By Aliaksandr Kuushynau
With recent growth in vehicle leasing, the number of cars leased on the global car after-sales market every year has grown from eight million in 2019 to 12 million in 2021. And the market is expected to continue growing as consumers look for more affordable and flexible options when paying for a new car. This presents a huge opportunity for IoT (internet of things) and telematic service providers.
Car financing is a notoriously capital-intensive sector where cash flow and timely payments are critical to ensure businesses survive. Interruptions to cash flow from payment delays and defaults, vehicle security issues, and inability to track financed assets thoroughly can ruin whole businesses. Which is why the car leasing sector is looking to technology to provide solutions.
This presents a huge opportunity for IoT and telematic service providers, because they have the technology to provide the reassurance that assets can be tracked in real time and recovered when customers default on repayments. Telematics becomes an essential tool for the vehicle leasing market, enabling operational efficiency and significant cost savings in dealing with missed payments or vehicle theft.
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Streamlined telematics, customised for the real needs of the vehicle leasing sector
Historically, the cost of implementing a telematics solution was prohibitive for the vehicle-leasing market, since the solutions were designed for much more complex networks and included functionalities not required for basic tracking.
But now fleet tracking and management software experts are launching solutions that are designed for the specific needs of the car leasing sector: Wialon, the largest global telematics and IoT platform – it connects more than 3.4 million vehicles and assets worldwide – has launched a new solution, streamlined to solve their specific challenges.
LeaseControl is a GPS tracking platform tackling the safety challenges and protecting the assets of the companies operating in car financing, auto loans, vehicle leasing, high-risk auto deals and BHPH (buy here, pay here) dealerships. LeaseControl is a standalone product by Wialon, meaning that telematics service providers can become partners to the solution even if they use alternative GPS tracking systems.
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Wialon’s new streamlined solution, LeaseControl, retains the most valuable features, such as GPS tracking, geofencing, remote operation, automatic notifications and high-quality 24/7 technical support. It provides the tools to tackle the most pressing challenges faced by fleet managers, namely non-payment, auto theft and vehicle recovery. Users pay for the functionality they need, without extra expenditure on unnecessary add-ons, so telematics now becomes a viable solution for the vehicle-lease sector.
LeaseControl removes the stress from fleet tracking
Here are the main advantages of the LeaseControl solution that bring peace of mind to the car leasing sector:
Real-time GPS tracking finds any needle in any haystack. LeaseCotrol receives data from the vehicle’s trackers, providing access to a car’s exact location in real time. Users are always aware of their asset’s exact location, making recovery of any vehicle simple should they ever need to do so.
Complete visibility and control with geofencing. It is common for the terms of lease agreements to stipulate that a financed car cannot leave a specified area, such as a country or a state territory. To mitigate such risks, geofencing allows notifications to be set up for when a vehicle enters or exits a specific area, so owners have complete visibility of their assets.
Remote engine shutoff puts the asset owner in control. Disabling the engine is a very effective way to prevent the asset’s owner incurring financial losses, if and when a borrower forgoes loan payments or exits a geofenced area. The best solutions provide multiple ways to disable a vehicle remotely, such as blocking the engines of debtors at the end of the month or disabling an engine manually should suspicious activity be detected or a vehicle leave a predetermined geofenced area.
LeaseControl opens a new market for telematics service providers
For telematics and IoT service providers, LeaseControl can unlock significant opportunities to expand their client base and increase revenue, by selling on to their clients an effective, reliable and proven telematics solution.
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“You can now easily tap into the high growth vehicle-leasing sector, rolling out LeaseControl to support existing or new customers in auto loans, car financing, vehicle leasing, car dealers and especially BHPH (buy here, pay here) dealerships. LeaseControl opens a whole new market for telematics service providers as they will be able to provide simple hi-tech solutions at competitive prices for an industry that has a well-defined need to protect its assets.”
Aliaksandr Kuushynau is head of Wialon at Gurtam.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry