Protecting Buy Here Pay Here Dealers from Theft and Fraud Around the Clock is Absolute Necessity
October is Crime Prevention Month, which is a perfect time to highlight the importance of safeguarding dealerships from the ongoing and pervasive problems of vehicle theft and fraud.
Auto theft has been and remains a significant problem in the country and, by all measures, has been exacerbated in recent years. Buy Here Pay Here (BHPH) dealerships not only face the problems of theft of their inventory off the lot, but also from thieves who may try to steal a vehicle during a test drive and criminals who use nefarious means to defraud a dealer.
Fraud comes in various forms, and dealers must be ready to combat all of them.
Nowadays, it’s important to employ strict verification and screening processes, conduct thorough background checks, and implement technology solutions to protect assets and prevent fraud. Maintaining good communication with customers and staying vigilant for suspicious behavior helps deter fraud before it becomes an expensive problem.
Advantage offers innovative solutions to protect auto lenders and their assets, making it an excellent choice for enhancing security, preventing theft, and aiding in stolen vehicle recovery.
Vehicle theft is pervasive in the automotive industry, affecting BHPH dealerships nationwide. According to the National Insurance Crime Bureau (NICB), the United States experienced 1,001,967 car thefts in 2022, valued at nearly $9 billion, a 7% increase over the prior year.
Advantage is an advanced data analytics tool designed to assist dealers with fraud and stolen vehicle recovery. Its modern technology provides pinpoint, location data and real-time tracking. According to the National Insurance Crime Bureau (NICB), 90% of stolen vehicles with GPS tracking devices are recovered.
Dealers in the U.S., especially in the Southwest, face the unique problem of having vehicles moved across the U.S.-Mexican border, making vehicle recovery incredibly challenging. Geo-fencing technology allows dealers to set up virtual boundaries, resulting in real-time notifications should a vehicle leave a preset area.
Advantage is an indispensable risk mitigation tool that provides real-time tracking, geo-fencing, immobilization, and predictive data analytics to safeguard high-risk loan-backed assets. Don’t wait until it’s too late – take steps to secure your dealership and assets immediately.