Times are tough and businesses of all sizes are looking for ways to protect their bottom lines. While the economy may be showing signs of improvement, consumers just aren’t spending their cash on pricey items, like a new car. Due to this discrepancy in sales, car dealerships and lenders are turning to GPS Collateral Management Systems (CMS) to protect their vehicles that do leave the lot, in hopes to stabilize profits and mitigate their risk as lenders.
Implementing a GPS Collateral Management System is a great way to protect your assets, but unfortunately not all CMS solutions are created with the features you need. In part one of this series, we explored five best practices for choosing the right CMS. Here are a few more:
- Robust Reporting: A competitive solution shouldn’t provide you with just raw data; it should also provide you with actionable business intelligence through customizable reports. These reports should also give you the ability to measure your performance.
- Integration Ready: What good is a platform that can’t be integrated into your current management system? Be sure that your platform is ready to integrate with your current and future management system and other third-party applications.
- Payment Alerts and Notices: A comprehensive collateral management system will alert the borrower when payments are due or overdue. This reinforces good borrower practices and promotes on-time payments.
- Disable Feature: Your system should allow you to remotely disable a vehicle that is delinquent. This feature also helps borrowers stay on track with payments.
- High Availability: The right system should have the ability to provide “always-on” access to vehicle data, like historical data, despite the number of vehicles you are tracking.
- Installation Services: Your CMS provider should offer installation services from certified and highly trained technicians to ensure you get the most out of your CMS.
- 24/7 Support: Make sure you partner with a provider that offers 24/7 access to customer service and support.