Recent GoldStar enhancements create unmatched value for consumers, dealers, and lenders
Spireon, the vehicle intelligence company, has been recognized by the 2019 IoT Breakthrough Awards for its GoldStar™ GPS solution, which was named Connected Car Product of the Year. As the premier solution for risk management in the vehicle finance industry—including subprime auto dealers, lenders and auto rental agencies—GoldStar was honored for new features that dramatically increase the value of GPS for customers, including a pre-built, nationwide impound lot database, and a consumer-facing mobile application called GoldStar Connect.
“Our latest advancements to GoldStar are having a big impact on dealers and lenders in two ways: first by dramatically reducing the costs associated with impounded vehicles, and second by using the power of mobile apps to stay connected to consumers, changing GPS from an expense to a revenue-generator that increases customer engagement and loyalty,” said Brian Deeley, director of product management at Spireon. “We’re honored to be recognized for the unique value we are delivering in the vehicle finance industry with GoldStar.”
The GoldStar Impound Lots feature includes automated reports and alerts to notify lien-holders when vehicles enter any of more than 10,000 impound lots across the nation. Impound fees cost the auto industry an estimated $1.1B per year, according to a Spireon industry report, the first of its kind to focus on the impound problem using actual vehicle data. With nearly 4 million vehicles connected to its award-winning NSpire IoT platform, Spireon is uniquely capable of gathering impound-related insights on a massive scale for the automotive industry.
Additionally, GoldStar creates new opportunities for Buy Here Pay Here (BHPH) dealers and lenders to increase customer loyalty and profitability through the GoldStar Connect mobile app. Dealers can now offer customers access to modern connected car benefits like location monitoring, battery alerts and stolen vehicle recovery assistance, regardless of the vehicle make, model or year. These features increase the safety and convenience of vehicles and create an engagement channel with consumers that extends beyond the vehicle sale.
“Previously, only a small segment of the population could afford to buy the latest connected cars that came off the factory floor preloaded with technology,” said Reggie Ponsford, senior vice president of sales at Spireon. “Now anyone can transform their car into a ‘smart car’ with GPS-enabled features like geo-fencing, trip history, speeding and battery usage alerts, and much more. This is a game-changer for dealers who can now increase profitability and provide more value with their vehicles, while also reducing risk with GoldStar.”