In Oxnard, CA, CalAmp (News - Alert), a provider of wireless products, services, and solutions, recently introduced LenderOutlook. This new development is an advanced vehicle protection service for vehicle finance companies as well as buy-here-pay-here (BHPH) auto dealers. It will also provide a comprehensive suite of desktop and mobile applications that will work to reduce capital risk, improve loan portfolio performance, and facilitate recovery of stolen or in-default vehicles.
CalAmp targets credit unions, leasing companies, large BHPH dealers and sub-prime automobile finance companies by exhibiting a sophisticated solution to the issue of managing large loan portfolios and multiple dealer accounts. LenderOutlook promotes and enhances CalAmp’s market-leading GPS communications devices and service platforms as well as simultaneously incorporating extensive track and recover features essential in reliable payment assurance and asset protection. Additional features of LenderOutlook include: account hierarchy for ease of creation and management of lender and dealer subaccounts, automated bulk transfer of dealer accounts between lenders and dealers, Advanced Application Programming Interface (API) for easy integration with lenders’ loan management systems, online service activation and renewal to simplify device management and reduce service costs, and online store for easy ordering and control of device inventory.
With this new solution come two new mobile applications that help simplify the installation, management, and recovery of vehicles called MobileInstall and MobileLocate.
MobileInstall enhances and speeds up the installation of CalAmp wireless devices in the vehicle, providing the installer with the ability to use a smartphone or tablet camera to scan the VIN and device ID. The app will also automatically enter the scanned information into the LenderOutlook database for quick and easy account set-up and device activation. Additionally, this app will regularly test to verify proper installation, lack of errors, and reliable protection are all in place.
MobileLocate allows lenders to view the location and status of their vehicles at any time from mobile devices such as smartphones and tablets. Lenders can also remotely locate and manage vehicles – this is also important for repossession partners. With the help of this app, lenders can verify the location of their vehicles as well as identifying if they are on the move through continuous monitoring. In the event of an emergency, it’s essential to be able to locate vehicles.
"CalAmp is the leader in reliable and scalable vehicle tracking and protection services for lenders and vehicle finance companies," said Mike Zachan, senior vice president and general manager of CalAmp's Wireless Networks business. "Our LenderOutlook vehicle finance solution provides sub-prime lenders, banks, credit unions and large dealerships with a comprehensive application that goes far beyond just locating and recovering vehicles."
Edited by Ryan Sartor