BHPH dealers aren’t realizing their profits upfront so we wanted a program that allowed them to pay for the device as they booked their own payments - Guy Chevrette
Atlanta/Montreal (PRWEB) January 19, 2011
iMETRIK Automotive Solutions Inc. a global leader in machine-to-machine (M2M) embedded wireless solutions today announced a new program designed to help Buy-Here-Pay-Here (BHPH) car dealers looking for an alternative to conventional purchasing and title conversion. “Pay Share” allows a dealer to obtain a full featured GPS payment device including starter interrupt, payment reminder and integrated back up battery for a one-time $39 stocking fee and then $10 a month for 16 months or until the receivable is sold to one of the program lending partners. The company also announced that CAR Financial has signed on to participate in “Pay Share”.
“Finance companies that specialize in purchasing BHPH notes benefit tremendously when a dealer uses a high quality starter interrupt device. Participation in 'Pay Share' provides these lenders an avenue to encourage their dealers to utilize the technology that maximizes portfolio performance and servicing efficiencies,” said iMETRIK CEO Guy Chevrette. He continued, “BHPH dealers aren’t realizing their profits upfront so we wanted a program that allowed them to pay for the device as they booked their own payments, this in combination with the ability to transfer the device payments when they sell a receivables pool will allow some dealers to reduce their technology costs by 50% or more”.
“We recognize that the conventional model for purchasing GPS units by BHPH dealers who end up selling their accounts presented an opportunity,” said iMETRIK CEO Guy Chevrette, “the acquiring lender values the GPS loan collection technology but the dealer has all the upfront costs. This conversion program enables the dealer to purchase the technology at a reduced cost and when the loan is sold, the payments are picked up by the acquiring lender. It’s a true pay-as-you-go solution for dealers that allows for the transfer of the device and payments into a preferred lender network with the sale of the dealer’s receivable.” He continued, “iMETRIK is excited to be working with CAR Financial as our launch lender partner for this program. CAR is recognized as a lender focused on the individual needs of BHPH dealers with innovative programs and a stable source of funding so we look forward to working with them to further drive back end profitability for all the parties in the program.” Rick Potter, President of CAR Financial added, "We see the potential for this technology to provide a benefit for the dealer, the consumer, and the lender through reinforcing the importance of making timely credit installment payments. iMETRIK's step to make this product more affordable by allowing the dealer to only incur costs as the units are deployed is groundbreaking, and has the potential to positively impact our industry."
BHPH dealers and subprime lenders can sign up for the new program at http://www.imterik.com/payshare or by calling 1-866-276-5382.
About iMETRIK Automotive Solutions Inc:
iMETRIK Automotive is a global leader in machine-to-machine (M2M) embedded wireless solutions that enables companies to reduce cost and increase control of remote assets. The company designs and manufactures compact devices with more processing power and faster wireless connectivity. Customers access the company's solutions through Internet-based web applications and reports using an open standard architecture. This architecture easily integrates customer information systems to allow ease of usage and instant data access. The company acts as a wireless carrier or mobile virtual network operator (MVNO) to complete its end-to-end quality delivery model. The company is consistently recognized, year over year, as one of the top 100 machine-to-machine (M2M) technology providers of importance and influence by Connected World magazine. For more information, visit http://www.imetrik.com.
About CAR Financial
CAR Financial Services, Inc. ("CAR") has a proven track record of over 20 years of service to both independent automotive dealers and automotive subprime financial organizations. CAR operates in 45 States and is continually evolving its programs to meet the ever changing needs of its clients, including purchasing a stream of payments, purchasing accounts outright or simply servicing BHPH portfolios. For more information, visit http://www.carfinancial.com/.