IRVINE, Calif. — Spireon Inc., an open and connected vehicle-tracking platform company with more than 2.5 million active subscribers, has announced the release of GoldStar Lender, the company’s newest GPS vehicle tracking and collateral management system.

The new product is designed to help auto lenders mitigate the increasing portfolio risk and increase returns on borrowed capital.

“The greatest risk in subprime lending is a potential loss of collateral, when the borrower defaults and the lender is unable to recover the vehicle,” said Kristina Lowe, director of product marketing at Spireon. “Building on the legacy of our groundbreaking auto finance products that we first introduced over 10 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.”

According to Spireon, 84% of customers report reduced delinquencies after installing its GPS vehicle tracking. Seventy-eight percent of Spireon customers have been able to finance customers with lower credit due to GPS vehicle tracking, and 68% have been able to finance customers with smaller down payments.

GoldStar Lender will also provide features to achieve compliance with state and federal regulations governing the use of vehicle-tracking devices, according to the company.

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