- Tech Insights
Everyone knows that technology is changing the way businesses interact and transact with consumers, and this is especially true in the case of automotive retailers. For more than 25 years, David Meyer President of Advantage GPS Automotive Analytics has been deeply involved in the industry both as an automotive retailer and as a trailblazer in automotive technology and business analytics. He has been pushing the boundaries to reshape the automotive technology marketplace by bringing numerous paradigm changing innovations to market. “The key to constantly evolving innovation, is how technology, with the assistance of artificial intelligence, can help auto retailers make smarter, real time decisions to drive more profit to their bottom line while improving their customers’ experience,” says Meyer.
"Moving Automotive Telematics from Idea to Reality..."
The pioneering leader makes customer-centricity a way of life at Advantage GPS. It’s one of the six core values and driving force behind the culture he’s fostered and has been one of the pillars on which he has built his success as a leader in this industry. “Solving problems isn’t the only way to gain the trust and repeat business of your customers,” says Meyer. “Peering down the road and around the curves to see what’s ahead, challenges and opportunities and sharing it with your customers is key to earning their long-term support and friendship.” Meyer makes sure his team is regularly spending time with clients to learn about their needs, challenges, ideas and suggestions for products and services. For instance, Meyer’s Advantage GPS team knows that dealers do not have data scientists to glean value for the reams of data produced by the Advantage GPS platform. So the company compiles, analyzes, and aggregates the data into a user-friendly format that transforms the information into predictive analytics that can be acted on.
Meyer understands the first-hand challenges faced by today’s automotive dealerships and lenders. Therefore, to assist them in doing their job, Advantage provides significant risk-mitigation products, services, and business intelligence to assist them in making finance related decisions for these individuals. Risk-mitigation tools provided by Advantage that accomplish this include intelligence that automatically alerts the company when a vehicle has crossed into an impound lot. AI technology that groups risk types into categories helps vehicle finance companies get a real time snapshot of their exposure. Predictive analytics helps to verify information provided by the customer.
According to Meyer, failure of GPS tracking devices due to faulty installations is a big challenge. The reasons include poorly trained installers, poor installation techniques, mistakes, and improper data entry. Meyer and the Advantage team learned from their clients that there were battery life, size, connectivity, discreetness, durability, and software hurdles to overcome. “We worked tirelessly to introduce the “Revo” family of wireless GPS in 2018, which can extend battery life to 5,000 events occuring over 60 months or more,” Meyer commented. “The overarching goal of Advantage GPS to assist finance professionals in making their businesses more profitable, which for them relies on protecting their collateral — the vehicle they finance.” For instance, consumers with poor credit often get behind on their payments, allow the vehicle to be repossessed, and skip without making their payments. For the finance company it means additional costs associated with all the procedures of getting the vehicle back.
Using Advantage GPS wireless products the firms can mitigate those costs and associated losses to the bottom line. “These devices utilize 4G technology offering valuable data, and importantly, help you find and recovery your collateral faster, saving time and money,” adds Meyer.
In the days and months to come, the company has numerous innovations planned for products and services for advantage GPS, which help clients scale productivity. “Advantage is already planning to rollout new game-changing products and services in 2020,” Meyer said.
Advantage provides GPS technology and data mining innovations that empower BHPH dealers and vehicle finance companies to make smarter, faster and more profitable business decisions. Specifically designed for the automotive lender market, the Advantage risk mitigation solution was conceived by the pioneers of automotive telematics, Procon Analytics.