In a Strong Market, You Need the Upper Hand
Retail prices for used cars reached all-time highs last year, yet 38 million used cars were sold with 22.8% from franchise dealerships. While low interest rates dominated, auto lenders lengthened note terms to ensure affordability. This trend continues today, giving you an opportunity to increase sales.
Gain the Advantage with Automotive Telematics
There’s a growing need for non-traditional financing. The average credit score in the U.S. is 695. Nearly one in five consumers has no credit score, while over 51% are subprime. And banks have been recording increases in credit card charge-offs. Consequently, automotive lenders that offer non-traditional forms of financing, such as Buy Here Pay Here Dealers, take on a big risk. In fact, auto loan balances surpassed $1 trillion for the first time in 2015, and Bloomberg reports show a surge in 90+ days auto defaults.
With the prevalence of both opportunity and risk, a real-time automotive analytics app, powered by 4G LTE technology and incorporating artificial intelligence, can mitigate risk for auto lenders. That’s exactly what Advantage GPS delivers so that you can confidently finance more deals while helping buyers with poor credit get into vehicles that they may not have otherwise have qualified to buy. It’s a win-win.
Delinquencies have picked up, as have losses on subprime loans according to Bloomberg Businessweek.
The Latest Innovation in Risk Mitigation Has Arrived
Advantage is the latest evolution of risk mitigation developed by the pioneers of GPS tracking. We’ve taken the latest in technology and know-how then used it to develop the next stage in automotive telematics. Our roadmap is cutting-edge. Our quality unlike any other out there. And our value can’t be beat.
The Next Evolution in Risk Mitigation is 4G LTE
Advantage is the next generation of risk mitigation developed by the pioneers of GPS tracking. With our solution, you can keep a finger on the pulse of every vehicle in your portfolio with powerful and future-proof, FCC certified 4G LTE technology, providing faster speeds, expanded coverage and accurate data insights.
- First to deploy FCC certified 4G LTE tracking devices in December 2017
- Lower power consumption, internal backup battery included
- 4G LTE devices for multiple carriers and coverage in the U.S., Canada and Mexico, without the premium price
- High-volume production with over 100,000 active connections on FCC certified 4G LTE technology
AI & the Key to Real-Time Automotive Analytics
At Advantage GPS, we’ve built a real-time risk assessment solution that’s constantly mining data behind the scenes, collecting updates every 2 minutes when a vehicle is in motion.
While data is secured using a CAIQ control framework, just the most recent 30-minutes of breadcrumbs for assets in motion are shown. Meanwhile the system’s built-in artificial intelligence (AI) technology recognizes data types and groups them into real-time risk categories. This provides auto lenders with a smart, analytical risk assessment dashboard that shows real-time actionable business intelligence.
Of course, with data collection comes great responsibility which is why we follow industry best practices for compliance. We also urge our automotive finance customers to provide clear consumer disclosures.