Find It Now GPS Security (FIN) is planning to integrate with a “couple” of powersports lenders by quarter’s end, Founder and Chief Executive Mike Conners told Powersports Finance.
FIN is a GPS tracking manufacturer that exclusively creates products for the powersports industry. The company sells its GPS devices through dealers but plans to add its first lender clients this year, Conners said. Conners declined to name the lenders.
“[We] were a sponsor at the first [Powersports Finance conference] in Vegas years ago and everything was so new then,” Conners said. “The lenders were just getting fired up, and [they’ve taken a] wait-and-see [approach] to how they can use a GPS device to help mitigate their losses. We developed a program that says, ‘You know, let’s not hide the GPS. Let’s tell the consumer it’s there, and let’s make it a value-add to your customer.'”
For lenders, GPS devices mitigate the risk of lending to subprime consumers, Conners said. Should consumers default on their loans, lenders can use the device to recover the units.
Based in Spring Hill, Fla., FIN works with more than 700 dealerships. FIN’s GPS tracking works on motorcycles, snowmobiles, ATVs, UTVs, and personal watercraft.