Collections Made Easier Through GPS Technology
by Ariad Sommer | CEO/ Ituran
It is one of the toughest truths of the buy here pay here and auto financing industries: Delinquency rates are often quite high, and, for many dealers, the collections process is more than a little laborious. Far too many auto financer’s and BHPH dealers have watched as their assets are driven off the lot, never to be seen from again—and never to be fully paid for!
It comes as no great surprise, then, that dealers have turned to technology to help make the collections process smoother and more efficient, and to see those delinquency rates plummet. Thanks to the technological advances offered by the modern era, dealers are able to track their assets and even exert control over them—all from a secure web access, and via their iPhones, Android or Blackberries!
Of course, GPS technology has proven to be an enormous boon to BHPH dealers and auto financers. With a GPS tracking mechanism embedded in a vehicle, dealers can always know exactly where their vehicles are—something that allows for a certain degree of peace of mind. This is especially true when the GPS technology is paired with starter interrupt technology, which effectively empowers the dealer to disable the engine of a vehicle via remote!
These twin technologies form a nearly comprehensive approach to the collection process. It is much harder for a customer to avoid payments when the dealers know where he or she is (or at least, where the vehicle is) at all times; by turn, if it gets to a point where repossession is in order, GPS tracking and starter interrupt technology make it significantly easier for dealers to reclaim their assets.
One of the leading suppliers of these twin technologies is ITURAN®, working largely with BHPH dealers and auto lenders. Our company’s flagship technology is called Controlit®, which unites GPS tracking and starter interrupt technologies. And yes: Dealers can access these features via their desktops or via their smartphones! Most crucial, perhaps, is our responsive and personal customer service team, accessible 24/7—meaning our customers constantly have every resource at their disposal for asset monitoring and protection, for skip tracing, and for repossessions.
Controlit also provides a number of complimentary features, and in many ways it points forward to where these collections-enhancing technologies could be headed. For example, Controlit’s GPS technology goes beyond simply tracking functions. It does indeed allow dealers to keep tabs on where their assets are, but it also analyzes customer parking behavior, generating reports that detail the significant stops of the vehicle in question. Naturally, this has its share of uses as far as repossession and STIP verification goes.
But what makes our Controlit product unique is that we have designed it as a preventative measure, against the very need for repossession. That is, Controlit seeks to maximize the odds of clients actually making their payments, thus reducing the delinquency rate significantly. Controlit technology sends automated payment reminders to vehicle drivers—wherever they may be. And speaking of which: Dealers can customize the GPS tracking function, setting it to send them immediate alerts when a vehicle leaves a predetermined geographic area (Geofence), another useful tool for providing peace of mind and keeping tabs on these valued assets. There are a number of advantages on the customer’s side as well: more options to purchase vehicles, obtain insurance discounts and use our products in the event of a stolen vehicle.
ITURAN’s technology has been available for a long time—our company itself has existed since 1995; nevertheless, we have found our way to more and more dealers now, thanks to a key integration of Controlit with the AutoStar technology suite. AutoStar is a company that shares our convictions and passion for providing dealers with confidence in their abilities to track and control their vehicles. As such, BHPH dealers and financiers have their own access to our dashboard through AutoStar, offering an easy way to visit the Controlit control panel from inside the AutoStar application itself. Additionally, AutoStar has innovated a system to completely automate all of Controlit’s features, to correspond with a dealer-determined payment schedule.
In other words: Technology continues to evolve, to mature, and to improve—much to the delight of BHPH dealers and auto financers everywhere. AutoStar is pleased to stand at the forefront, and to work alongside ITURAN, a stable and reliable company publicly traded on NASDAQ: ITRN, in pushing these technologies ever forward.
As CEO of Ituran USA, Ariad brings a unique mix of proven business development skills in combination with technical experience in the market to fulfill the needs of clients. As a previous user of the Ituran USA products, he has a true understanding of the business needs and requirements. His background and leadership skills have led the Ituran USA team to increased productivity and product growth.