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Spireon Introduces GoldStar Lender for Auto Finance Professionals

Today, we have released our newest solution, GoldStar Enterprise, a next generation GPS vehicle tracking and Collateral Management System (CMS) that has proven to help auto finance professionals increase their loan portfolio performance by up to 20 percent.

According to Trans Union credit services, overall auto delinquency rates have hit their highest rates since 2010 while the delinquency rates among subprime borrowers hit a 20-year high, according to Fitch Ratings. 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:

  • 84 percent of customers report reduced delinquencies after installing Spireon GPS vehicle tracking
  • 78 percent of Spireon customers have been able to finance customers with lower credit
  • 68 percent of customers have been able to finance customers with smaller down payments

Additionally, Spireon’s GoldStar Lender provides features to achieve state and federal lending regulatory compliance, including Consumer Financial Protection Borough (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.”

For more information about Goldstar Enterprise, please visit our page here.

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