It’s summer. It’s a peak vacation time. People are headed towards the beaches and other favorite vacation spots. They want to disconnect from life to recharge. This might be good for them, but not your vehicle finance portfolio. How do you push out payment reminders? Locate your delinquent cars?
Source: 2014 BHPH Benchmarks Report
There is a better way to manage your sales inventory and reduce losses. Technology offers many options from customer phone alerts to GPS locators. There are multiple ways to stay connected with your customers and vehicles. Let’s take a peek at how LenderOutlook™ puts it all together.
The first part of the equation is having a device installed in the vehicle (which you can remove after the final payment is made). But a GPS device is just a box unless you can access the data. By layering on specialized software, you can locate the leased or financed car whenever you need to. This is helpful when a payment is late or, even worse, the car needs to be brought back to the lot.
However, LenderOutlook has some great features such notification alerts for whatever parameters you need, such as speed alerts or crossing the Mexican border (they have some great beaches there too). The system can be programmed to schedule payment reminders as well. And all the information can be accessed via your office computer or your smartphone (which is handy if you’re at an auction purchasing more inventory).
And, if things go south for other reasons than a summer vacation, you have the option of disabling the car’s starter until the situation gets resolved. These new systems help reduce lending risk and improve operational efficiency. You apply suntan lotion to protect from burns (or worse) so why shouldn’t you add technology to protect your business?