Delinquencies

October BHPH conference set for Las Vegas

Operators can get some treats ahead of Halloween as the biggest buy-here, pay-here specific event of the year is headed back to Las Vegas.

The NABD Buy-Here, Pay-Here Subprime Conference, powered by the National Independent Automobile Dealers Association, is set for Oct. 8-10 at the MGM Grand in Las Vegas, offering the industry’s best BHPH-specific training for both new operators and BHPH veterans.

The conference features education from the BHPH experts at the National Alliance of Buy-Here, Pay-Here Dealers and NIADA, including Ken Shilson, Ingram Walters and Chuck Bonanno, as well as top names from the subprime sphere.

Attendees will learn about new industry technology, the latest marketing strategies including digital marketing, collections and underwriting, and best practices that work today – and in the future.

There are also opportunities to network with industry experts, explore ways to secure capital to fund your operation, get updates on compliance and legal issues, and check out an exhibit hall filled with the latest products and services to improve any BHPH business.

“NABD continues, bigger and better than ever,” said Shilson, NABD president and founder. “You can't afford to miss this event. Opportunity knocks for BHPH operators who capitalize on it — and this conference will show you how to do it.”

The discounted early registration rate of $495 per person applies through Sept. 22. Group discounts are also available.

For more information or to register, visit or call (832) 767-4759.



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Latest Procon Analytics tool can centrally manage all GPS devices to enhance risk mitigation

Auto finance companies and buy-here, pay-here dealers are seeking to adopt more advanced and scalable GPS systems for risk mitigation. But Procon Analytics acknowledged this trend brings the inefficient process of managing both new GPS systems old devices that use legacy embedded technology.

On Tuesday, Advantage GPS, a Procon Analytics company that can capture and translate raw data into actionable business intelligence, introduced its latest platform addition, a patent-pending All Access feature, that is designed to eliminate this issue.

The company explained All Access can allow auto finance companies and BHPH operators to view and access all GPS devices in their business portfolio via the Advantage GPS application, regardless of the GPS system provider.

Currently, Procon Analytics pointed out that it can be cumbersome for dealers and finance companies to manage devices from two or more GPS providers. While trying to avoid the hassle of learning yet another system or remembering more passwords, Procon Analytics noted that many operations remain tethered to old GPS providers who are no longer innovating and continue to use outdated technology riddled with issues.

The new patent-pending All Access feature by Advantage GPS is geared to overcome these barriers to advancement. All Access can allow auto finance companies and BHPH dealers to embrace their GPS system of choice by helping them seamlessly manage all of the GPS devices across multiple providers in their risk mitigation portfolio.

And, operations now have more flexibility, more convenience and more control over their device management process, according to David Meyer, chief operating officer of Procon Analytics.

“In a world of multiple apps and passwords, our new patent-pending All Access feature brings unprecedented convenience to customers using GPS tracking technology to manage their highrisk auto loans,” Meyer said.

“All Access allows customers to take advantage of the latest innovations available in our proprietary artificial intelligence-infused dashboard and 4G LTE platform, while simultaneously managing their entire device portfolio — regardless of brand,” he continued. “There’s only one destination for auto lenders to remember now when managing risks. It’s Advantage GPS.”

With patent-pending All Access, auto finance companies and dealerships can view vital information for all GPS provider accounts, including borrower name, address, year, make and model of vehicle purchased, VIN and serial number of devices.

All Access also can allow operations to seamlessly navigate into any vehicle record, on the fly, from the Advantage GPS application view.

“This latest feature, just like everything else we do, is about listening to customers and being nimble to solve their problems with our scalable platform that is not limited or stagnated by old technology,” Meyer said.

“Innovation and service is what customers get when they partner with Procon Analytics, the innovators in automotive telematics,” he went on to say.

Serving nearly 500 auto finance companies with more than 300,000 connections, the intelligent Advantage GPS platform utilizes innovative, connected and AI-infused technology to deliver real-time analytics upon login and the latest All Access feature.

“Advantage GPS is constantly evolving based on the automotive finance industry’s needs, technological advances, and economic drivers and legislative trends,” the company said.

More details can be found at .

2 ways tighter credit helped Car-Mart

Along with elaborating a bit about his upcoming retirement, America’s Car-Mart chief executive officer William “Hank” Henderson described how underwriting tightening in other areas of the auto-finance market is benefitting the chain of buy-here, pay-here dealerships.

The market change is improving not only the caliber of customer Car-Mart saw during the first quarter of its 2018 fiscal year that ended on July 31, but also the quality of vehicles the company is able to stock at its 140 stores.

“We’re seeing some customers circle back,” Henderson said during Car-Mart’s quarterly conference call with investors. “They’ve been over there and tried the other side, and now they’re back. And I think that’s evident and actually our sales for peak customers is maybe at an all-time high. It’s very high during this first quarter.

“And then also I think we’re, as we mentioned, doing a little better job with our inventory, seeing some improvements there. And so I think all those things combined help push up the store productivity,” he continued.

Car-Mart posted increased sales volume productivity with 28.2 retail units sold per store per month, up from 27.9 for the prior year quarter.

All told, the company’s stores retailed 11,837 vehicles during the quarter with an average retail price of $10,386.

“We are pleased with our continuing efforts to improve the quality of our inventory and improve inventory turns and efficiencies, and these efforts are having a positive effect and will continue to benefit us as we move forward,” Car-Mart president Jeff Williams said.

“We will remain aggressive with our inventory management, but we will ensure that we have a good selection of quality cars, trucks and SUVs in our dealerships to attract our target customer,” Williams continued.

“As credit gets a little tighter in the markets above us, the flow of product then in our market becomes much better,” he went on to say. “We’ve been in a period for several years now where the flow into our markets has been stuck. It's maybe the new-car dealerships because that financing has been available.

“So as it tightens up, we get a better flow of products, and we get to start cherry-picking a little bit,” Williams added.

A few other metrics of note from Car-Mart’s Q1 performance included:

—Gross profit margin percentage decreased to 41.4 percent from 41.8 percent for the prior-year quarter.

—Net charge-offs as a percent of average finance receivables stood at 6.4 percent, up from 6.2 percent for prior-year quarter.

—Accounts more than 30 days past due increased to 4.6 percent of the portfolio, up from 4.4 percent at close of the previous year’s quarter.

—Provision for credit losses came in at 26.6 percent of sales versus 25.7 percent for prior-year quarter.

More on executive transition

As BHPH Report previously published, Car-Mart also announced Henderson will retire as CEO at the end of the year with Williams replacing him. Henderson discussed the move again during the conference call.

“It has been an incredible fantastic experience to be part of such a great team of people to help and build and grow this company into what is today, and I feel truly blessed to have had this opportunity,” Henderson said.

“Tremendous amount of gratitude to the hard working dedicated people with such high characters that I have been so very fortunate to work with throughout this time,” he continued. “We’ve been through some great times, and we’ve been through some very challenging times all along the way.

“They fought hard to preserve our company culture, and I cannot even begin to ever thank them all enough for their tireless efforts,” Henderson went on to say.

An analyst asked about who might take Williams’ position as chief financial officer and whether it will be a candidate from within the company or if Car-Mart might choose someone from outside its current executive ranks.

“We are in the process, and we’ll have some news for you guys just as soon as we can,” Williams said.

6 enhanced features of Spireon’s GoldStar GPS solution

During this week’s National Conference hosted by the National Alliance of Buy-Here, Pay-Here Dealers, Spireon mingled with hundreds of dealers and rolled out the latest version of its GoldStar GPS solution, offering dealers and finance companies that specialize in deep subprime underwriting what the provider says is an easy and efficient approach to mitigate risk while sustaining growth.

The new GoldStar GPS solution includes several key updates and features, including:

—Redesigned user interface: Offers a faster, more intuitive user experience

—Excessive mileage reporting: New reporting feature provides early warning of driver behavior that may accelerate the devaluation of assets

—Easy recovery link: One-step recovery process, enabling faster, more effective recovery workflows

—New mobile app: New GoldStar Connect app offers real-time location tracking, geofencing, speed alerts and other connected vehicle benefits

—Redesigned hardware: Improved GPS unit features a slim, re-engineered form factor and increased durability for extreme temperatures and tamper protection

—LTE Coverage: Additional device option offers more comprehensive service, improved wireless reception and better signal reliability, while future-proofing the investment

The company’s senior vice president of sales for automotive solutions Reggie Ponsford was one of the wide array of experts NABD collected to appear on panel discussions and facilitate question-and-answer segments during the conference that took place at the Wynn|Encore in Las Vegas. Like many of the specialists looking to help BHPH rebound after several years of difficult challenges, Ponsford emphasized what solutions like what Spireon offers can do.

“Buy-here, pay-here dealers must carefully manage cash flow and protect their assets while growing their business during some of the most challenging economic conditions they’ve ever faced,” Ponsford said.

“GoldStar allows dealers and lenders to extend more credit and increase sales volume while efficiently mitigating risk,” he continued. The peace of mind that comes with more predictable revenue is invaluable, which is why more than 15,000 businesses trust GoldStar.”

One of those businesses is run by Michael Harris, who has a J.D. Byrider location in Tuscaloosa, Ala.

“In our business, the most important factor in every decision is making sure the lender has peace of mind. Spireon’s GoldStar allows us to achieve this, making the product truly invaluable,” Harris said.

Spireon offers three different GoldStar packages with varying levels of service, allowing users to scale based on individual needs. The updated GoldStar solution will be available in June.

“GoldStar has always been the gold standard in GPS, and now, with the latest enhancements, it is by far the most versatile, mobile-friendly, workflow-efficient GPS software in the industry,” said Sunil Marolia, vice president of product management at Spireon.

“Plus, it’s built on Spireon’s award-winning NSpire platform that delivers unmatched reliability and performance. No other GPS product comes close to the value that GoldStar delivers to our customers,” Marolia went on to say.

To learn more about GoldStar, go to .

When bad news is good for buy-here, pay-here

Recent press about subprime auto loan performance has highlighted concerns about this market segment. Some has said, “The Federal Reserve recently expressed concern that delinquencies among auto borrowers with weak credit has been rising.”

A recent article in USA Today entitled, “It’s Tougher to Get a Credit Card, Car Loan,” noted that the number of subprime auto loans (those requiring a FICO score of 600 or lower) that were at least 90 days late on payments hit the highest level since 2010 in the third quarter of 2016 at 6 million, according to the New York Fed. The bulk of bad loans were by auto finance companies rather than banks, officials said.

In February, Wall Street analyst Wolf Richter published an in-depth report and analysis called, “Seriously Delinquent Auto Loan Surge,” which provides some excellent insights into the causes and predicts what may be ahead. Here are some excerpts from his article:

“Auto loan balances in 2016 surged at the fastest pace in the 18-year history of the data series,” the report said, driven by the highest originations of loans ever. Alas what the auto industry has been dreading is now happening. Delinquencies have begun to surge.

At $1.112 trillion (or $1.6 trillion according to the New York Fed) they’re now 35 percent higher than during the crazy peak of the prior bubble. No way is this an auto loan bubble. Not this time. It’s sustainable; Or at least containable when it’s not sustainable. These ballooning loans have made the auto boom possible.

“Seriously delinquent” auto loan balances, composed of all loans 90 days or more past due rose in Q4 of 2016 to 3.8 percent of total auto loan balances. That puts them right between Q1 and Q3 of 2013, as auto credit was recovering from the financial crisis.

Those seriously delinquent auto loans are an indication of what is next, Richter said: “Losses at auto lenders, particularly those specializing in lending to subprime borrowers, but also other lenders, including captives such as Ford Motor Credit, which has already warned in its most recent outlook that ‘we continue to see credit losses begin to exact their pound of flesh from the lenders.’

“Some specialized lenders might keel over. Larger lenders with good quality loan portfolios will bleed but go on while tightening their underwriting standards in order to weather the storm, and that’s precisely what the auto industry is dreading - tightening credit.”

The auto boom over the past few years was funded by historically low interest rates and loosey-goosey underwriting, with loan terms and loan-to-value ratios often over 120 percent. They made everything possible, but they infused $1.1 trillion in auto loans with some very bad risks.

So it’s all there — the ingredients for bigger losses among banks and investors, a few failures of smaller specialized lenders and belated credit tightening, both out of necessity and due to lower competition among lenders as some of the most aggressive ones will be licking their wounds.”

As president of the National Alliance of Buy-Here, Pay-Here Dealers () and Subprime Analytics (), I have been tracking and analyzing subprime and deep subprime market performance for the last 20 years and annually publish industry benchmarks. As such, I agree with the aforementioned analysis and the reasons that subprime delinquencies are now increasing. I also agree that we are not headed for another subprime mortgage crisis with subprime auto paper. A new credit loss measurement standard requiring lenders and borrowers to increase bad debt loss reserves, for all receivables in the future will convert the aforementioned delinquencies into bad debts.

However, if you are an independent used car operator who refused to match the “underwriting aggressiveness” in the markets during the last few years, this bad news creates some exceptional new opportunities to regain market share and increase future profits. The pain suffered by the increased level of defaults in subprime auto finance can result in gains for those who capitalize on them.

In order to capitalize on this opportunity operators must avoid making the same mistakes which caused the past performance problems. Specifically, longer loan terms, lower down payments, loose underwriting, higher amounts financed, and too much vehicle for too little customer, are all recipes for failure, not success! Therefore, operators must embrace changing their approach and implement more prudent underwriting strategies in the future to prosper!

At the 19th Annual BHPH Conference on May 23 through 25 at Wynn | Encore in Las Vegas, many of the nation’s most successful operators and experts will provide attendees with information needed to make the right decisions, update them on market and regulatory developments, introduce new technology which provide cost-effective solutions, and new benchmarks to measure performance. Both new and experienced operators are encouraged to participate and discover new ways to prosper in the changing subprime auto finance market of today.

The old ways are not working, so let’s implement some new ones.

Good luck.

Ken Shilson, who can be reached at [email protected], is president of Subprime Analytics (www.subanalytics.com) and NABD (www.bhphinfo.com). Subprime Analytics uses data mining to perform computerized portfolio analysis for operators and providers. NABD is the nation’s largest BHPH used car special interest group for operators and product providers with more than 13,000 members. NABD will host a National BHPH Conference on May 23-25 at Encore in Las Vegas. For more information call (832) 767-4759 or visit .

4 questions with DealerSocket’s Peter Ord

In the latest installment of the annual Best of BHPH issue of BHPH Report, we go behind the scenes with some of the leading companies in the used-car space and their top executives with a few Q&A features.

Next up in this series is Peter Ord, national sales director at DealerSocket.

BHPH Report: How much more critical is a functional DMS to an operator than it was even two or three years ago?

Peter Ord: Today, dealers are required to comply with more regulations than ever before — and this high-scrutiny environment isn’t going away. Some may not want to accept it, but this is the new normal. In light of that realization, DMS is core to the dealership and has become the central source for control of all dealer functions, from evaluation and acquisition of inventory all the way through to sales, collections and analytics. If dealers want to compete and comply in today’s market, they need a DMS.

Regulators like the CFPB aren’t discriminating based on the size of your dealership either. They regularly make examples of both big and small dealers. Enforcement is only becoming more stringent, necessitating documented, automated processes that an effective DMS can provide. Over and over, we observe that if regulators come into your store and see you’re still operating off pen, paper and unlocked filing cabinets, you may be in for a long ride. However, they are much less likely to dig deep into your business if you have defined processes and proven, automated systems in place.

My philosophy is, you just can’t take chances anymore — not when there are this many regulators going from dealer to dealer, looking to sue them for the benefit of the consumer. If you can prove that you make a solid effort though, you are much more likely to be pardoned for a small mistake. We frequently hear from these regulators that they look for dealers who have inadequate infrastructure to support their business, have systematic failures or act with blatant dishonesty.

I would also add that efficiently managing inventory is the life blood of today’s independent dealer, and that is another function a solid DMS can fulfill. Having a prime physical location is no longer the main indicator to success though. As a matter of fact, a dealer’s digital location (i.e., their website) has become more important than their physical store. So it stands to reason that dealers who invest in inventory syndication through their DMS can gain a clear advantage over those who are still running such processes by hand. 

BHPH Report: What part of a DMS is still confusing or frustrating for a dealer and why?

Peter Ord: Hands down, I believe the user interface is most confusing. The majority of DMS options focus on features without taking the time to understand how those features should be presented to the user. We admittedly had these same issues with our legacy DMS technology. When we built iDMS, however, we spent a significant amount of time studying design, user interface and user experience. We even dedicated entire teams to each one of those concepts. As a result, many of our iDMS beta users thought we had created a slew of new features that had actually been available to them all along. They just could not benefit from them because they were either too hard to find or were not integrated into the correct workflow.

Along the same lines, many DMS options provide heaps of data, but much of it is not actionable. In order for the data to be helpful to dealers, the software must synthesize and present it in a way that dealers can truly use. In the same way, the processes that a DMS handles can be quite complex, and many DMS options on the market today struggle to address these processes with a streamlined, automated approach that reduces errors and saves time.

The bottom line is that any technology platform should be easy enough and serve up enough valuable information that it becomes impossible for the user not to use it. The intuitiveness of the system is ultimately what should convince an employee to use the software, not the threat of consequences from management.

BHPH Report: What three elements should dealers evaluate when considering which DMS to use?

Peter Ord: First, you should examine a system’s reporting and integration capabilities. I’m referring to real-time, web-based integration, not batch integrations that require more human touch and don’t stay up to date throughout the day. DMS technology with these characteristics enable dealers to do their jobs better, easier and faster. We know a DMS cannot solve all a dealer’s problems, but that’s exactly why it must integrate seamlessly with other products. Much of a DMS’ data is valuable and should translate easily into other software, so it can help dealers manage their customer base more effectively. You want tight integrations between your DMS and CRM so you can get, for example, filtered lists of customers that are nearing finance termination that have not been repo’d or just spent more than $500 in your service lane on a repair. That sort of targeting will prove especially useful when proactively reaching out to previous customers for repeat sales.

Second, you should look at whether a platform is web-based or client-based. Can you use your DMS on any device, anywhere? Seven to 10 years ago, people would have thought you were crazy for using a web-based solution. Now, you’re way behind if you’re still on a client-based platform. Web-based solutions offer more agile integration capabilities than web platforms. It’s extremely difficult to integrate with other products on a client-based system. Of course, users also cannot access the platform at a moment’s notice, optimized on their mobile device. I believe one of the aspects that separates the superior operators from the average is using current, live information to make decisions.

Lastly, a DMS in today’s market should offer a custom user experience based on role. It should focus on how each individual user needs to leverage the DMS and tailor the experience based on their needs. The accounting office, controllers, business owners, GMs, sales managers, inventory managers … they all use the DMS. Yet most DMS technology offers the same user experience to every user, regardless of role. Dealers should look for a DMS that allows you to customize the home screen — and really the entire experience — based on the features each user needs for his or her job. For example, if I’m an inventory manager, I don’t need to wade through functionality to desk deals or even see the collections module. I need to be able to efficiently add inventory, add pictures and descriptions, and post to third-party websites. Those functions should be front and center, easy to access, and simple to execute. I believe dealers are frustrated that it takes them way too long to do basic tasks in their DMS. But you can remove five or six clicks from any given task by using a DMS that allows customization by user role.

BHPH Report: What recent technological advancement has helped DMS function better?

Peter Ord: Cloud-based architecture is becoming more robust, with more enhanced, secure environments and more agile integration capabilities. Five years ago, the only way to integrate with another product was to send batch files in the form of an Excel spreadsheet. Today, we can take advantage of real-time web services to give the experience of using one system instead of two, or three or four. Open APIs help facilitate this data sharing, so information moves two ways instead of just one. None of these benefits are available with a client- or server-based platform.

In addition, user-based customized screens are a game changer. If I’m a collector, I want my workflows and home screen elements to focus only on what I need to do my job most efficiently. This allows for quicker, easier training and ramp-up of new employees. It also helps established employees leverage all the features available to them much faster.

I encourage every dealer to ask their potential DMS provider whether they employ dedicated user experience designers. Most don’t, and you won’t want a DMS with a user interface that has zero study or science behind it. If you have a fantastic feature set with a poor user experience, the features don’t even matter because no one can find them. That’s what leads to frustrating, crowded, and hard-to-use technology. I believe both the feature set and the user experience should be weighted equally.

Additional pieces from this series can be found below:

NIADA hosting first BHPH Summit

There is still time for buy-here, pay-here operators — especially ones who can easily travel to Dallas — to register for the training sessions the National Independent Automobile Dealers Association is organizing for its first BHPH Summit.

The event is set for next Tuesday, Wednesday and Thursday at the Embassy Suites DFW Airport North.

“It’s yet another addition to an NIADA toolbox that continues to expand our level of service to the BHPH industry,” NIADA chief executive officer Steve Jordan said.

Here are some of the agenda highlights of the summit that’s being led by NIADA director of dealer 20 groups Chuck Bonanno as well as the association’s two other 20 group moderators and training consultants — David Brotherton and Mark Dubois:

— 2017 industry trends and opportunities
— Credit reporting
— Remote payment options
— Underwriting in a competitive environment
— Collections best practices
— Network monitoring and cyber security
— Lead management basics
— Future of GPS and starter interrupt technology

Some of the other experts scheduled to be part of the summit include Susan Perlmutter of Sigma Payment Solutions, Steve Levine of Ignite Consulting Partners, Lawrence Pappalardo of Equifax, Robert Wilson of DealerSocket and Bill Neyland of TaxMax.

The association is also assembling a collection of capital providers who will provide their insights into the capital situation facing many of today’s dealers.

NIADA senior vice president of legal and government affairs Shaun Petersen also is on tap to share a regulatory update to summit attendees, as well.

The summit begins with a special welcome reception hosted by Kevin Carr, who is the vice president of financial services at PassTime GPS.

“The entire dealership staff can take something valuable back from this event, and we’re encouraging dealers to bring their managers, salespeople, service staff and collectors by offering discounts for dealerships that bring multiple attendees,” Jordan said.

“While the scope of this event is large, the idea behind it is simple,” he continued. “We want to help every BHPH dealer become stronger, more efficient, more compliant and more profitable. We want to give them the latest information, the best tools and the brightest ideas to make that happen.”

More details about the event can be seen in the video at the top of this page .

Operators can complete registration for the NIADA’s BHPH Summit .

PassTime unveils LTE Category 1 Device on the Verizon Wireless network

PassTime recently launched what the wireless GPS telematics products provider called Elite 5, an LTE Category 1-based telematics device serving consumer, dealership, fleet and specialized finance company markets.

The company highlighted The Elite 5 is the first LTE Category 1-based GPS device certified on Verizon’s 4G LTE network to serve the subprime automotive finance market in the U.S.

In addition, PassTime noted the Elite 5 will feature advanced power-saving functionality.

“The Elite 5 is a huge accomplishment for PassTime,” PassTime chief operating officer Chris Macheca said.

Bringing the first LTE Category 1-based device into the payment assurance market will provide our customers with access to the most reliable 4G LTE network and provide for network longevity which is critical to our customers,” Macheca continued.

PassTime has been a valued member of the Verizon Partner Program for nearly two years since launching a CDMA device on Verizon’s wireless network in 2014.  The company continues to provide innovative products and access to the latest technologies, helping ensure its customers have the best technology options to fit their needs.

“PassTime is a valued partner that has made several fleet devices available to Verizon customers,” said Chris Schmidt, executive director at Verizon.

“We are pleased to see cost-effective 4G LTE solutions such as PassTime’s Elite 5 Cat 1 device come to market and provide a new solution to serve the subprime auto finance market that connects to Verizon’s 4G network,” Schmidt went on to say.

For more information on PassTime’s new Elite 5 device, the company at (877) 727-7846 or [email protected]

Spireon posts 20th consecutive quarter of revenue growth

Spireon highlighted on Monday that it has achieved its 20th consecutive quarter of year-over-year revenue growth. The record revenue growth arises as the company added more than 1 million new connected devices in the past year across all major vehicle telematics segments, including buy-here, pay-here dealers, finance companies, small- and medium-size fleets, transportation, trailer and rental car companies as well as consumer markets.

Spireon reported that its revenue jumped 20 percent year-over-year for the first half of 2016 as the company more than doubled its profitability. Spireon chief executive officer Kevin Weiss insisted this consistent growth in active subscribers extends what he believes is the company’s “leadership position” as the industry’s largest aftermarket vehicle telematics solutions provider.

“Our record revenue and profitability reflects our market leadership, increasing demand for innovative and reliable vehicle telematics solutions, as well as our deep focus on our customers' success,” Weiss said.

“The Spireon team is unmatched in our extensive industry experience and expertise and we expect to continue this historic run as we place customers at the heart of everything we do,” he continued.

Spireon indicated more than 14,000 dealership already use its solutions, and the company is making inroads into the franchised store space.

Through the first six months of 2016, Spireon tracked a 15-percent increase in year-over-year sales for its automotive technology solutions group.

Demand for Spireon’s GoldStar GPS vehicle tracking and collateral management solutions increased as auto finance professionals and BHPH dealers saw loan delinquencies hitting their highest rates this year since 2010, according to the company. Spireon GoldStar GPS solutions now connect and protect more than $21 billion in vehicle assets for BHPH operators and automotive finance companies.

Momentum for GoldStar GPS sales and active subscribers derives from the introduction of innovative new products and capabilities for the BHPH and vehicle finance markets. With the addition of the PositionPlus GPS product, Spireon now offers a full suite of GPS-based solutions that can meet the diverse needs of BHPH dealers with varying GPS tracking and collateral management requirements and budgets.

Additionally, Spireon momentum among the franchised dealer segment experienced rapid growth in the first half of 2016 with a 26 percent increase in unit sales.

Bolstered by the recent addition of the SkyLink and Kahu product offerings, franchised dealers now have comprehensive tools to manage their inventory as well as add a new revenue source for their business by offering car buyers connected car services such as stolen vehicle recovery.

With Spireon’s FleetLocate solution delivering significant customer benefits of improved business productivity, operating efficiency and customer service, Spireon experienced dramatic growth among fleet businesses during the first half of 2016. Revenue grew 27 percent in the first half while total contract value for this segment increased 70 percent.

Spireon’s enterprise fleet, trailer and transportation segment growth was fueled by new solution offerings including Spireon’s FleetLocate Temperature Monitoring product and Spireon’s Driver Performance Program, as well as Spireon’s unique model of customer engagement focused on delivering outstanding customer service and support.

Additionally, Spireon’s Local Fleet business segment revenue increased 14 percent year over year. Through Spireon’s VehiclePath channel program, Spireon partners with local and national resellers to provide small- and medium-size businesses GPS-based telematics solutions that help lower their overhead and increase revenue.

PassTime and Verifacto finalize integration partnership

GPS-based technology provider PassTime announced that it completed a software integration project with Verifacto, a cloud-powered risk management system for independent and buy-here, pay-here dealers as well as other auto finance companies.

Customers utilizing both Verifacto software and PassTime GPS solutions now can perform a variety of device management functions directly within Verifacto as well as use custom insurance status features.

“Verifacto has built an innovative product solution that is unique to this market.  Adding them as an integrated software partner will be a great benefit to our customers,” PassTime executive vice president of development Jerry Morgan said.

PassTime’s BHPH and finance company customers have been using its GPS and automated collection technology solutions to enhance collection processes and reduce delinquencies and repossessions.  PassTime, which has been in business for over 20 years, prides itself on offering high-quality and reliable products to the subprime vehicle financing industry along with 24/7 live customer care for its customers and end users. 

Verifacto is a technology company focused on improving the way lienholders and borrowers connect with information. Verifacto makes data accessible and useful to customers by organizing information obtained from finance companies, borrowers and insurers. 

Verifacto’s risk management system can track insurance status and compliance for lienholders and additional insured, combined with loan payment reminders and payment processing.

“The integration with asset recovery technology is a very strategic and valuable partnership. Verifacto analytics identifies the highest-risk customers while the GPS technology enables efficient asset recovery,” Verifacto co-founder and chief executive officer Hezi Moore said.

The companies mentioned that the integration is complete and is commercially available. 

For more information, PassTime at (877) 727-7846 or [email protected]

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