SGS recently previewed its new self-inspection mobile application — INSPEC — at the Conference of Automotive Remarketing (CAR) in Las Vegas.
The INSPEC app allows the capture of specific data, such as mileage and vehicle modifications ahead of vehicle turn-in and is now being offered as a pilot, hybrid or standalone solution.
When a vehicle lease nears its end, the app provides step-by-step instructions for the lessee to perform a self-inspection.
To note any damage or level of wear and use, the app allows lessees to take photos of the exterior, interior and tires that is pushed to the lessee and finance company.
“Our inspectors are performing full remarketing inspections prior to lease maturity when a third to half of these cars are either traded in early or bought outright prior to the turn-in date,” SGS operations vice president Tony Perkins said in a news release.
“This means our customers are wasting a lot of money on an expensive remarketing inspection that isn’t needed. By providing a more consumer-friendly inspection option, we believe INSPEC will help our customers drastically increase pre-term inspection rates, replacing the number of costly in-person inspections with an affordable alternative, all while lowering the overall cost of their program, improving the lease-end experience, and increasing brand loyalty,” he continued.
Along with producing a summary of self-inspection results, the app also provides an estimated range for how much might be owed for a vehicle at turn-in.
Estimates are calculated based on a proprietary algorithm from SGS, and the inspection can be completed in less than 20 minutes, according to the company.
Key benefits the app can provide finance companies, dealers and OEMs include reduced inspection costs, increased percentage of fleet inspected and retention of key insights and actionable data.
Central AA celebrates 12 years
In other news from the used-car market, Central Auto Auction held a 12-year anniversary sale last month where it also celebrated the opening of a brand-new fourth lane that is expected to be ready later this year.
The sale brought in 366 buyers and offered around 450 units across the auction’s three lanes.
“We are very much hands-on with our consignors and buyers. We are an extension of their team; their staff essentially,” Central AA owner Peter Saldamarco said in a news release. “We have the best auction employees in the business, and with our new full-service vehicle evaluation and enhancement center, there’s nothing we can’t handle for our customers.”
Central AA held its first sale in February of 2006. Located in Hamden, Conn., the auction offers weekly sales Tuesday mornings at 10:15 a.m., and all lanes are available for online participation via simulcast.