Increasing numbers of automotive lenders, banks and credit unions are embracing Collateral Management Systems (CMS) with GPS tracking to protect their assets, expand their loan portfolios, help a broader range of borrowers and members, and reduce their risk. As a result, you now have an expanding range of CMS providers to choose from. The question is: How do you decide who to partner with? And which partner will deliver a rapid return on your investment and will be there for you in the long term?
When comparing solutions you’ll want to look first at the technology: is it proven, is it patented, does it have the appropriate certifications and licenses, and will it support your needs? But there’s much more to being the number one provider in our industry than the technology alone.
As the leader in mobile resource management solutions that connect our customers to their critical business intelligence, we’ve identified the key qualities to look for in a partner. We call it our Formula for Success, and it includes these basic ingredients.
Ask your provider how many units they’ve sold over the last few years and how many are currently operational. This will tell you if the product has been thoroughly road-tested by actual customers, or if it’s made by a fly-by-night company who might not be there to support your system in the long run. Remember your solution needs to work for at least the duration of the auto loan.
Deliver on Demand
Look for a solution provider that has an expanded warehouse with extensive inventory so that you can get the number of units you need, right when you need it. Ask if the provider offers a dedicated order hotline, same-day shipping as well as national coverage.
Look for a provider that offers certified installation services. The most important part of any CMS solution it’s the correct installation of the devices. If the device is not installed properly, it will not work as expected. Also look for a provider that gives you a no touch turnkey implementation, meaning they will do all the groundwork and will coordinate with the customer to perform all installations.
Look for a true solution provider who works with you to understand your needs, challenges and environment; who offers nationwide professional installation services; who is readily available to help you resolve any issues; who trains you on how use the system; and who provides ongoing support long after installation. Ask the provider if they have a dedicated customer service line that’s available 24/7.
Look for a solution provider who offers specific and deep experience in automotive finance, from the leadership team to the sales team to the customer account representatives. A true partner will add value to your CMS solution by connecting you to a wealth of knowledge and best practices that will help you grow your business.
A true industry leader embraces innovation. Your provider should be investing heavily in research and development to make sure their products are evolving to meet your rapidly changing needs, and to take advantage of emerging technologies.
There you have the essential ingredients to look for when evaluation who to partner with. To learn more about our CMS solution please visit www.LoanPlusCMS.com.