Asset and collections management can change the way Buy Here Pay Here (BHPH) dealers and auto- finance companies, credit unions and banks approach their cash flow, a key barometer of financial health, for the better. Collecting more on-time payments remains critical to positive cash flow. But focusing on the money coming in is just one part of the positive-cash-flow equation. The other? Keeping tabs on the money going out. Both situations require thoughtfulness and a proactive approach.
Wireless GPS tracking devices are helping BHPH dealers and auto-finance companies improve their cash flow by reducing logistics and installation costs exponentially. Here’s how.
How much time does it take to coordinate GPS device installation per car? There’s the research to find a certified and reputable installer. Then the time to negotiate pricing. Not to mention the time it takes to get your vehicle to and from the installer. Let’s estimate that the whole process takes four hours, start to finish. But if you’re managing inventory across locations or on a rolling basis, the time adds up fast. You probably need a single person devoted just to handling the logistics.
With a wire-free tracking device, the logistics drop dramatically. You provide the GPS solutions provider with a shipping address and once the wireless tracker arrives, anybody can install it in under a minute, without the need for a GPS installation company. You’ve reduced the workload from hours per vehicle to minutes, freeing up your team to focus on more important matters like collecting on-time payments or developing alternative payment options. Vehicle GPS device installation couldn’t be easier.
Cutting costs is a tried-and-true tactic for positive cash flow. The key is to cut costs that can scale. Your goal is to make a difference of thousands of dollars or more. A wireless GPS device can make such a difference by cutting $50–100 in installation costs per vehicle. Let’s examine how these costs add up:
- $50 savings/vehicle x 50 vehicles = $2,500 saved
- $100 savings/vehicle x 100 vehicles = $10,000 saved
- $50 savings/vehicle x 500 vehicles = $25,000 saved
- $100 savings/vehicle x 1,000 vehicles = $100,000 saved
You can put your savings toward growing your inventory, investing in new data-driven technologies or hiring new collections staff. You’re able to do more on the actions that will help you sustain and grow your business because you’re spending less on GPS device installation.
PassTime’s wire-free GPS device
Encore helps you improve your cash flow by giving you the vehicle tracking you need in less time for less money. It’s the easiest way to manage your assets, complete faster, lower-cost repossessions and expand the number of loans offered.
This completely wireless, self-powered solution features an ultra-lightweight, compact design that’s about the size of a credit card and weighs less than two ounces. Flexible power modes give you the functionality you need while extending battery life.
Ready to cut the cord? Watch this 45-second video to learn more.