Spireon highlighted on Monday that it has achieved its 20th consecutive quarter of year-over-year revenue growth. The record revenue growth arises as the company added more than 1 million new connected devices in the past year across all major vehicle telematics segments, including buy-here, pay-here dealers, finance companies, small- and medium-size fleets, transportation, trailer and rental car companies as well as consumer markets.

Spireon reported that its revenue jumped 20 percent year-over-year for the first half of 2016 as the company more than doubled its profitability. Spireon chief executive officer Kevin Weiss insisted this consistent growth in active subscribers extends what he believes is the company’s “leadership position” as the industry’s largest aftermarket vehicle telematics solutions provider.

“Our record revenue and profitability reflects our market leadership, increasing demand for innovative and reliable vehicle telematics solutions, as well as our deep focus on our customers' success,” Weiss said.

“The Spireon team is unmatched in our extensive industry experience and expertise and we expect to continue this historic run as we place customers at the heart of everything we do,” he continued.

Spireon indicated more than 14,000 dealership already use its solutions, and the company is making inroads into the franchised store space.

Through the first six months of 2016, Spireon tracked a 15-percent increase in year-over-year sales for its automotive technology solutions group.

Demand for Spireon’s GoldStar GPS vehicle tracking and collateral management solutions increased as auto finance professionals and BHPH dealers saw loan delinquencies hitting their highest rates this year since 2010, according to the company. Spireon GoldStar GPS solutions now connect and protect more than $21 billion in vehicle assets for BHPH operators and automotive finance companies.

Momentum for GoldStar GPS sales and active subscribers derives from the introduction of innovative new products and capabilities for the BHPH and vehicle finance markets. With the addition of the PositionPlus GPS product, Spireon now offers a full suite of GPS-based solutions that can meet the diverse needs of BHPH dealers with varying GPS tracking and collateral management requirements and budgets.

Additionally, Spireon momentum among the franchised dealer segment experienced rapid growth in the first half of 2016 with a 26 percent increase in unit sales.

Bolstered by the recent addition of the SkyLink and Kahu product offerings, franchised dealers now have comprehensive tools to manage their inventory as well as add a new revenue source for their business by offering car buyers connected car services such as stolen vehicle recovery.

With Spireon’s FleetLocate solution delivering significant customer benefits of improved business productivity, operating efficiency and customer service, Spireon experienced dramatic growth among fleet businesses during the first half of 2016. Revenue grew 27 percent in the first half while total contract value for this segment increased 70 percent.

Spireon’s enterprise fleet, trailer and transportation segment growth was fueled by new solution offerings including Spireon’s FleetLocate Temperature Monitoring product and Spireon’s Driver Performance Program, as well as Spireon’s unique model of customer engagement focused on delivering outstanding customer service and support.

Additionally, Spireon’s Local Fleet business segment revenue increased 14 percent year over year. Through Spireon’s VehiclePath channel program, Spireon partners with local and national resellers to provide small- and medium-size businesses GPS-based telematics solutions that help lower their overhead and increase revenue.