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Top 3 Reasons Why Buy Here Pay Here Auto Dealers and Auto Lenders Should Use GPS Auto Tracking

By July 1, 2020January 13th, 2022Blog
buy here pay here auto lenders

Industry Today

As the country starts the initial steps to recover from the impacts that COVID-19 had on the economy there is never going to be a more critical time to protect your auto lending assets. The number of car buyers who are going to find themselves experiencing poor credit and financial issues due to job loss is going to increase significantly.

As a Buy Here Pay Here car dealer or subprime auto lender you are in the position to give these customers a variable option to find a vehicle to drive and own. However, by providing this option it presents a great risk to your business, as the likelihood of customers going delinquent increases. Assuring that you can streamline your collection efforts and secure your collateral is essential as your business is dependent on prompt payments!

Even prior to COVID-19 impacting the United States, according to Market Watch as of Feb. 25, 2020, outstanding auto-loan balances hit a new record high. With over $66 billion, or 5% of the outstanding loans, sitting over 90 days delinquent, a measure that increased from $57 billion through the same period last year and $35 billion a decade ago.

These statistics are no surprise when today’s lending cycles include increased loan amounts spread out across longer terms.

What is Buy Here Pay Here GPS Tracking?

To keep it simple, GPS tracking gives auto dealers and auto lenders the ability to track the status and location of high-risk vehicle collateral in real-time, in a way that always protects the privacy of the customer and adheres to all privacy laws, UCC laws and financial laws.

Advanced buy here pay here auto tracking solutions like iGotcha GPS include a robust web-based application and mobile application that connects to cutting edge GPS trackers that are installed in your vehicles prior to them being sold.

Advanced GPS trackers should use 4G LTE-M connectivity to connect to the web-based application and mobile application in real time to provide you with real-time location, reports, location history trails, engine starter interrupt/disabler, lot management, impound locate notifications and alerts that can be triggered when vehicles enter or leave specific geo-zones boundaries.

These features are what make the recovery and repossession of delinquent assets faster, easier and more cost effective. They also help customers keep their vehicles and rebuild their credit by streamlining the collection payments.

Top 3 Reasons to Use Buy Here Pay Here GPS Tracking 

  1. Mitigating Risk and Substantially Increasing Your Bottom Line

GPS Tracking for the buy here pay here industry removes the risk of doing business with those customers who are high risk and could diminish your profits. It also gives you the ability to quickly get your cars back on the front of the lot to be resold if a customer should go delinquent.

  1. Reducing Labor Costs & Recovery Times

The last thing any auto dealer or lender wants to deal with is the repossession process, but we know it’s the risk those within the buy here pay here industry take. With an advanced GPS auto tracking application such as iGotcha GPS you can eliminate the labor costs associated with the repo process. Don’t have your repo agent wasting time waiting at someone’s work or home for hours on end.

Instead you can provide your repo agent with access to the mobile application that gives them the ability to locate a vehicle’s exact position on demand at the push of button.

Ensuring you are able to recover your collateral promptly is essential to making sure you can collect a reliable vehicle as your secure the highest possible value on our asset.

Reducing Labor Cost is a prime benefit of GPS Tracking that adds to the Buy Here, Pay Here Industry. Don’t tie your staff up dealing with the demanding repossession process without GPS Tracking!

  1. Selling More Cars

GPS devices are changing the auto lending landscape as timely payments are assured and overall productivity is heightened. The ability to stay up to date with payment processing and reminders allows your profits to never fall off and you continue to operate at peak proficiency.

Why iGotcha GPS?

As stated above GPS auto tracking has the ability to significantly boost your revenue but your success and results with using GPS tracking are dependent upon the quality of the solution that is used. CallPass has had the same innovative management team for over 14 years and has been providing advanced GPS auto tracking solutions to auto dealers, auto lenders, and subprime lenders throughout those years. 

Our iGotcha GPS vehicle tracking application combined with our Quick Device GPS tracker is a complete solution and was purposely developed with your top business needs in mind to mitigate risks and cutting costs. Our top features and functionality include:

  • Intuitive Dashboard -User-friendly web-based and mobile applications for both iOS and Android with advanced reporting
  • 3 Layers of U.S. based customer service – Dedicated Account Manager, Sales Representative, and Support Representative.
  • Unlimited Locate-on-Demand – Locate your vehicles in real-time at the push of a button. 
  • Impound Lot Notifications – Receive an email or text when any vehicle that you own enters our list of impound lots.
  • Lot Management – Know what’s on your lot and ready to be sold 24/7
  • Automated Installation – Quick VIN Scanning feature auto-populates the vehicles VIN and the company or borrower’s information into the iGotcha dashboard. Allowing you to eliminate all the errors that once occurred with manual entry and the time spent on trying to resolve such errors.
  • Cutting Edge GPS Trackers – The Quick Device comes with 3 easy installation options: standard, starter interrupt, and OBDII.
  • Superior Network Coverage – Fast, secure and reliable AT&T 4G LTE-M connectivity
  • Easy online ordering and renewal process 

How to Get Started with GPS Auto Tracking?

When looking for or comparing GPS tracking solutions to help you manage your collateral more efficiently with the aim to increase revenue, we understand that it is important that you do your due diligence before investing. Below we have listed some of our top suggestions to consider:

  • A trusted GPS tracking provider that has years of proven experience in GPS innovation and providing GPS tracking services to BHPH auto dealers and auto lenders.
  • A provider that has a dedicated and U.S. based customer service and support team.
  • Easy to use software application and mobile application that allows you to track and recovery vehicles quickly no matter where you are.
  • A solution that has state of the art GPS trackers that use 4G LTE-M connectivity to ensure secure, fast, and reliable service.
  • A solution that enables you to locate vehicles on demand and provides reports and alerts that can be customized to how you run your business.
  • A provider that understands your needs as an auto dealer and lender and adds new features and updates to their services that are inclusive and do not require different service level pricing/packages.
  • A provider that adheres to all the privacy laws and regulations and agrees to keep your customer data safe and you ensure that you are in compliance

Get started with iGotcha GPS tracking  today to streamline your collection efforts and increase your bottom line! Call the iGotcha team for a live no-hassle demo +1 (877) 324-0999  or complete the contact form. 

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