BHPH Auto Dealers Find Help From GPS Tracking
It’s a match made in heaven. No, really, it’s that good. Automobile dealers are discovering that they can make use of GPS Tracking devices to help prevent them from losing money. Dealers that finance their own used vehicles to customers are particularly vulnerable to losses incurred when buyers skip out and hide vehicles on which they are supposed to make payments.
The answer is real time GPS trackers for vehicle repossession. We’re not talking about GPS navigation units here, either. The tracking devices that auto dealers use are designed to connect to a vehicle and are activated only as needed once the vehicle has been sold on a “buy here pay here basis.
The main benefits of these systems make them too important to ignore:
Discovery By Location. Should your customer stop making payments and decide to hide the vehicle, they will have violated the terms of their contractual agreement. That is when you will need to put your plan into action. You need to get the vehicle back to prevent taking a loss. Using these devices allows you to activate them from afar, and then track the location of the vehicle in real-time to get a fix on where it is located. Then, you can put your recovery plan into action.
A Safety Measure For Auto Dealers. Profitability has to remain a top priority for you to stay in business. Enforcing contracts with your customers is important in this process. GPS Tracking devices help in this regard. You can be sure that your losses will be minimized when you use them on your self-financed vehicles. Look, being a bank does not appeal to most businesses, but in this economy, you have to do what is expedient to make money, and right now the Buy Here Pay Here business model is one that is working for many customers.
A Cost Effective Solution. Vehicle tracking devices like this are very inexpensive. And, you can easily retrieve them once the financing period has ended by offering the customer a free oil change (or some other enticement) to get them to bring the vehicle to you. Then, you can re-use that same device on another vehicle.
Watch For Cheap Competitors. GPS tracking devices are the best solution for your auto dealership. There are cheap knock-offs that use pager signals to disable a vehicle. But the problem with these is that they do not provide location information. While they might be lower in cost, they do not offer you the full range of options that GPS tracking devices can.
Using GPS is a smart move for your business.
How Vehicle Repossession Is Made Easier With GPS Tracking
Car dealerships that provide their own in-house financing can legally equip a wireless or hard-wired GPS tracker to the vehicle they sell. Until that vehicle is paid off it still technically belongs to the used car dealer. If the buyer fails to make payments, the used car dealer can activate the live GPS tracker to find out where the vehicle is located and safely repossess that automobile. This is how GPS tracking devices are making it easier and safer for car dealers to perform vehicle repossessions.