With the auto finance default rate in December rising above 1 percent and new data showing more than 7 million people with a contract 90 days or more delinquent, it might be a busy year for repossessions and recoveries. To help agencies, Advantage GPS, a Procon Analytics company, formed a strategic partnership with the American Recovery Association (ARA).
According to a news release distributed on Wednesday, ARA made this move to continue developments that include what the association dubbed a “Unity Initiative” with Time Finance Adjusters. Together they plan to strengthen their relationships with other leading trades associations, including:
— National Automotive Finance Association
— American Financial Services Association
— National Association of Federally Insured Credit Unions
— National Independent Automobile Dealers Association
— Other state and regional trades associations
“Our Unity Initiative with TFA and the enhancement for our relationships with a variety of national trade associations and companies like Advantage GPS will only serve to create a better and more profitable environment for our members,” American Recovery Association executive director Les McCook said.
This specific partnership is designed to enhance the ability of ARA members to more quickly and less expensively locate and recovery finance company collateral.
“The strategic alliance between ARA and Advantage GPS comes at a time when the recovery association is moving forward with important initiatives to improve the health of the industry, work more closely with their finance partners and employ cutting-edge technology and artificial intelligence,” said David Meyer, president of Advantage GPS.
“We have just launched our newest product line, the low-cost, 4G, wire-free Revo family of GPS devices, which dovetails perfectly with the goals for recovery association,” Meyer continued.
Advantage GPS rolled out Revo earlier this year. It’s a wire-free GPS device designed to be a “smart” tool to mitigate losses for finance companies and also reducing costs for recovery agents.
The Advantage GPS platform includes smart impound lot technology, including all locations of ARA members across North America. The tool automatically can create geofences around ARA impound lots and send finance companies alerts when one of their vehicles enters.
Advantage GPS highlighted this capability, along with a risk mitigation dashboard that is powered by artificial intelligence, can enhance the ability for finance companies to mitigate losses, while making it easier for recovery companies to locate and access vehicles.
And now the company has a stronger bond with ARA.
“My relationship with Les and ARA has stemmed for nearly two decades,” Meyer said. “It’s exciting to partner with him and his team once again.”
McCook also said he has known Meyer for some time and understands the GPS collateral protection device industry well.
“We fully welcome working with an innovative group focused on eliminating outdated technology in the market,” McCook said. “In our industry, it’s crucial to track and implement the latest technologies to help our members thrive. Employing artificial intelligence to assist recovery agents in locating vehicles is a game-changer.
“We will look back on this, and wonder how we every did our jobs without it,” he added.