ATLANTA and MONTREAL — iMETRIK Automotive Solutions Inc., a developer of embedded wireless solutions, has launched “Pay Share,” a new program designed to help buy-here, pay-here (BHPH) dealers with purchasing and title conversion.
“Pay Share” allows a dealer to obtain a full-featured GPS payment device, including starter interrupt, payment reminder and integrated back-up battery, for a one-time $39 stocking fee and then $10 a month for 16 months or until the receivable is sold to one of the program lending partners.
iMETRIK also announced that CAR Financial has signed on to participate in the “Pay Share” program.
“Finance companies that specialize in purchasing BHPH notes benefit tremendously when a dealer uses a high quality starter-interrupt device. Participation in 'Pay Share' provides these lenders an avenue to encourage their dealers to utilize the technology that maximizes portfolio performance and servicing efficiencies,” said iMETRIK CEO Guy Chevrette. “BHPH dealers aren’t realizing their profits upfront so we wanted a program that allowed them to pay for the device as they booked their own payments. This in combination with the ability to transfer the device payments when they sell a receivables pool will allow some dealers to reduce their technology costs by 50 percent or more.”
“We recognize that the conventional model for purchasing GPS units by BHPH dealers who end up selling their accounts presented an opportunity,” said iMETRIK CEO Guy Chevrette. “The acquiring lender values the GPS loan collection technology, but the dealer has all the upfront costs. This conversion program enables the dealer to purchase the technology at a reduced cost. When the loan is sold the payments are picked up by the acquiring lender. It’s a true pay-as-you-go solution for dealers that allows for the transfer of the device and payments into a preferred lender network with the sale of the dealer’s receivable.
“iMETRIK is excited to be working with CAR Financial as our launch lender partner for this program. CAR is recognized as a lender focused on the individual needs of BHPH dealers with innovative programs and a stable source of funding, so we look forward to working with them to further drive back-end profitability…” Chevrette added.
"We see the potential for this technology to provide a benefit for the dealer, the consumer, and the lender through reinforcing the importance of making timely credit installment payments. iMETRIK's step to make this product more affordable by allowing the dealer to only incur costs as the units are deployed is groundbreaking, and has the potential to positively impact our industry," Rick Potter, president of CAR Financial.
For more information, visit http://www.imetrik.com/payshare or call (866) 276-5382.