IRVINE, Calif. — Aftermarket telematics solutions provider Spireon Inc. reported solid revenue gains and a 150% increase in profitability in the second half of 2016.
The company is in the midst of a 14-year run of top-line growth and “outstanding” financial and operational performance, according to CEO Kevin Weiss.
“2016 was a transformative year for Spireon, so it’s particularly rewarding to see such strong financial and business performance fueling our leadership position in vehicle telematics,” Weiss said. “We’ve set aggressive goals for 2017, which we intend to meet through continued commitment to customer success, aggressive product innovation, and high-touch customer support that allows Spireon to stand out from competitors.”
The company, which serves the dealer, auto finance, fleet and consumer segments, claims more than 3.75 million active customers and one billion data events per quarter. Profitability increased by 150% in the second half of 2016, the company reported, along with a number of encouraging metrics, including:
- 56% growth in new customer acquisitions in the buy-here, pay-here (BHPH) segment
- 100% adoption rate for a major BHPH franchise, leading to an 800% increase in units sold per month
- More than 20 additional dealerships preloading their entire inventory with Spireon’s new-car solution
- Consumer product sell-through rates exceeding 60% within new-car dealerships
For more information about the company’s second-half results, including further details and analysis, click here.
Originally posted on F&I and Showroom