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.