Spireon Launches New GPS Vehicle Tracking Product For Subprime Market

Irvine-based Spireon, a developer of telematics products for vehicle and fleet tracking, said late last week that it has launched a new GPS vehicle tracking system, specificdally aimed at the subprime auto financing market. The company said its new GoldStar Lender product is aimed at helping auto finance professionals manage their portfolio risk, by tracking vehicles sold in the subprime lending market, and the "Buy Here Pay Here" dealership market. Spireon says its products are used to address the "potential loss of collateral" when a borrower defaults, and when a lander is "unable to recover the vehicle". Buy Here Pay Here dealerships target car buyers with little or no credit, and use frequently use repossession of vehicles, often without warning.