BHPH Dealer Cuts Delinquency Nearly 25 Percent in Just Two Months with Skypatrol
Minimizing defaults, increasing collections and simplifying repossessions are all daily concerns for Michael Atchly, collections manager at Sign and Drive, a three-location buy here pay here dealership based in Charlotte, North Carolina. That’s why Sign and Drive relies on Skypatrol GPS tracking solutions.
“When I started, our delinquency rate was 17 to 22 percent. Now, after just a couple of months with Skypatrol and using the Data Verification Tool, it is down to 13 to 17 percent,” says Atchly. Comparing the respective ends of those ranges, that’s a reduction of nearly one-fourth.
Sign and Drive installs a Skypatrol GPS device in every car it finances. This, of course, allows the dealership to track and locate any vehicle should an account default. But it’s Skypatrol’s exclusive web based Defender 2.0 software and its Data Verification Tool (DVT) that enabled Atchly to achieve the rapid and dramatic reduction in Sign and Drive’s delinquency rate.
“Just yesterday, I used DVT’s Discovery Search report to locate two customers, and they were baffled as to how I actually found them,” said Atchly. “And it was basically because I pulled a DVT report, but I also looked at the History Report for the last ninety days.” In another case, Atchly says a Recovery Search report led to a vehicle the company had been trying to find over 100 days.
“The Recovery Search report goes so in depth, you get so much more than you would in a typical credit report,” says Atchly. “You don’t even need a Social Security number. You can just pull it up by name, date of birth, or any address in their history.”
This can prove particularly valuable if someone has found a way to deactivate the GPS device. Atchly tells how a Recovery Search report helped him find one car in the garage of a customer’s family member. “They had a different last name. And the only way that we found out they were related was in the DVT report.”
DVT also includes a Discovery Search report that helps dealers make better lending decisions by validating information provided by customers or their references.
But BHPH financing is a high risk business. So Atchly spends one day a week out of the office trying to locate customers and vehicles before turning matters over to a repossession agent. “As I told the customer yesterday, be happy that I did find you because I’m actually here to help you save the account.”