Asset and operations management is one of the biggest challenges for auto dealers.

That’s according to TrueSpot, a new Internet of Things asset location platform developer, which has commercially launched what it says is the industry’s first real-time mapping and inventory product for auto dealers.

TrueSpot says its new product can solve the asset and operations management challenge with its new platform, which it says dramatically reduces or eliminates the costs such as more than $10,000 per month that it says auto dealers can spend to replace lost vehicle keys. TrueSpot says situations like that can waste hours of employee time that they spend tracking down assets such as cars and keys.  

The company says its product adds new capabilities that increase productivity and sales performance.

“A good analogy is a library,” TrueSpot chief executive officer and founder Mike Hanna said in a news release. “Current systems show when and where a key is checked out but can’t track where that key is physically located until it is checked back in. By reducing key replacement costs, wasted employee time and lost sales, TrueSpot literally pays for itself, month after month.”

According to TrueSpot, the multiple phases of servicing that today’s auto dealers coordinate to prepare each car for sale include repairs and reconditioning (such as upholstery, which TrueSpot says is sometimes done off site), detailing, and other staging activities. Because of that, the current environment is often vulnerable to misplace assets moving from place to place. TrueSpot describes that as a wide-spread industry challenge.

Mercedes-Benz of Plano pre-owned inventory manager Bob Ortiz said TrueSpot has saved his company thousands of dollars in lost key costs and redefined how his company oversees inventory and assets.

“We have a happier and more efficient staff, happier customers and more control over managing our business operations,” Ortiz said.

TrueSpot said the product works by using state-of-the-art mapping. Users can place the product’s proprietary wireless locator tags inside vehicles and attach them to keys and other assets, such as tools, and auto parts.

The company says dealerships can locate these assets instantly by combining that with a low-powered enterprise campus network and applications for Apple and Android wireless devices. Those assets include cars in service or parked on or off the sales lot.

According to TrueSpot, its technology results in better service, fewer lost sales and shorter customer wait times.

The company says that because its management technology syncs directly with dealer inventory systems, that allows mobile phone access to auto features, options and prices.

Because of that, the company said, as sales staff members walk the lot, they can always be knowledgeable and fully sales-ready. As the staff member approaches a vehicle, TrueSpot’s no-click, proximity-based technology downloads the specifications and price of that vehicle automatically. Using the system, the dealership can easily log each test drive, according to TrueSpot.

TrueSpot says its product results in “instant ROI.” The company says it pinpoints the exact location of assets, at what it says is a fraction of the price of competitive products. TrueSpot says that its reduced key replacement costs and increased operational productivity means higher profits that often far exceed implementation costs.

TrueSpot says that at minimum incremental cost, its product can also be used in conjunction with existing auto key vault systems.

“Since I implemented TrueSpot, I have not had to call the locksmith once,” said Callahan Motors owner James Callahan. “Our goal is to provide our customers with a pain-free buying experience, and TrueSpot increases our sales efficiency and customer satisfaction. It’s a true game changer for us.”