If you’re in the used car financing industry, we probably don’t have to tell you that the past few years have been a wild ride. Thanks to a perfect storm of factors, from the United Auto Workers (UAW) strike to economic uncertainty, market volatility has become the new normal, and used car market trends indicate that it’s not going to change anytime soon.
If you’re in need of some strategies to help you handle the ups and downs of the used-car roller coaster, you’re in luck: we’re here with some ideas to help you protect your assets simply and affordably by implementing GPS solutions. By installing used car GPS tracking devices on the vehicles in your inventory, you can reduce your risk of loss due to theft, default, fraud and more. Buckle up and read on for some smart uses for GPS tracking on used cars.
The aftereffects of the UAW strike are likely to impact the auto industry for quite some time. Halted production of cars and parts has decreased the number of new vehicles rolling off the assembly line. These shortages mean a lower supply, and, therefore, an increased consumer demand and higher wholesale and retail costs for used vehicles
For used car dealers, this can be a double-edged sword. The need to increase the inventory of previously owned vehicles on their lots, along with the capital needed to acquire those vehicles. This increased value makes protecting your inventory all the more important.
Installing a GPS like PassTime’s TRAX device on each of these vehicles can help dealers prevent theft and loss, as well as keep track of their inventory during test drives and more. Designed with BHPH dealers and auto finance companies in mind, TRAX includes smart features like real-time location data, geo-fencing and optional starter-interrupt and optional OBDII installation help manage and protect inventory on the lot and once it leaves..
Need even more peace of mind? Some GPS solutions, like PassTime's Select GPS device, also include tow and tamper detection that alerts you to unauthorized vehicle use if someone tries to remove the device, or if the vehicle is being towed. These protective measures can go a long way toward ensuring that every vehicle well-protected.
Having to recover a vehicle from someone who hasn’t been making their payments is never a fun task, but a GPS solution can help you keep tabs on customers who are delinquent on their loans.
Due to higher interest rates and consumer market trends toward younger buyers, the used car market has experienced an increase in auto loan delinquencies, defaults and repossessions in recent years. In fact, the rates of auto loan delinquencies are higher now than they were during the pandemic in 2021 and 2022. Because of this, it’s essential for Buy Here Pay Here dealers and other companies in the used car market to have a reliable tracking solution that includes automated collection technology.
PassTime's Elite GPS includes automated collection technology. This state-of-the-art used car GPS tracking device sends automated payment reminders to customers. This can not only help reduce delinquencies and defaults but can also empower dealers to reach out to customers who have fallen behind on their payments. By working together, they can arrive at an alternative payment arrangement that works for both parties. The PassTime Elite GPS can be a total game changer for used car finance companies who are looking to simplify and streamline their collections processes. Installing a used car GPS tracking device on vehicles on your lot can help you easily find them in the event of loan delinquency. You can search for the car in question on an easy-to-use mobile app and know in moments where it is located, which can help expedite a recovery.
As we’ve learned over the past several years, when it comes to used car sales, the only constant is change. Available at affordable price points, used car GPS tracking devices can help dealers and finance company owners mitigate risk without breaking the bank, making it easy to keep track of assets without interfering with your daily business operations. Finance used cars with confidence knowing that the GPS installed on the vehicle helps to protect your bottom line. This peace of mind can go a long way as you navigate the ups and downs of the changing consumer market.
When it comes to asset protection and loss prevention in the used car industry, there is no one-size-fits-all solution. That’s why PassTime is proud to offer a variety of industry-leading, scalable GPS tracking solutions for virtually any company size, scope and budget.
Which of PassTime’s state-of-the-art GPS technologies is the best fit for your business? Find out which product in our suite of battery-powered GPS solutions can help you:
Do you need to recover assets more efficiently?
Ramp up your repossession efforts with a used car GPS tracking device from PassTime. Any of the state-of-the-art products in our lineup can go a long way toward helping you stay in control of your vehicle as you work to recover it.
Do you want to track your assets quickly and affordably?
Know where every vehicle in your inventory is at a glance with Encore, PassTime’s 4th-generation battery-powered GPS device. With no wires to cut, Encore can be installed quickly and easily by just about anyone. Now with 150% greater signal capture, accuracy and performance than its previous generation, Encore features four power modes that allow you to track assets twice a day, during trips or at full functionality.
Still not sure which PassTime solution is right for you? Contact us today to speak with a PassTime representative so you can make the best choice for your asset-protection needs. See how our smart, simple GPS solutions can help you grow your business and defend your bottom line.
