Spireon launches New Collateral Tracking and Management Solution
IRVINE, CA: Goldtsar Lender was introduced by Spireon that has proven to help customers increase their loan portfolio performance by up to 20 percent. Spireon is an open connected vehicle platform and its new introduction is the firm’s next generation GPS vehicle tracking and Collateral Management System (CMS).
This year has seen overall auto delinquency rates hit their highest since 2010 according to Transunion credit services. Also, According to Fitch Ratings, the delinquency rates among subprime borrowers have hit a 20-year high.
Goldstar Lender has been introduced to revolutionize the processes by which lenders mitigate this increasing portfolio risk, and to increase returns on borrowed capital significantly. “The greatest risk in subprime lending is a potential loss of collateral, when the borrower defaults and the lender are unable to recover the vehicle. Building on the legacy of our groundbreaking auto finance products that we first introduced over ten years ago, the new GoldStar Lender solution extends our ability to greatly reduce this rising delinquency problem, while also delivering new features and the government regulatory compliance that our customers need,” stated Kristina Lowe, Director of Product Marketing, Spireon.
Many other new product features will also be added by Goldstar Lender to Spireon’s industry leading automotive finance products legacy. One such feature that will help the firm to manage and mitigate risk in subprime lending is Buy Here Pay Here (BHPH). This will offer the end customer with a one-stop shopping process where they can arrange loan and make payments on it at the dealership only.
Spireon’s CPS vehicle tracking for auto finance professionals and lenders will get more developed with this new introduction and will be beneficial for their clients. State and federal lending regulatory compliance can also be achieved by organizations using Spireon’s GoldStar Lender.
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