By Amir Dabiri - March 17, 2014
As a Buy Here Pay Here (BHPH) Dealer or Subprime Lender, it’s likely you’re familiar with GPS technology to track vehicle assets. Typically devices are purchased for a couple hundred dollars each and you pay the provider a fee to keep the device on their GPS network. Now the device is installed on the vehicle and you wait to see if the customer defaults on their loan. You wait to confirm the device is functioning properly to locate the vehicle in an attempt to repossess. If this is your practice, then it’s likely you are looking at GPS devices as an expense. If the device works properly and you get the vehicle back, the expense was worth it. If it fails, it could be costing you money.
An effective collections staff can make the difference of the device being an expense or being an investment. Communicating with customers to keep them in their vehicles, making regular payments and reducing delinquency is key. Securing one extra payment from each customer will typically pay for the device. Bringing in a second extra payment or more can provide a return on your investment.
ABCoA is a Software-as-a-Service company dedicated to the subprime industry. Our cloud-native ecosystem handles every part of business operations - improving productivity, security and accuracy, while consolidating vendors and reducing costs.
Since 1983, ABCoA has helped buy here pay here used car dealerships and subprime finance companies eliminate duplication, remain compliant, and achieve success with complete, customer-driven software and dependable support. Customers properly using Deal Pack have never lost an IRS audit.
Recently awarded Top Online Accounting Software for Deal Pack, ABCoA continuously elevates the standard for software in the subprime industry and helps customers grow through our commitment to quality, innovation, and service. Headquartered in Jacksonville, Florida with employees across four states, we remain family-owned and operated.
To learn more about ABCoA, visit www.abcoa.com.
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