When an end consumer approaches a lender or a dealer to purchase an automobile, the lender company conducts a careful background study to analyze and understand the credit worthiness of the customer. If a credit challenged customer approaches a lender for a loan, the necessity of observing and monitoring the car becomes a pre-requisite, to mitigate risk in terms of vehicle impoundment, defaulting and late payment. The lender company utilizing LoanPlus CMS—Spireon’s flagship solution for the automotive Finance sector—can then simply raise a ticket in their application, which will immediately notify the Express Service Division of Spireon. Within the next 24 hours, a trained team of professionals from Spireon would visit the facility and fit in a cellular based sleek GPS device called the Talon, built with a resettable internal fuse, extended battery life and tamper-resistant features to withstand harsh environmental conditions. “Over the years with close partner relationships with cellular companies, we have managed to deliver a value product at nominal costs despite our product being a feature rich and reliable device,” says Marc Brungger, CEO, Spireon.
The car is then sold to the consumer who receives timely notifications about due payments through reminders. In case of late payment or vehicle impoundment, the lender can quickly access the information about the car through the feature—On Demand Locate, which triggers the GPS to curate data about the vehicle location and its topography, which is then sent to Spireon’s NSpire platform where the information is condensed and displayed with a neat, easy-to-use web-based interface on the lender’s screen. When vehicle impoundment is necessary, the system has pre-defined geographical zones that alert the lender once the vehicle enters or exits the boundary. This all happens within 10 seconds.
Most importantly, the technology gives the lender information about the geographical location of the car, which can speed up the process of re-possession. While this may be not required on all cars or cars purchased through prime loans, the device is still installed in automobiles on a lender’s request. “With automated payment reminders and a starter disabler built into the system, our automotive customers are able to eliminate the need for repossessions in many cases.This translates into hundreds of thousands of dollars in savings each year for both lenders and consumers,” adds Brungger. The smart GPS device runs an automated report called Auto Reports/Heart Beats every 25 hours and saves it in the device history, which can be pulled up by the lender at will, with just a click.
With over 800,000 shipped devices powered by the advanced core platform—NSpire, Spireon’s latest product, the Talon, leverages the technology to induce next generation applications and modernized UI’s to help clients reduce the number of repossessions and the risk associated with it.
AllCredit Acceptance, a finance company based in Woodstock, GA found itself processing more deep subprime loans than ever before, which was challenging because the company had to make sure the increase in subprime loans did not come with an increase of risk. The company wanted to continue to focus on its core competencies—subprime auto loans—without loosening their criteria or underwriting guidelines and turned to Spireon for their Automotive Collateral Management Solution—LoanPlus CMS in 2011. With the installation of Spireon’s LoanPlus CMS, AllCredit Acceptance witnessed a drastic increase in the efficiencies of their collections staff, decreased delinquencies and defaults, reduced repossession rates and costs, as well as enhanced their customer relationships.
“LoanPlus CMS helps me keep my customers paying; we can estimate about 60 to 70 fewer repos every year. At an average monthly payment of $370, that comes to $317,520 in savings per year. Since our average term is 40 months, the savings quickly becomes closer to $400,000 per year. We value our loans higher with LoanPlus,” says William Candler, CEO, AllCredit Acceptance.
Spireon’s solutions for the fleet sector provide real-time visibility into small to enterprise sized businesses managing fleets to assets and trailer intelligence. The company believes that motivation is a key ingredient in creating sustainable, successful workforce behavior. One of its popular products for the fleet sector, the FleetLocate Joe Gibbs Driver Performance Program, uses gamification to enhance team spirit among drivers through a mobile application. The app tracks the performance of drivers through GPS and creates a trending comparative dashboard with awards and point systems, thereby revealing the best performers. The competitive spirit takes over with a noticeable output of improved performance. Another product for fleet services is FleetLocate Local Fleet Management—a solution that is engineered with CDMA-based technology to deliver the high reliability needed to help streamline operations, reduce costs associated with service and maintenance of vehicles, improve driver performance and customer satisfaction.
Spireon is rolling out opportunities in CDMA-based and 3G technologies and is exploring 4G telematics solutions that will deliver a much richer and more interactive level of data for customers. By integrating the best of technologies to monitor and manage automobiles on risk mitigation, fuel management, and driver performance, Spireon aims to guide dealers and lenders to its technology platform that will free up their time for what they do best―putting more people into more automobiles as easy and risk-free as possible. “While we have established ourselves as the Mobile Resource Management and business intelligence leader in automotive vertical, we continue to uphold the same passion for innovation—the same drive to achieve what others may call impossible—as we did over 10 years ago, jotting ideas on the back of a napkin,” concludes Brungger.