Inilex Offers Credit Unions GPS Vehicle Monitoring Technologies at Governmental Affairs Conference
GPS-enabled solutions help credit unions mitigate auto lending risks
There’s a ripe opportunity for credit unions to widen their lending portfolio and profitability by extending auto credit to their existing and prospective members, even those with spotty credit
Auto loans present a sizeable opportunity for credit unions to build out their portfolios, yet they need to mitigate their risk when lending to a first-time buyer or credit-challenged member. Next week in booth #153 at the CUNA Governmental Affairs Conference (GAC), Inilex will showcase InilexGPS, a GPS system that lessens the risk of delinquency, enabling credit unions to profit from the surging auto lending market.
At GAC, credit union executives can view a demo of InilexGPS and learn how they can benefit from implementing GPS monitoring and payment reminder technology into their vehicle financing process.
InilexGPS uses telematics to locate vehicles in real time across all corners of the country, and they can be simply monitored through a computer or mobile device. To ensure timely payments, the InilexGPS system can send out a reminder via an audible ding or buzz to members a few days prior to the due date. In addition to having superior industry technology, InilexGPS is an easy-to-use and customizable solution. InilexGPS’s back-end simplicity integrates seamlessly into other automotive platforms, making it a smart complement to existing management tools.
Auto sales are on pace for the best year since 2007, and subprime borrowing is a big reason for the recovery. According to Experian Automotive, the Q3 2013 market share for nonprime, subprime and deep subprime loans was 55 percent for used vehicles and 26 percent for new vehicles. With the aid of the InilexGPS, credit unions can capture more of this growing market opportunity that might otherwise go to banks or special finance companies.
“There’s a ripe opportunity for credit unions to widen their lending portfolio and profitability by extending auto credit to their existing and prospective members, even those with spotty credit,” said Michael Maledon, CEO of Inilex. “Our goal is to make it easy for them to finance high-quality cars to non-prime buyers, and to back up our technology with the service and support that makes the decision an easy one.”
Headquartered in Phoenix, Inilex® is an Inc. 500|5000 company and the industry-leading provider of intelligent telemetry solutions. It combines the power of the Global Positioning System (GPS) with the flexibility of a best-in-class wireless messaging system to develop telemetry solutions for businesses and consumers alike. Inilex is online at www.inilex.com. The company was named one of America’s Most Promising Companies by Forbes in 2013 and 2014, a Deloitte Technology Fast 500 company, and its technology has won numerous awards including the Connected World 100 for four consecutive years.
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