 with Strong Business Growth and Technology Advancements
High customer satisfaction, growing revenue streams and product innovation highlight a landmark year for the company
IRVINE, Calif., March 12, 2018,—Spireon, Inc., the vehicle intelligence company, today announced business growth metrics and technology advancements achieved in 2017, demonstrating the company’s accelerating trajectory of success. Spireon is the largest provider of aftermarket telematics solutions in North America. By the end of 2017, Spireon’s NSpire® IoT platform supported nearly 4 million connected vehicles and now processes more than 1.5 billion data events each quarter, providing critical vehicle and driver insights to more than 20,000 companies in automotive, transportation, lending, and a wide variety of service industries.
“Having begun 2017 with a new leadership team and an aggressive growth plan, we are pleased to have carried that momentum throughout the entire year, improving all aspects of our operations, launching 16 new products, and ending with strong financial results,” said Kevin Weiss, Spireon CEO. “We dramatically exceeded our goals in our fleet business, acquired a stellar group of new trailer customers, more than doubled device shipments to franchise dealers, and achieved growth in vehicle finance, despite a down market for Buy Here Pay Here dealers.”
In 2H-2017, device shipments of Spireon’s FleetLocate® fleet and asset intelligence solution grew by 120 percent to SMB customers versus 2H-2016, fueled by aggressive investments in direct sales, channel partnerships and new product rollouts. Throughout the year, the company launched new web and mobile apps designed for fleet managers and drivers, including their new FleetLocate Compliance solution, designed to help fleets of all sizes affordably comply with the Federal Motor Carrier Safety Administration’s electronic logging device (ELD) mandate, which went into effect Dec. 18, 2017. In addition, Spireon added 1858 new fleet and trailer customers to their roster, partially driven by the company’s new FleetLocate Connected by OnStar solution for fleets with GM vehicles, and expanded business with several enterprise transportation customers, including Forward Air, Premier Trailer Leasing, J. Grady Randolph, and Comcar. FleetLocate was also recognized by the 2017 Best in Biz Awards, earning a Silver award for Enterprise Service of the Year.
Following the introduction of Kahu®, the first connected car solution specifically designed for dealers, in January 2017, Spireon increased its device shipments to franchise dealers by 144 percent in the second half of the year over the same period in 2016. The company gained new business with 4 of the top 10 dealer groups in the country, and added 47 new preload dealers to their customer list in 2017. Kahu was also named New Product of the Year in the automotive enterprise category of Business Intelligence Group’s 2017 BIG Awards for Business.
Already the market leader in vehicle finance by 4x the nearest competitor, Spireon further increased its market share by 8 percent in this segment for 2H-17, compared to the same period in 2016. The company launched new versions of its GoldStar® product line in 2017, including a new Enterprise version designed for lenders, credit unions and large Buy Here Pay Here (BHPH) dealerships with multiple locations. Spireon also added a new pre-built, nationwide Impound Lot database to GoldStar, alerting dealers and lenders when vehicles have been taken to an impound lot, which costs the industry more than $2B each year based on actual impounded vehicle data from the company’s extensive NSpire data set.
Beyond achievements for their core product offerings, Spireon celebrated several milestones last year, including its 15th anniversary in December, and the delivery of the NSpire platform version 3.0, which added significant enhancements to dramatically increase the platform’s scalability, type and volume of data collected, interoperability via open application programming interfaces (APIs), and mobility support. From this, Spireon introduced more new products in 2017 than in any other year in company history, including six major software applications, five new hardware devices and five new mobile apps, all while maintaining 99.9 percent availability of the platform.
Spireon’s “white-glove” approach to customer service continued to differentiate the company from its competitors, earning three awards in 2017, including a Silver Stevie Award for Customer Service Department of the Year from the American Business Association, Gold place for Customer Service Department of the Year in the Golden Bridge Awards, and Gold for Customer Service Team of the Year in the One Planet Awards. Further, in the second half of the year, Spireon achieved an average Net Promoter Score (NPS) of 65, which measures customer satisfaction and loyalty. Spireon’s score far exceeds the industry average of 21.4 for business-to-business technology companies, according to Temkin Group’s Tech Vendor NPS Benchmark report.
Spireon also credits their high NPS scores to the company’s strong commitment to customer onboarding and success. With a world-class fulfillment center, the company ships over 20,000 devices each week on average, and 95 percent of orders are shipped within 4 hours of order receipt. The company maintains a nationwide network of 275 certified installers, surpassing 800,000 device installations at customer locations, and offers a wide range of online training materials, as well as 24×7 phone support from three call centers in the U.S.
“The team at Spireon has worked tirelessly in 2017 to build a strong foundation for our future success in all aspects of the business, from sales to fulfillment, development to support, customer onboarding to customer retention,” said Weiss. “Our processes, technology stack, and go-to-market approach have all been improved, and I am highly confident in our ability to achieve our goals in 2018 and beyond.”
Spireon, Inc. is North America’s leading connected vehicle intelligence company, providing businesses and consumers with powerful insights to track, manage and protect their most valuable mobile assets. The award-winning Spireon NSpire platform supports nearly 4 million active subscribers across the company’s growing suite of products for new and used car dealers, lenders and financial institutions, rental car agencies, commercial and local fleet operators, and consumers.