IoT is a network of physical objects (things)—ranging from home appliances to automobiles and more—embedded with devices featuring sensors, software and other technologies. These devices can communicate with a network of other devices, cloud services and even people to share information and coordinate activities and processes.
IoT is transforming the transportation industry. Smart, connected devices in vehicles have led to improvements in safety, traffic management, fuel efficiency, fleet management and driver experience—all while helping reduce maintenance costs and prevent breakdowns. From voice-activated commands to self-driving cars, what was once science fiction has become almost commonplace.
GPS tracking, as an IoT technology, has revolutionized the used car market. GPS for used car dealers allows dealerships and financers to track cars on lots or whose purchases have been financed by customers and allows dealerships to sell to a broader range of customers. Here’s how.
Installing GPS tracking solutions in cars helps dealers know where their cars are, whether they are on or off the lot. Before GPS tracking solutions, if a car went missing, used car dealerships had to actively search for their assets, which was labor intensive and inaccurate. Now, all you have to do is check in with your tracking service to find its exact location.
Asset recovery can be needed even when no theft is involved. When consumersfail to make lease or loan payments, cars might need to be recovered. GPS tracking solutions support quick and convenient recovery by pinpointing a vehicle’s exact location.
Loss prevention and asset recovery serve as insurance of sorts in the event of fraud. This is especially important because incidents of fraud are on the rise. As AI has grown more sophisticated in recent years, the tools of fraud have grown even more effective and widespread.
Fighting fraudsters is costly, and you should be prepared to lose some battles. The best way to ensure that falling victim to fraud doesn’t mean writing an asset off as a loss is by installing an auto dealer GPS tracking system. GPS for used car dealers provides peace of mind by helping to promptly alert authorities and recover assets.
All of this amounts to more customers. How is that, exactly? When the risk and cost of theft, default and fraud go down, your prospective customer base broadens.
You might not always be able to tell a real customer profile from a fake one or a reliable payer from a potential non-payer. And when economic downturns occur or your inventory isn’t moving, you may simply have no choice but to broaden your financing standards a little. GPS tracking for used car dealers and for auto finance companies helps ensure that even as you cast a wider net, you’re able to limit potential losses. That means more customers, even in tough times.
Broadening your customer base is made possible by installing a GPS tracking solution that’s smaller than a deck of cards. PassTime’s Encore wireless GPS tracker is a convenient solution that gives you the peace of mind, allowing you to extend financing to more customers—and with the arrival of Encore 4, you get even better features and performance from one tiny device.
PassTime’s Encore comes equipped with cutting-edge, 4G/5G-compatible dual-location technology with Beyond GPS™. This allows you to pinpoint the exact location of your assets even where traditional GPS can’t reach, such as parking garages or warehouses. And with Encore’s geofencing capabilities, you can get an alert whenever an asset enters or leaves a designated boundary. This helps keep cars on the lot where they belong and allows finance companies know about possible violations of leasing or loan terms such as crossing state lines.
Encore is simple to activate and install. At a mere two ounces, Encore’s wireless, ultra-compact design allows you to discreetly place it where no one will see it. Because it’s a separate, wireless device, it makes a great backup safeguard when thieves hack into a car’s systems.
Slip it under the seat, or secure it using one of Encore’s magnet or screw mounting brackets out of sight. A little imagination is all it takes to prevent unauthorized users from stumbling across it. The rugged, dust-tight and waterproof design means it can stand up to forceful water spray and other harsh conditions.
An advanced lithium battery with a 5+-year lifespan features strong performance even in cold climates. Four power modes to give you the flexibility to choose how often you want Encore to notify you of its location.
The future arrived with the release of our fourth generation of Encore wireless GPS tracking devices. Encore has been redesigned for a longer battery life, easier placement, better tracking, faster performance and more.
PassTime is your dealership’s true partner in improving cash flow, protecting inventories and combating vehicle-finance fraud. Protect your dealership’s assets so you can have the assurance you need to work with even more customers. Reach out today for a free quote.
