IRVINE, Calif. and IRVING, Texas — February 13, 2019 — Advantage GPS, a Procon Analytics company that captures and translates raw data into actionable business intelligence and assists in the mitigation of financial losses to automotive finance companies, has announced a strategic partnership with the American Recovery Association (ARA), the world’s largest association of certified, trained and compliant recovery and remarketing professionals.
Exponential increases in the cost of operating an automobile recovery business — rising costs of trucks, diesel prices, insurance, compliance, and training — has made more it difficult for these businesses to operate profitability and has forced many out altogether. In addition, a recent report from S&P/Experian Consumer Credit Default Indices saw auto default rates increased 10 basis points to 1.03 percent to close out 2018, representing the largest sequential rise since another 10-bps leap from August to September in 2017. Indicating the need for strategic partnerships such as this.
The partnership is designed to enhance the ability of ARA members to more quickly and less expensively locate and recovery finance company collateral. ARA has already announced a “Unity Initiative” in 2019 with Time Finance Adjusters, a national recovery trade association, and together they plan to strengthen their relationships with other leading trades associations including: the National Automotive Finance Association; American Financial Services Association; National Association of Federally-Insured Credit Unions; the National Independent Automobile Dealers Association; state and regional trades associations; and technology experts serving the industry, such as Advantage GPS.
“The strategic alliance between ARA and Advantage GPS comes at a time when the recovery association is moving forward with important initiatives to improve the health of the industry, work more closely with their finance partners, and employ cutting-edge technology and artificial intelligence,” said David Meyer, president of Advantage GPS. “We have just launched our newest product line, the low-cost, 4G, wire-free Revo family of GPS devices, which dovetails perfectly with the goals for recovery association.”
Revo, the first wire-free GPS device in the marketplace is made possible through the introduction of powerful, long-lasting batteries coupled with sophisticated hardware and software, to provide a powerful, “smart,” and useful tool to mitigate losses for finance companies, and also reduce costs for recovery agents.
The Advantage GPS platform includes smart impound lot technology, including all locations of ARA members across North America, and automatically creates geofences around the ARA impound lots and sends lenders alerts when one of their vehicles enters. This along with risk mitigation dashboard that is powered by artificial-intelligence greatly enhances the ability for finance companies to mitigate losses, while making it easier for recovery companies to locate and access vehicles.
“My relationship with Les and ARA has stemmed for nearly 2 decades,” added Meyer. “It’s exciting to partner with him and his team once again.”
Les McCook, executive director, of the American Recovery Association, said he has known Meyer and understands the GPS collateral protection device industry well.
“We fully welcome working with an innovative group focused on eliminating outdated technology in the market,” McCook said. “In our industry it’s crucial to track and implement the latest technologies to help our members thrive. Employing artificial intelligence to assist recovery agents in locating vehicles is a game-changer. We will look back on this, and wonder how we every did our jobs without it.”
McCook said he looks forward to a long-term relationship with Advantage GPS and looks to work even more closely in the future.
“Our Unity Initiative with TFA and the enhancement for our relationships with a variety of national trade associations, and companies like Advantage GPS, will only serve to create a better and more profitable environment for our members,” McCook added.
About Advantage GPS
Advantage GPS by Procon Analytics provides GPS technology and innovative data analytics that empower BHPH dealers and vehicle finance companies to make smarter, faster and more profitable business decisions. The company’s seasoned leadership team has been revolutionizing risk mitigation tools and real-time automotive analytics to help lenders protect vehicle assets, reduce delinquencies and speed up recoveries when needed for over a decade.
About American Recovery Association
American Recovery Association (ARA) is the world’s largest association of certified, trained and compliant recovery and remarketing professionals. ARA members specialize in locating and repossessing collateral on behalf of lending institutions including banks, savings institutions, finance companies, credit unions, rental/leasing companies, and auto, truck and equipment dealers. All members are certified independent business operators.