Vehicle thefts increased year over year by 9% (873,000 stolen vehicles) in 2020, according to statistics from the National Insurance Crime Bureau. In certain cities like Washington D.C., New York City and Chicago, thefts skyrocketed by 50%, 68% and 134% respectively. As many as 44% of stolen vehicles are not recovered. Higher prices for both new and used vehicles have contributed to the uptick in thefts as have other pandemic-related issues, such as unemployment.
As a franchise or powersports dealer, you aim to increase your PVR while providing your customers with solutions they need. A GPS-based stolen-vehicle-recovery system is one of those solutions that can help keep your customers’ vehicles safe. Here are three reasons why F&I managers love this solution.
Reason #1: Elevated brand experience
Enhancing the customer service experience at your dealership helps to elevate your brand, which deepens relationships with customers. To compete in today’s competitive automotive landscape, you need to offer your customers a superior experience. You can do that by adding solutions like a vehicle-recovery system to your F&I menu to protect their investment and give them increased peace of mind.
With a GPS-powered vehicle-recovery system, your customers can use a smartphone app to keep tabs on their vehicle. They can geofence a set area and receive alerts when their vehicle crosses that boundary. They can do the same with speed. Any time their vehicle exceeds a certain speed, the owner gets a notification with the location and speed of the vehicle. In the event of a stolen vehicle, a GPS vehicle-recovery system can help the police find their vehicle with pin-point accuracy. That’s the beauty of a fast, simple vehicle-recovery system. And your customers will thank you for it.
Reason #2: Potential insurance savings
When every dollar counts at both the retail and wholesale level, providing customers the opportunity to save money can be a big draw. A vehicle-recovery system may help your customers with their monthly insurance premiums. In 2019, the average annual expenditure on vehicle insurance per consumer unit in the U.S. rose to over $1,500, up from $976 in 2018. Car insurance rates are based on risk, so when the risk of theft goes up, it’s likely premiums will follow.
A vehicle-recovery system can help your customers combat rising insurance premiums. Many insurance companies offer reduced rates to customers with vehicle-recovery systems. Why? Because a stolen-vehicle-recovery system with tamper- and theft-protection features makes recovering that vehicle faster, cheaper and more likely. The 44% percent chance of not recovering said vehicle drops to zero with a GPS vehicle-recovery system. Your customers—along with their insurance companies—will always know where their vehicles are, no matter what.
Reason #3: Device resale profits
Vehicle sales account for only part of a dealer’s gross profit, with the remainder coming from service or F&I. Hard and soft costs, from overhead to insurance, personnel expenses to advertising, can quickly eat up gross profits, which is why it’s so necessary to find products that benefit both the dealership and its customers. Resale opportunities like these can help you maximize your dealership’s gross profits. A stolen-vehicle-recovery system is one such product.
While the vehicle is an asset, you can easily locate it on or off the lot using a vehicle-recovery system. You can efficiently manage, track and protect any number of assets. That geofencing feature we mentioned earlier? It helps you keep tabs on vehicles during test drives.
At the point of sale, these same features that you love translate into security for your customer. Plus, you can use the vehicle-recovery system to send them maintenance alerts to bolster your service department’s bottom line. And, of course, it offers tamper- and theft-protection features to thwart would-be thieves.
PassTime’s InTouch Vehicle-Recovery System
InTouch is PassTime’s all-in-one solution for vehicle-location tracking, monitoring, protection and recovery. You’ll get nationwide network coverage, a smartphone app for remote management, GPS geofencing and speed monitoring with automated alerts, a device you can resell to customers for additional profits, the ability to protect your assets from extreme weather, tamper/theft protection and the ability to send customers alerts for maintenance and recalls. With unparalleled device reliability and exceptional customer service, InTouch helps your dealership thrive thanks to our laser-accurate, secure, transparent remote-monitoring technology. You and your customers have peace of mind. That’s the PassTime promise.
Think you’re ready to get in touch with us? Give us a ring at 1-800-828-1564 or request a free quote.