Our tools are getting smarter. I upgraded to a new tablet device the other day. After answering a few security questions, I simply placed my new tablet next to my old one, and the data transfer and set up began. In a matter of minutes, this powerful tool I use for business, pleasure, and to make my life easier, was ready to go to work for me — apps updated, usernames and passwords secured, and preferences set.
Those operating subprime finance companies are always looking for new productivity tools to make their lives easier. Their businesses face numerous challenges as they finance the transportation needs of high-risk, credit-challenged consumers, and must closely monitor and manage those risks to maximize profit.
GPS technologies, like we provide at Advantage GPS with both the wired Evo GPS and battery-operated Revo, are making business operations for subprime finance companies and buy here, pay here dealerships more successful by providing valuable insights into the customers they finance and the vehicles they’ve purchased. We may not yet have the sophistication of an iPad Pro, but we’re getting closer — every day.
On the hardware side our tools, depending on the product selected, can remind a consumer to make a payment, utilize starter-interrupt until payments are made, locate the vehicle on demand, and collect valuable information to make decisions about the particular client and also about future financing decisions. These smart tools all assist with monitoring your entire portfolio, as well as creating value.
Our software enhances a portfolio’s value even further. Because of the sophistication of the software even more tools are at the financier’s disposal. For instance, artificial intelligence (AI) effortlessly monitors driving behaviors, starts and stops, and determines such things as home, workplace, frequent visits, and, smart geofences, notifies you if the vehicle crosses into one of the thousands of impound lots across the country. It’s another layer of stip verification that’s robust and extremely accurate. It’s also a means of verifying the vehicle is being used properly. If your contract exempts a vehicle being used for ridesharing, the software can detect this and warn you.
Over time the data collected by our Advantage GPS systems can assist underwriters with making decisions about current customers and then that data can be used to make future underwriting decisions. For instance, if a customer consistently makes late payments, was disingenuous about where they work or how many hours a week work, collection agents can make decisions about whether to allow a promise payment or start repo efforts. Over time, that data can be used to make future decisions about who to finance or how much down payment should be required.
All this information is passed seamlessly to our robust cloud-based dashboard. Information is added in real time, and warnings are sent to managers via email or text. valuable tool.
Having the most-up-to-date technology is vital to you as a finance company. Our platform has been using 4G LTE technology since 2017, so none of our products rely on 3G, CDMA or EVDO technologies which are all being phased out as we speak.
The bottom line here is to enhance your portfolio value by protecting your collateral. Think about owning a car that’s worth $10,000 to $20,000 and driving it around town without insurance. GPS tracking devices with all the sophisticated AI and software supporting them, are an insurance policy for you, and one that pays you back with data and analytics that enhance the value of your portfolio even more.
The next step. Hey Revo! where’s my collateral? Hey Evo! Has Mr. Smith made his payment yet? It’s coming!