Automotive Finance Market
New service helps lenders better manage risk by encouraging on-time payments and facilitating
recovery when customers default
CalAmp Corp. (Nasdaq: CAMP), a leading provider of wireless products and engineering services, today announced that its Aercept business unit has introduced an advanced payment reminder and asset recovery system designed to stimulate loan compliance and reduce risk to help vehicle finance companies cope with the current economic climate.
The innovative Aercept payment reminder service arms lenders with the ability to easily recover the vehicle after a loan default. Thanks to a combination of GPS satellite tracking, a wireless data link and a unique starter-interrupt feature, Aercept customers can monitor and communicate with their vehicles via the Internet in real-time 24/7/365 – allowing the lender to disable a rogue vehicle and know its precise location for swift recovery.
Targeting buy-here-pay-here (BHPH) automotive dealers and consumer finance companies, CalAmp’s new service seeks to improve consumer payment behavior through automated reminders, to reduce collection costs and, in the event of a default, to speed vehicle repossession for the financing company.
“Our new system issues automated voice, text, e-mail and in-vehicle messages to remind the customer of upcoming and over-due payments. By automating routine collection calls and improving payment behavior, we can help finance companies and BHPH dealers reduce late payments, cut collections costs, improve cash flow and increase profitability,” said Mike Zachan, vice president and general manager of CalAmp’s Aercept business.
The CalAmp Payment Reminder and Asset Protection System includes:
Advanced, “super-sense” GPS tracking hardware, able to locate vehicles in urban canyons, garages and parking structures
A GSM cellular modem for nationwide cellular communications
Pre-packaged data messaging airtime
Remotely activated starter disable-enable
Web-based vehicle tracking and account management, providing digital street map location, movement history and reports
Around-the-clock customer service and support
CalAmp delivers the most comprehensive wireless vehicle monitoring and tracking services for the vehicle finance industry, helping sub-prime and BHPH lenders lower their portfolio risk, increase their revenues and broaden their range of applicants.
CalAmp provides wireless communications solutions that enable anytime/anywhere access to critical data and content. The Company serves customers in the public safety, industrial monitoring and controls, mobile resource management, public utilities and direct broadcast satellite markets. For additional information, please visit www.calamp.com.