GPS Tracking
Buy Here Pay Here (BHPH) dealerships can benefit from GPS tracking for several reasons. These include:
Vehicle Recovery: GPS tracking can assist BHPH dealerships with speedy vehicle recovery in cases of default or nonpayment by customers. In instances when customers fall behind on payments or try to sell or hide their vehicles without authorization, GPS can help quickly locate it and facilitate its return.
Risk Mitigation: BHPH dealerships often cater to customers with poor credit or limited financial stability, making GPS tracking devices essential in mitigating risks posed by those at higher risk of defaulting. Being able to monitor vehicles allows dealerships to take proactive measures against losses that might otherwise arise.
Collections and Repossessions: When customers fail to make payments on time, repossessing their vehicle becomes paramount. GPS tracking technology enables BHPH dealerships to efficiently locate and recover vehicles – streamlining collections and repossession processes and taking necessary measures to safeguard assets while collecting outstanding balances.
Portfolio Management: GPS tracking systems give BHPH dealerships real-time data about the location and status of their vehicles, which enables them to effectively manage inventory, usage tracking, maintenance schedule monitoring, as well as maximize value of their portfolios. It allows them to optimize operations while guaranteeing timely servicing to optimize value in their portfolios.
Customer Security: GPS tracking can provide customers with peace of mind in an emergency or breakdown situation, enabling assistance to arrive promptly. This feature can enhance overall customer experience while reinforcing trust and satisfaction between dealership and clientele.
Overall, GPS tracking for BHPH dealerships offers many advantages for operations and customer safety, including improved vehicle recovery, risk mitigation, streamlined collections, portfolio management and enhanced customer safety. These benefits help BHPH dealerships operate more efficiently while protecting assets while offering better services to their customers.
How to track buy here pay here cars
GPS tracking systems can help track Buy Here Pay Here (BHPH) cars easily. Here are the general steps involved with tracking them:
Research and Select a GPS Tracking System: Conduct research and select a reputable GPS provider with features suitable for tracking BHPH cars, including real-time tracking, geofencing capabilities, tamper alerts and reporting functionalities.
Install the GPS Tracking Devices: Install GPS tracking devices in any BHPH cars you wish to track. Installation typically involves connecting the device directly to the power source of the vehicle and placing it securely within its interior to avoid tampering.
Enabling Your Tracking Devices: To activate the GPS tracking devices, follow the instructions from your tracking system provider and register and link them with your account online.
Monitor Vehicle Locations: Access the tracking system’s online platform or mobile application to monitor the location of BHPH cars in real-time. It will display their current position along with historical tracking data that enables you to follow their movements.
Geofences and Alerts: Geofences are virtual boundaries created for specific areas. If any tracked vehicle enters or exits them, notifications or alerts can be sent out through your preferred channels such as email or SMS.
Utilize Reporting and Analytics: Many GPS tracking systems come equipped with reporting and analytics features that enable you to generate detailed reports about vehicle activity, mileage, speed, and other relevant details. Leverage these reports for insight into vehicle usage patterns as well as to detect any potential issues.
Take Action as Needed: Should a BHPH customer fail to pay payments or try to hide or sell the vehicle without consent, using tracking systems you can locate their car and take appropriate actions, including repossession or engaging law enforcement if permitted under local regulations and laws.
Note: the exact steps may differ depending on which GPS tracking system you select, so be sure to read up on instructions provided by your provider for accurate and comprehensive instructions on how to track BHPH cars using their system.
What are the best GPS trackers for buy here pay here
Here are a few reputable options that are perfect for Buy Here Pay Here (BHPH) dealerships:
LoJack: LoJack is an industry-renowned provider of vehicle recovery systems. Their GPS tracking devices specifically tailored for BHPH dealerships offer real-time location tracking, tamper alerts and remote immobilization features – providing real peace of mind.
Spireon: Spireon is an industry-leading provider of GPS tracking and vehicle telematics solutions, including their GoldStar GPS product which is widely utilized within the BHPH sector and features real-time tracking, geofencing, vehicle diagnostics and driver behavior monitoring.
PassTime: PassTime offers GPS and telematics solutions to automotive finance companies, such as BHPH dealerships. Their Encore GPS device features tracking capabilities as well as remote immobilization, starter interrupt capabilities and advanced reporting features for automotive financing companies and dealerships.
CalAmp: Provides GPS tracking devices specifically tailored to dealerships that specialize in used and pre-owned vehicle sales, offering real-time tracking, geofencing capabilities, vehicle diagnostics features and customizable features designed to monitor and protect assets.
CarLock: Although best known for their consumer offerings, CarLock also provides a convenient GPS tracking device suitable for dealerships offering Buy Here Pay Here financing plans. Featuring real-time tracking capabilities with tamper alerts and other helpful features suitable for dealerships offering these plans, it makes CarLock an excellent addition to BHPH programs.
Before selecting a GPS tracking device for a BHPH dealership, it’s essential to carefully evaluate factors like provider reliability, features offered, ease of installation, customer support services provided and overall costs. Evaluate various options before making a final decision that fits within both your dealership’s specific needs and budget constraints.
Benefits of tracking buy here pay here car
Tracking Buy Here Pay Here (BHPH) cars can offer several advantages to both dealers and their customers involved in such deals. Here are a few key benefits associated with tracking these BHPH vehicles:
Asset Recovery and Risk Mitigation: Tracking BHPH cars allows dealerships to locate and recover vehicles in cases of default or non-payment by customers. Should someone fall behind on payments or try to hide or sell it without authorisation, tracking systems can pinpoint its exact location to facilitate recovery – helping reduce financial risk associated with lending to individuals with higher default rates.
Improved Payment Compliance: Having an easily trackable vehicle makes paying your payments on time much simpler for customers who might consider defaulting or engaging in fraudulent activity, encouraging them to remain current with payments and meet contractual obligations.
Tracking Systems Facilitate Collections and Repossessions: Tracking systems streamline the collections and repossession processes at BHPH dealerships. Instead of depending solely on manual searches or third-party services to locate vehicles quickly, tracking data helps dealerships use to quickly locate their inventory; saving both time and resources while increasing chances of successful repossession.
Increased Customer Safety: GPS tracking systems can offer enhanced customer safety. In an emergency or breakdown, these tracking devices allow emergency assistance personnel to quickly locate customers for prompt assistance, further improving overall customer experience and creating trust between dealership and client.
Portfolio and Operational Efficiency: Tracking BHPH cars provides real-time information on their location and status, giving dealerships more accurate inventory management, vehicle usage tracking, maintenance schedule monitoring and decision-making relating to purchases, lease agreements or sales agreements. This information allows dealerships to maximize operational efficiencies with optimized operations such as timely servicing schedules as well as better decisions concerning purchases, sales or lease agreements.
Reduced Insurance Costs: Certain insurance providers offer discounted premiums for cars equipped with GPS tracking systems, offering dealerships reduced insurance premiums that help reduce overall operating expenses and operating costs. Tracking BHPH cars may qualify for these reduced premiums and thus lead to significant cost reduction.
Resale Value Enhancement: Well-maintained vehicles with documented tracking histories may have higher resale values on the secondary market. A tracking system’s ability to provide accurate vehicle usage data may attract buyers while giving them confidence about its condition and maintenance history.
Tracking BHPH cars may offer various benefits depending on the tracking system used and dealership policies and practices. Implementation should adhere to relevant regulations in order to safeguard privacy and data protection for both the dealership and customers.