The Pros and Cons of GPS Inventory Tracking and Monitoring
Does the Good Outweigh the Bad?
GPS devices are used for many things: subprime tracking, inventory monitoring, Stolen Vehicle Recovery, and more. Pros and cons will vary depending on the tracking provider, so it’s very important to do your homework and be aware of the most common issues.
The most common issues (cons) of GPS tracking and Inventory Monitoring include:
- Wired GPS units require installation. If the service doesn’t provide installation solutions, you will be responsible for any loose wires or improper installations.
- Wireless units (and even wired ones) can have connection issues and may not provide accurate reporting, or may even stop reporting with very little or no notice due to battery issues.
- While most services provide tamper and disconnect alerts, many will not inform you of faulty or non-reporting units.
- Most companies do not use compliant Recovery Orders.
- GPS units typically require a high fee up front.
- Many providers offer tiered solutions and it can get very costly to get services like Top Stops, driver analytics, user roles, alerts and reports, and more.
The cons of GPS tracking can seem daunting, especially when read in a row. Before you run off in the other direction, take a look below and see if the pros outweigh the cons.
What’s so great about GPS Inventory Monitoring and Tracking?
- GPS tracking helps ensure your car is not stolen or that it is recovered safely.
- It identifies when your car is moving and lets you track the driver with 5 minute updates.
- Most devices will send an alert when a car enters or exits a geozone.
- Devices are transferable, so unlike VIN etching, it’s okay if your buyer doesn’t want it.
- Many insurance companies will offer a discount if your inventory is being monitored and tracked.
- GPS tracking can be used on subprime loans to help ensure the buyer pays or that the car is recovered. It will also make it easier for lenders to approve subprime loans.
- You and your service manager will get notifications for dying batteries or technical issues, which will reduce labor hours and save time on floor plan audits.
It is important to note that Patriot Asset Management is different then most companies. Each high quality unit comes with a non-reporting dashboard for complete device transparency. On top of that, there’s no tiered pricing on services that produce zero ROI like Top Stops, Driver Analytics, compliant recovery orders, user roles, and other services that are pre-built into our platform.
Want to see how it’s done? Take a look inside the Patriot Portal and tune in next week where we will review the Pros and Cons of SVR and see how subprime dealers can use SILVER Protection/SVR Lite to drive ROI without revealing too much information to subprime buyers.
If you have any questions about our products or would like to know more, send an email to [email protected] or chat with our staff.