Fitch monitoring how recent subprime trends impact overall auto finance performance


Fitch Ratings is keeping a close watch on how subprime auto finance paper is performing in a similar fashion to Equifax and  TransUnion.

Analysts indicated that loss frequency and severity ticked up slightly from historically low levels for the largest U.S. auto finance companies, according to the latest U.S. Auto Asset Quality Review from Fitch Ratings.

Excluding General Motors Financial — whose credit performance continues to benefit from a significant portfolio mix shift — Fitch highlighted the average net charge-off rate for finance companies covered in this report increased to 0.95 percent in the fourth quarter compared to 0.92 percent in the closing quarter of 2016.

Likewise, analysts noted delinquencies increased in Q4, with the 30-day delinquency rate ticking up to 3.07 percent as 2017 finished. A year earlier, Fitch pinpointed the rate at 2.86 percent.

“We continue to see a divergence in subprime credit relative to prime credit and expect performance to weaken further in 2018 due partially to the expansion in recent years of less-tenured, independent auto finance companies that have demonstrated higher-risk appetites and less underwriting discipline,” Fitch senior director Michael Taiano said.

Just like Equifax mentioned, Taiano pointed out that underwriting for vehicle installment contracts and leases continued to tighten for banks during the second half of last year — albeit at a more moderate pace — which Fitch views as a credit positive.

The Fitch expert explained the tighter standards are likely in response to deterioration in used-vehicle prices and weaker credit performance in the subprime segment. After a respite in during the second half of 2017 that was partially due to increased vehicle demand stemming from the hurricanes in Texas and Florida, Fitch expects further deterioration in used-vehicle prices in 2018 to be driven by increases in off-lease vehicles, elevated new-model incentives and tighter subprime financing.

Taiano went on to stress that lower used-vehicle prices will put downward pressure on finance companies’ recovery values and lease residuals, resulting in higher credit losses.

“The outlook in 2018 for auto asset quality is clouded to some extent by macro crosscurrents. Positive indicators including greater household net worth, low unemployment and increased wage growth are countered by rising consumer debt levels, weaker used vehicle prices and rising interest rates,” Taiano said.

The complete report, U.S. Auto Asset Quality Review: 4Q17, is available to premium subscribers at

New hires: 3 executives join Wise F&I and eLEND Solutions


Wise F&I and eLEND Solutions each recently expanded their executive teams, citing growth.

First, over at eLEND Solutions, a provider in online and in-store finance and “deal-making” solutions for dealers, built its sales team with two proven auto finance sales leaders. Joe Peterson has joined as chief sales officer and Flory Hunsaker as regional sales director.

Together, they will lead the formation of eLEND’s national sales team to fuel the roll out of the company’s upcoming next-stage F&I solution. The new solution can help dealers complete profitable deals in “record time,” while reducing the costly contract rewrites that plague even the most experienced sales and F&I managers

The company said this new solution will launch into the market in the second quarter.

“I call Joe and Flory the dynamic duo; they come to eLEND after working together to build a huge and successful portfolio of over 9,000 dealer customers,” said Pete MacInnis, chief executive officer of eLEND Solutions.

“They will be instrumental as we usher in this exciting new phase in our growth,” MacInnis continued. “Their deep experience in both the auto retailing and financing space, and impressive past successes, perfectly position them to bring our innovative new products and services to market.”

In an environment where customers are hyper-sensitive to time and hassle — and are demanding quick approval for financing — the challenge is to eliminate process dead zones, streamline the experience and, importantly, reduce cost to the dealer. Peterson and Hunsaker are building a sales team that will help retail professionals simplify this all-important part of the vehicle buyer’s journey with products that crunches millions of pieces of data into a user-friendly platform, without sacrificing profit or losing lender relationships.

With an average of 13 percent of contracts being rewritten, eLEND believes it’s a key issue and a significant cost risk to dealers and their finance sources.

“The scientific approach that eLEND Solutions brings to such challenges is the reason we joined this team — and what makes the company a key transformative player heading into the future,” Peterson said.

Peterson’s career spans 30-plus years in the automotive brand, retail and finance space. During that time, he has held key leadership positions with companies such as Gateway One, Reynolds & Reynolds and Capital One, among others.

Each opportunity has brought with it a chance to expand his expertise, and bring to bear a management style based on a results-driven approach to problem solving. Peterson has been especially known for his ability to use trend-based market analysis to boost market share and revenue. He is widely known as a customer-first advocate who puts his focus on developing a positive rapport through solid business relationships.

“Joining eLEND Solutions to help dealers bridge the gaps in the current auto finance process and simplify what is currently an incredibly complex and inefficient process is an opportunity I deeply relish,” Peterson said.

Hunsaker brings 25 years of experience in the automotive lending industry, including a decade at Gateway One where she rose through the ranks based on her excellence in sales, new market development and leadership. Most recently, she served as regional VP, Southwest states and built a highly success sales team with over $80 million monthly in loan originations.

Goal-oriented and visionary, among her many achievements at Gateway One were creating its first employee training program, developing and managing a credit/sales team for mega dealer groups and helping generate significant metrics improvements across the company’s sales initiatives.

“We’re excited to help bring forth the next chapter of eLEND Solutions to dealers and can’t wait to show customers what we have in store for the future of automotive retail and lending: from innovations in workflow and decisioning to streamlining the process of making the best match between customer and lender,” Hunsaker said.

Wise F&I hires Miller as director of client services

Meanwhile, Wise F&I is expanding its team with the addition of Lynn Miller as director of client services. Wise F&I has experienced continued growth over the last decade and is pleased to add a leader with a track record of success to enhance the client services department.

The company said Miller will provide oversight and management to the client services department, as well as increase client support initiatives.

Miller has more than 20 years of experience in the insurance industry working for companies such as GMAC Insurance and Fireman’s Fund Insurance. Her experiences include positions in sales, service and operations. Miller ran the Personal Lines Division for Quality Assurance at Fireman’s Fund.

As a member of the management committee, Miller will play an important role in Wise F&I’s continued growth.

“Through Miller’s management and leadership of the client services department, I’m looking forward to bringing that next level of client support to our agents, dealers and lenders,” said Matt Croak, president of Wise F&I.

4 components of Westlake’s new program for prime paper


Sometimes auto finance companies diversify their portfolio through buying paper lower down the credit spectrum than they typically might.

In the case of Westlake Financial Services — which specializes in subprime contracts — the provider is doing the opposite.

Westlake recently launched its new Titanium program for customers with a 750 FICO or better. Company leaders highlighted the program provides rates as low as 2.99 percent, amounts financed up to $50,000, terms up to 72 months and no lender fees.

“Westlake’s’ new Titanium program allows dealers to offer more competitive prime financing options to their consumers,” said Mark Vazquez, Westlake’s senior vice president of sales.

“Our prime and near-prime paper is the fastest growing segment of our portfolio. Every day more and more dealers are taking advantage of the fact that we are a full spectrum lender,” Vazquez continued.

As Vazquez referenced, Westlake’s fastest growing area is consumers with FICO scores of 700 and higher. Today, 45 percent of Westlake’s portfolio has a FICO score above 600.

“Westlake continues to expand our presence in all credit tiers,” added Ian Anderson, group president of Westlake Financial Holdings.

“Our goal is to be the one-stop shop for every dealership that has a customer who needs an auto loan,” Anderson went on to say. “Our market is every dealer, every consumer, nationwide.”

As a large privately-held automotive lender, Westlake Financial Services is active in all 50 states plus Puerto Rico, with a dealer base of more than 30,000 franchise and independent dealerships.

Dealerships interested in learning more about Westlake Financial Services are invited to contact Westlake directly at (888) 893-7937 or online at

PointPredictive rolls out Synthetic ID Alert to stop a growing fraud concern


PointPredictive understands criminals looking to orchestrate auto finance scams aren’t sitting idle.

On Tuesday, PointPredictive announced the launch of a new patent pending solution called Synthetic ID Alert. The solution is a complement to the company’s comprehensive application fraud scoring solution Auto Fraud Manager.

Synthetic ID Alert can help auto finance companies stop synthetic identity fraud by producing alerts on applications that exhibit patterns consistent with synthetic ID fraud. This sophisticated machine learning AI is quickly and easily installed within a lender’s technology system to be used in real-time application review.

“Auto lenders participating in our consortium meetings have identified that one of their top three issues this year is solving synthetic identity fraud. Our analysis shows that synthetic identity fraud accounts for 15 to 20 percent of fraud and misrepresentation losses across the industry. This equates to more than $1 billion in synthetic identity originations this year,” said Eric Werab, vice president of fraud and product strategy at PointPredictive.

“Synthetic identity thieves have figured out that credit scores and reports can be manipulated through schemes such as trade line piggybacking, which can artificially inflate their credit scores.”

Synthetic ID Alert scores applications based on patterns of fraud that fraud data scientists have identified in millions of historical automotive applications. This solution understands the logistics of social security number issuance, the interconnections between each of the pieces of information supplied on the application by the dealers and borrowers, and how all of these compare to proprietary and statistical norms accumulated from historical applications, dealer performance and fraud ring patterns.

If the solution determines that an application has a high likelihood of synthetic identity, a score and actionable reason codes are provided to the finance company so they can take immediate steps to prevent funding the fraudulent installment contract.

With this solution, PointPredictive projected that finance companies will need to act on less than 0.5 percent of their total application population to stop a significant portion of their synthetic ID fraud.

“Our proprietary machine learning algorithms are built on over 40 million historic applications and are capable of instantly identifying a pattern of synthetic identity. We wanted to create a simple, easy to install and use solution for lenders to solve a specific need,” PointPredictive chief executive officer Tim Grace said.

“With Synthetic ID Alert, we think we can help lenders identify a significant portion of their synthetic identity fraud applications before they approve the loans that will lead to losses,” Grace continued.

The solution is available immediately to finance companies as an application that can be installed in less than a day on existing technology systems. We also plan to offer this installation to our partner loan origination and solution providers.

To receive more information about Synthetic ID Alert, or to request the firm’s latest white paper entitled, “How Hidden Fraud & Misrepresentation are Contributing to the Rise in Default Rates,” send a request through or directly to

Platinum Auto Finance reinforces sales team with seasoned executive


Platinum Auto Finance recently bolstered its executive team with a leader who possesses a wide range of professional experience with smaller and large providers.

David Knightly joined Platinum Auto Finance as senior vice president of operations and national sales director, reporting directly to chief operating officer Scott Long.

In this role, Knightly will support major strategic operational initiatives and work to continue to execute on the strategic sales and partnership initiatives.

Knightly arrived at Platinum Auto Finance with an extensive and impressive background in sales, marketing and operations in the automotive financial space. He entered the auto sector with Onyx Acceptance Corp. where he gained valuable experiences in sales, service and management.

Knightly then served as a regional sales manager for Capital One Auto Finance. He has spent time at Southern Auto Finance as a national sales manager and Gateway One as regional sales manager.

Knightly also spent several years at Exeter Finance Corp. as vice president of branch operations and sales. His position required a high-level of strategic vision to fuel responsible loan growth in a highly competitive market; experience that is proving to be invaluable for Platinum Auto Finance.

Most recently, Knightly was vice president of sales and marketing at Innovate Auto Finance.

Platinum Auto Finance chief executive officer Michael Kaplanis expressed how pleased the company is with the hiring of Knightly, acknowledging the great addition he makes to Platinum’s team.

“Since Scott first introduced me to David, I’ve been extremely impressed by his professionalism, extraordinary depth of knowledge on the auto finance sector, and his fresh perspectives about where this industry is heading,” Kaplanis said,

“His hiring is a bold move for Platinum and a bold move for David,” Kaplanis continued. “That is what we are about here — executing bold moves to execute our shared vision for the future and developing the preeminent platform in the automobile finance sector.”

Knightly also shared his thoughts on joining the Platinum team.

“When considering the opportunity to work at Platinum, it became abundantly clear that the team I wanted to work with was here,” he said. “This is the place that had the most potential to display greatness in the future and would challenge me to take myself to new levels. I could not be more excited to call this my new home.”

Long highlighted that Knightly has had an immediately positive impact on Platinum Auto Finance. Knightly is actively overseeing the implementation of Platinum’s Triple P Partnership program for its dealer base.

“While others in the industry harp about competition, Platinum Auto Finance is focused on putting forward our value proposition to independent and family owned franchise dealers,” Long said. “We believe in our mission of providing consultative, relationship-based lending services to our dealer partners because this will make a difference, one loan at a time.”

Mercedes-Benz Financial Services USA joins auto migration to Texas

FORT WORTH, Texas - 

This region of Texas continues to be a growing hub for the automotive industry.

With Toyota and General Motors Financial already having a major presence here, Mercedes-Benz Financial Services USA on Tuesday broke ground on its new, build-to-suit, 200,000-square-foot facility at AllianceTexas — a 26,000-acre, master-planned, mixed-use development in north Fort Worth.

Captive officials highlighted the state-of-the-art, green-field building will serve as Mercedes-Benz Financial Services’ national business operations center, and it has been specifically positioned to leverage its lakeside setting and designed to facilitate employee collaboration.

“Texas has played an important role in our history, and we are excited to continue and grow our presence in this great state with a new contemporary, technologically advanced operations center,” said Peter Zieringer, president and chief executive officer of Mercedes-Benz Financial Services. “The new facility enhances our ability to provide a dynamic atmosphere that inspires and excites our employees.”

The company explained the new, four-story, modern industrial building for Mercedes-Benz Financial Services is designed to complement the surrounding scenic landscape and enhance productivity by creating an environment for greater employee collaboration. The open community space in the heart of the building was strategically designed as an atrium to allow ample, natural daylight with unobstructed views of the nearby lake, which is located within walking distance from the office. Built to foster social interactions, the atrium will give employees a place to gather, connect and re-energize.

The location also offers employees direct access to a variety of amenities, including health and wellness programming, organized sports and connectivity to a walking trail around the lake.

BOKA Powell, a Dallas-based design firm, is serving as the design architect and architect of record for the shell building and site development. The firm’s work will include master planning, programming, core and shell design, documentation and construction administration. BOKA Powell also designed the previous two buildings occupied by Mercedes-Benz Financial Services in the greater Dallas/Fort Worth area.

“When designing Mercedes-Benz Financial Services’ building, we wanted to create a unique experience for employees from the moment they walk into the bright, naturally lit atrium to the time they enjoy lunch on the outdoor plaza,” said John Orfield, principal in charge at BOKA Powell. “Tapping into everything the surrounding area has to offer, the new building will encourage employees to take in scenic views and get involved with programmed events and group activities.”

To optimize an adjacent water feature, the building is uniquely angled to maximize employees’ access to lake views and provide sustainable daylighting to core work areas. In alignment with Hillwood’s environmental stewardship, the development’s architecture and landscaping will incorporate the use of native materials and elements to reduce its carbon footprint. By selecting plants that are drought-resistant, designers will utilize a drip irrigation system to assist with water conservation.

“Each project Hillwood develops is carefully crafted to maintain the property’s natural beauty while simultaneously protecting the native surroundings,” said Mike Berry, Hillwood president. “The Mercedes-Benz Financial Services’ new facility exemplifies our core value of creating a sustainable development and enhances the quality of life for employees.”

Seamlessly blending with the native terrain, the captive pointed out the new building connects employees with amenities, including fitness classes, outdoor kitchens and dining areas, covered seating, an outdoor basketball court and direct access to the existing trail around the lake.

Upon completion, Mercedes-Benz Financial Services’ facility will also have a third-floor terrace to give employees the opportunity to collaborate beyond the walls of the building and connect with nature.

Construction on Mercedes-Benz Financial Services’ new facility is scheduled to be completed in early 2019.

A group of top firms have been contracted to support the greenfield project, including:

— JLL Fort Worth Project and Development Services of Dallas will oversee the project for Mercedes-Benz Financial Services, including facilitation of the shell building, site development and interiors planning

— SmithGroupJJR Dallas and Detroit Workplace Studios will provide programming, workplace strategy, interior architecture and design services and serve as the architect of record for the interior.

— The lease agreement process was supported by Cushman & Wakefield.

NIADA adds Nicholas Financial as newest industry partner


New Nicholas Financial president and chief executive officer Doug Marohn is continuing to make moves to bolster the finance company that specializes in subprime vehicle installment contracts.

After recently highlighting plans to enhance originations along with installing an interim chief financial officer, the National Independent Automobile Dealers Association reached a partnership with Nicholas Financial, calling the provider one of the last true “common sense” finance companies in the subprime auto finance space.

Nicholas Financial connected with NIADA as a Bronze-level National Corporate Partner, joining a highly vetted roster of product and service providers available to NIADA member dealerships.

“We are extremely excited and proud to be part of such a great organization,” Marohn said. “NIADA has been synonymous with integrity and service in the preowned automobile industry for years. Its values align well with Nicholas', and we look forward to a very long and prosperous partnership.”

With local branch offices in every market Nicholas Financial services, the company has the ability to tailor lending and purchasing guidelines to the specific needs of each dealer partner.

Marohn emphasized Nicholas Financial's unique approach to originations is designed to find ways to approve deals even when others might say no, and provides an opportunity to price each contract on its own risk level.

Marohn went on to say that Nicholas Financial strives to conduct up-front investigations and customer interviews so dealers know the approvals they get are solid. That process allows Nicholas to provide some of the fastest funding in the industry; of many company features that appealed to NIADA senior vice president of member services Scott Lilja.

“Nicholas Financial brings to our independent auto dealership members a very local-market, personalized service approach to their auto finance resource needs,” Lilja said. “Local underwriting means quick turnaround on loan applications, helping our members meet and exceed their customers' expectations.

“In this day and age of automated, centralized, technology-driven loan decision systems within the auto finance market, Nicholas brings a unique, local-market service approach that aligns with our mission as the voice and advocate for independent auto dealers nationwide,” Lilja went on to say.

Equifax sees encouraging payment activity in subprime


As consumers start to edge away slightly from new-vehicle leases toward financed installment contracts for used vehicles, Equifax Automotive deputy chief economist Gunnar Blix is encouraged by recent payment performance — no matter what type of deal is attached to the unit.

The latest Equifax data showed auto finance balances increased by $8 billion in the fourth quarter, continuing a six-year upward trend. Meanwhile, Equifax spotted that auto delinquency rates increased only slightly with 4.1 percent of auto balances registering in at 90 or more days delinquent on Dec. 31.

“We’ve seen improved payment performances in recent vintages, in particular subprime and deep subprime,” Blix said during a recent phone interview. “We’ve seen credit scores come up a little bit, too.

“There are two factors going there,” Blix continued. “Consumers as a whole, their credit scores are being lifted by the longer time since the Great Recession as well as the good economy that keeps them employed. Also, the more aggressive lenders have pulled back a little bit especially in the deep subprime to adjust their risk appetite.”

Sparked by off-lease units, Equifax is seeing a healthy situation for used-vehicle sales. The credit bureau’s data indicated sales of new vehicles fell 1.9 percent in 2017 while used-vehicle deliveries climbed 1.5 percent.

Blix insisted much of this movement was the result of a continuation of off-lease activity, which are attractive to buyers looking for still-new vehicles at a good value. He added this trend of shrinking new sales and increasing used sales is expected to continue throughout 2018.

“The mix of off-lease vehicles has been changing,” Blix said. “That’s driven down the prices for used cars a bit that have made banks adjust their residuals. Those leases have become a little less attractive than they used to be. The loan on a used car is starting to look more attractive in terms of payment to the consumer.

“It’s payments that are driving it more than the overall value,” he continued. In many ways, consumers are still very payment centered when it comes to loans and lease. They’re looking at what the payment is going to be and how is that going to work with their finances. In general, because there are so many used vehicle coming off lease of very good quality, that’s making for a better value proposition.”

Equifax Automotive also highlighted six other points associated with changes coming to lease share and activity, including:

• Because of the falling volume of new-vehicle sales, lease activity is also expected to dip slightly.

• A larger share of used transactions are financed, therefore leasing will pull back slightly.

• Between 2010 and 2014, the share of accounts for captives written as leases increased steadily from 28 percent of accounts in 2010 to nearly 40 percent in 2017.

• As vehicle prices have risen, more captives are packaging together deals with incentives, helping them grow their share of lease portfolios.

• 70.8 percent of vehicle leases were in the three-year range (between 26 and 37 months) in 2017.

• Two-year leases have become somewhat less common (6.3 percent of accounts in 2017), but similarly leases longer than three years have become less frequent (22.9 percent of accounts in 2017).

Meanwhile, Equifax Automotive mentioned that commercial banks are reducing their exposure to auto financing. Blix shared three specific points, including:

• Banks have pulled back their market share of auto originations from 39.2 percent in the fourth quarter of 2016 to 33.9 percent share in the fourth quarter of 2017.

• Credit unions had a 27.9 percent share of originations in the last quarter of 2017, while captives represented a 32.6 percent share.

• Independents, monolines and dealer financing made up the remaining 5.6 percent share, down just 0.1 percentage points (10 bps) from the previous year.

“With the market looking relatively flat, many (commercial banks) have chosen to pull out of a lot of lending and auto lending in particular,” Blix said.

“In terms of where they’re choosing to deploy capital, I think that’s very individual to the bank,” he continued. “It’s an internal decision on their part and not something we can speak to in general.”

Blix also mentioned during the phone conversation about how student loans aren’t necessarily a headwind to dealerships and finance companies retailing vehicles.

Equifax data showed outstanding student loan debt grew and stood at $1.38 trillion as of Dec. 31. The credit bureau noted 11.0 percent of aggregate student loan debt was 90-days delinquent or in default in Q4, a small decline from the previous quarter.

“The overall size of the student loan is obviously a bit concerning. It’s grown a lot taking up about 36 percent of the outstanding non-mortgage debt. That is effecting how consumers are acting,” Blix acknowledged.

“It’s very individual, though,” he continued. “The largest student debt is typically associated with professionals with law degrees or medical degrees, MBAs with great income potential. It may effect what vehicle they buy, but it’s not presenting a huge drag. If you’ve got student debt and you didn’t get a degree, that’s where the biggest drag is happening.

“I think it’s a bigger drag on mortgages because that’s a bigger investment,” Blix went on to say.

The latest report from Equifax containing the latest data from through the credit market can be found here.

Fitch examines what’s ahead for captives


Fitch Ratings recently took a deeper look at the captive segment of auto financing, projecting their performance and potential revenue push toward their parent automaker.

Analysts determined the trend of rising leverage for U.S. captive auto finance companies, fueled by strong new-vehicle retail financing and lease demand, has moderated recently, according to Fitch Ratings' latest North American Financial Institutions Chart of the Month.

The firm explained the moderation in leverage more recently has been driven by less robust asset growth, strong earnings and capital generation, and in some cases a reduction in dividends paid to the OEM parents. Still, with the exception of American Honda Finance Corp. (AHFC), captives’ leverage remains above Fitch's implied financial benchmark, underscoring the importance of potential parent support in Fitch’s auto captive analysis.

In Fitch's view, captives’ elevated leverage is mitigated to some extent by solid credit performance, which has remained fairly stable despite concerns that looser underwriting standards over the past few years and an excess supply of used vehicles would lead to a sharp degradation in credit performance.

With the exception of GM Financial, which continues to transition to a full spectrum captive since its acquisition of subprime-focused AmeriCredit in 2010, Fitch Ratings indicated that captives’ installment contract and lease portfolios have remained predominantly prime-focused.

Fitch Ratings director Michael Taiano acknowledged that weakening used-vehicle prices in the first half of 2017 appear to have at least temporarily stabilized following the increase in vehicle demand in the wake of the hurricanes in Texas and Florida, and may benefit further from the positive effects of tax reform on the U.S. economy.

“Going forward, we expect leverage for the auto captives to remain fairly stable as new loan and lease demand slows following several years of strong growth, although strong earnings generation could lead to higher dividend payments to OEM parents,” Taiano said.

“While auto captives’ credit performance should continue to normalize over the medium term, the pace of normalization could moderate in the near term as a result of a strengthening U.S. economic backdrop,” he said.

3 former Spireon executives resurface with new GPS solution from Procon Analytics

IRVINE, Calif. - 

A trio of experienced executives who previously were leaders at Spireon now are overseeing new product development at Procon Analytics, including a tool specifically aimed at the subprime auto finance space.

Procon Analytics recently announced the company is entering the vehicle finance industry with an advanced risk mitigation platform — Advantage GPS. Procon Analytics highlighted that the Advantage GPS risk mitigation platform uses the latest GPS technology and data mining innovations to empower auto finance companies to assess risks faster, make more agile and profitable business decisions, and expand their customer base to improve their bottom line.

Procon Analytics said that it has assembled some of the original pioneers behind automotive telematics to modernize and lead the way in risk mitigation solutions and services for the vehicle finance industry. During the past several months, the team has designed, developed and successfully incubated Advantage GPS, its progressive new risk mitigation platform.

Advantage GPS uses the latest automotive IoT technology, providing auto lenders with robust, real-time automotive analytics. With more accurate business intelligence, the company can enables finance companies to keep a constant pulse on their vehicle assets as well as finance more of the underbanked population — confidently.

“I’m excited to be one of the trailblazers in the industry once again,” said David Meyer, chief operating officer of Procon Analytics who previously spent time at Spireon.

“We’ve designed powerful automotive analytic tools and services that help auto lenders assess and manage risks in real-time. The reception during our incubation period has been exhilarating — just ask any of our 500 plus customers who have already switched to Advantage GPS,” Meyer continued.

Procon Analytics claimed that Advantage GPS is the first risk mitigation solution that brings advanced GPS tracking together with genuine analytics. Executives emphasized that auto finance companies can enjoy the advantage of having more accurate, real-time visibility and powerful data insights at their fingertips giving them greater peace of mind when booking higher-risk paper.

“Few people get a do-over in life. David Meyer, Bill Cheney, and our whole team have the incredible opportunity to take all that we learned in our past experience in this space, and to add new features and processes to this powerful new platform,” said Brian Boling, who now is chief executive officer of Procon Analytics after previously holding the same role at Spireon.

“When you start with a new company, it’s like having a clean sheet of paper where you can truly rethink how these technology solutions can better serve our customers,” Boling continued. “The Advantage GPS solution is the perfect addition to our connected car portfolio. Our new customers are going to love this platform.”

Advantage GPS risk mitigation products and services are available nationwide and join Procon Analytics’ existing international connected car solutions. This solution set can enable the company to deliver a more efficient, value-driven connected car and tracking process to US automotive retailers and lenders, while simultaneously innovating service features, business intelligence, IoT and big data solutions for the global automotive industry.

Procon Analytics’ multi-national suite of products now includes:

—Advantage GPS, risk mitigation tools and real-time automotive analytics that help lenders protect vehicle assets, reduce delinquencies and speed up recoveries when needed

—Procon Automotive, a dealer lifecycle management and customer retention solution platform serving new car auto dealers throughout North America

—MyCar, a mobile app allowing drivers to remotely start a vehicle from their smartphone and sold throughout North America

—Oigo Telematics, a fleet management and vehicle recovery system supporting businesses in Latin America

“Bringing subprime automotive technology solutions under the Procon Analytics portfolio enables us to deliver leading-edge applications, functionality and value to our customers. Ultimately, our data analytics group will provide customers with business intelligence and insights based on the unique data Procon Analytics is able to mine within the connected car lifecycle and ecosystem,” said Bill Cheney, Procon Analytics’ chief technology officer and managing director.