The Pros and Cons of Connected Solutions like Stolen Vehicle Recovery:
What to Look Out For and The Benefits of Offering This Service
Last week we discussed the pros and cons of GPS Inventory Management and Tracking and discovered that there’s a lot to consider when finding an asset management service. This week we’re going to dive into Stolen Vehicle Recovery and determine the pros and cons of offering this service to customers.
Connected Car & Stolen Vehicle Recovery is a way to turn a profit on your Inventory Management Services and provide reassurance to customers that their newly bought asset will be safe. The pros and cons of the service will vary slightly depending on which provider you use, but here are some of the most common.
Connected Car & Stolen Vehicle Recovery Pros:
Alerts you and your customers of dying batteries or technical issues.
Lets your dealership send notifications and service reminders directly to your customers.
Provides an easy way to notify customers of manufacturer recalls.
Keeps your customers safe from theft and unauthorized drivers.
Allows you to send customized maintenance discounts to customers for increased service retention.
Keeps you at the forefront of your customers’ minds by letting them see your Brand name each time they turn on their app.
Many insurance companies will offer a discount for inventory that is being monitored and tracked.
It provides protection for parents with dementia or teenage drivers.
Drivers who purchase SVR feel more secure and are more likely to revisit your dealership or refer a family member or a friend.
Increases your PVR and is a great way to produce a massive ROI.
While there are many great benefits to offering Stolen Vehicle Recovery, there are a few things to be aware of as well.
Connected Car & Stolen Vehicle Recovery Cons:
Wired GPS units require installation (although many companies offer this service)
Wireless units (and even wired ones) can have longevity issues and may not provide accurate reporting, or may even stop reporting with very little or no notice.
Many providers offer tiered solutions and it can get very costly to get services like alerts and reports, customized messaging, manufacturer recalls, and more.
GPS units can have a costly up-front fee.
Some companies may try to rope you in with “no cost” units as long as you are able to meet their selling requirements. (The fees for which can end up costing you more than if you chose to buy the GPS unit up front.)
Most services provide tamper and disconnect alerts, but there aren’t many that will inform your customers of faulty or non-reporting units.
Many companies do not have an adequate solution for offering this service to subprime buyers.
If the service you use is unreliable, your customer may not be able to recover their vehicle (and without a non-reporting report, they won’t know this until it’s too late).
Some customers may ask for a refund if they were unable to track and recover their stolen vehicle
Finding the right asset management and protection company is essential to avoid some of the major cons of Connected Car & Stolen Vehicle Recovery. At Patriot Asset Management, offer superior tracking and have no tiered pricing. We also provide a “Branded” Dealership app to stay connected to your customers and send customized marketing messages and service discounts.
Make sure the company you go with provides a free demo so you can see all of the features and try the company in advance.
Need more free resources? Check out our Blog page or call 833-726-0767.