Financing any kind of vehicle or wheeled object means you’re investing in an asset that can literally roll away. Trailer financing is especially risky because trailers are easy to hide, store or hitch on the back of a motorized vehicle and move around. They’re also often left in unsecured locations like parking lots, storage yards, farms or job sites, which allows thieves easier access.
Trailers are usually less distinctive than cars, and they’re often used less, which means they might be stored for extended periods of time. That can make it harder for them to be found once they’re taken. All of these factors can lead to a higher risk that a trailer can get stolen or that a customer can hide the asset and default on their loan.
To help mitigate their risk, trailer financing companies should use GPS tracking for trailer equipment.
Putting GPS wireless trackers on trailers can enhance the security and protection of financed assets. It helps protect trailer financing companies by:
Protecting the financed trailer. By equipping trailers with GPS tracking, you can monitor the location and movement of assets in real-time. This helps track the trailer's whereabouts but also aids in quickly recovering the asset in case of theft or unauthorized use.
Mitigating lending risks. By using finance company GPS trackers, you can help mitigate the risk of lending. If a borrower defaults on their payments, you can quickly pinpoint their location and repossess the trailer. Having a GPS tracker can also deter misuse or theft. When borrowers know that a trailer is being tracked, it could discourage fraudulent activities and unauthorized movements.
Due to their standalone nature, most trailers will need a GPS wireless tracker that is self-powered. Here are some GPS features trailer finance company GPS trackers should look out for when choosing a GPS tracker.
Long-lasting battery life
Choosing the right battery is crucial for the performance of a battery-powered GPS tracker. You'll want a battery that's dependable and long-lasting, and a device that offers multiple modes—from daily endurance tracking to high-power recovery mode when needed. Versatility helps extend the battery life of the tracker. Advanced lithium batteries are ideal because they offer a much higher energy density and a lower discharge rate compared to other battery types, allowing them to last for years before they need to be replaced.
Stealthy design
One major benefit of a GPS wireless tracker is that thieves don’t know they’re there. You want to get a small GPS tracker that you can hide anywhere. Strap it to the bottom of the trailer, hide it in a compartment or put it in a wheel well. Thieves won’t suspect a hidden GPS tracker.
Easy to use
Find a GPS wireless tracker that’s easy to install. An easy-to-install battery-powered GPS tracker means you can move your tracker around when you want, quickly and seamlessly moving it from one trailer to the next. With an intuitive, centralized tracking platform, you’ll be able to see all your tracked trailer assets at once.
Dual GPS technology
Find a GPS wireless tracker that doesn’t just rely on satellite GPS technology. A tracker that also has cellular-location technology gives you the peace of mind of being able to find your trailer anywhere, even in dense urban areas, warehouses or parking garages.
PassTime’s Encore GPS, a battery-powered GPS tracker, is an affordable, feature-rich, award-winning option that is the perfect device to use for GPS trailer tracking.
Encore’s advanced lithium battery technology allows the device to be installed in seconds, activated with the flip of a switch, and deployed for up to 5 years. That allows you to set it and forget it, helping to reduce time and energy to maintain the GPS.
Encore GPS has four power modes—Endurance, Trip, Active and Recovery—so you have the flexibility to decide when and how often to track and monitor a trailer. You can opt to track it twice daily to conserve battery life or switch to full power mode for continuous tracking when you want to monitor or recover a trailer.
The Encore GPS is designed to be easily concealed. About the size of a deck of cards and weighing just two ounces, its sleek black casing makes it a perfect, discreet tool for preventing asset loss. Place it inside a magnetized clam-shell case, and you’ve got countless placement options for rugged conditions that can even survive a military airdrop.
Encore GPS combines GPS-based tracking with cellular-location technology. With this dual technology, you’ll always know where your assets are, even with possible obstructions like warehouses or parking garages. You can easily track your trailers with either GPS or 4G- or 5G-cellular networks due to Encore’s Beyond GPS™ technology.
Don’t miss out on this easy and affordable way to protect your assets. Contact PassTime to get a free quote today.
