BHPH dealers gain an upper hand with Advantage GPS as they grow their business. Advantage, the latest evolution in risk mitigation technology, uses the most-advanced GPS hardware and software to deliver real-time analytics that helps dealers identify and protect against risks and provides intelligence to confidently finance subprime consumers.
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The used car marketplace has faced many tests in recent years. Inventory shortages, over-inflated inventory prices, rising staffing costs, legal and regulatory compliance challenges, and unforeseen consequences of government pandemic responses have given independent auto retailers with much to contend. Independent Dealers that have embraced technology that taps into the rich data that’s available to guide their decision making have benefited both operationally and financially. Advantage allows dealers to automate processes, improve customer service, and add a profit center to their operations
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Consumers in the U.S. racked up over $1 trillion in auto loan debt alone last year. According to Equifax, 25% of the loans were subprime. With average used car prices close to $20,000 paired with longer loan terms, many finance companies have found serving the credit-challenged consumer has been an important way to expand their market share. Advantage assists by giving lenders analytic intelligence about their collateral and the ability to monitor, track, and avoid risks to the vehicles they have financed in real time.
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Data shows that families can increase their incomes by 25% or more if they have reliable transportation. Offering consumers auto loans can help credit unions extend membership value to customers that have less than perfect credit or no credit at all. Advantage enables credit unions to provide vehicle finance for subprime consumers with little to no risks.
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According to ReporterLink.com, the global ride sharing market is projected to grow at a CAGR of 16.6% during the forecast period, from an estimated $85.8 billion in 2021 to $185.1 billion by 2026. If you’re generating more revenue by car sharing, Advantage monitors the driving habits and location of anyone using the vehicle. In the event the vehicle is involved in accident, is stolen, or abandoned, notifications are sent immediately. Advantage devices also assist with vehicle recovery.
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