repossessions are on the rise…gps and disabling software to the rescue
Repo men say they have seen an average rise of 15-20 percent in the number of vehicles repossessed daily. Luxury cars are reportedly being repossessed in large numbers in upscale areas like Florida and Southern California.
With the economic downturn forcing more dealers to reach into their own pockets to provide financing for customers, some are turning to technology to protect their assets.
The GPS locator units are usually installed somewhere under the hood or dash. However, dealerships are not willing to give the exact location or appearance because some people may be tempted to disable them, notes station KDVR in Medford, Oregon.
“There are no laws saying you must disclose the presence of the GPS tracking devices, as long as the car is still owned by the dealer. However, most do choose to disclose the presence of the device,” says Brett Wells with www.gpsrightnow.com.
The company that sells GPS units says their hope is that the devices will enable more people to get cars.
Rocky Mountain Tracking offers Smart Track, a discreet GPS anti-theft device installed in vehicles, and it pays for itself. The dealer pays only if the vehicle actually needs to be tracked.
A company spokesman says, “In the event that a customer defaults on payment or a vehicle is stolen, you can pay a few dollars to recover the vehicle. The car tracking web-based software will provide the vehicle’s current location and the vehicle’s starter can be disabled.”
Brett Wells said,
June 21, 2009 at 4:10 pm
Thanks for posting this article. With GPS vehicle locating, a mom-n-pop dealer can now let a $5000 car drive off the lot for maybe $500 down which should benefit the buyer and the seller.
It only takes a couple of missing cars to completely sink one of these small dealers and force them out of business. Though not required, I understand most of them disclose the device to the buyer. This could come in handy if the car went stolen too.
BHPH dealers (buy here pay here) often get a bad rap, but in reality they are usually the real victims. A lot of buyers drive off, never make another payment, disconnect their phone and disappear. Ouch. – Brett Wells
Brett Wells said,
June 21, 2009 at 4:36 pm
Great story. Seems most BHPH dealers get a bad rap, when it’s actually the people who drive off for $500 down and never come back! GPS gives the small guy a chance to stay in business. – Brett Wells
gotplates said,
July 3, 2009 at 2:51 pm
hello brett
the BHPH model ( buy-here-pay-here )
is the only market besides 6 figure collectables
showing profit and growth in this poor car market
the BHPH model returns to the deal on a handshake mentality
and weekly, bi-weekly or monthly payments, usually in cash,
to the car dealer who made the original sale
with some cultural restrictions on interest
many BHPH car dealers and customers
adopt a tap – tap mentality of an out the door balance
divided by 6, 12, 18 or 24 months
dmv paperwork to record these sales
in clean and accurate
the market drive for wholesale cars between $ 3k and $ 8k is intense
we see many car dealer repair shops
obtaining there wholesale license
with a $ 10k dealer surety bond
and a limit of 24 cars per year
sold repaired and safety certified to local dealers
no one will be un affected by this economy
the BHPH system is an american invention
and it may be one of the best ways to assist in the recovery
we are doing our part with our dmv certified dealer education for $ 100.
call us if you need more information
good luck
charlotte
800-901-5950
gotplates said,
July 3, 2009 at 2:58 pm
the GPS system works well in the BHPH model for car dealers
the installed cost of less than $ 300. per unit
allows retention of payments and recovery of the vehicle for minimal expense
if you own a car repair shop, learn how to install this system
and obtain your wholesale car dealer license
$ 10k bond at your current car repair location
these gps systems and the growing demand for low cost
quality used cars may keep you in business during this
economical struggle
a small profit on each deal
is better than no deal
my persian godfather mory zakeri reminds me:
selling good used cars is like pie, share the wealth
and make the deals happen, buyer, seller, broker
repair shop or gps installer
all get a piece of the pie
when a used car dealer
makes a retail sale
not to mention the two sisters
the dmv and the state board of equalization
good luck
please call if you have questions
thx
charlotte
800-901-5950
gotplates said,
July 3, 2009 at 4:47 pm
hello brett
yes, it is amazing that in this economy
the BHPH model provides for a $ 500. drive off price
with a promise to pay, a drivers license and insurance
local buyers supporting local car dealers
will help everyone
thx
charlotte
800-901-5950