IRVINE, Calif., Sept. 26, 2018 /PRNewswire/ -- Spireon, the vehicle intelligence company, has published, "Impound Storage Fees, a Billion-Dollar Problem," the first report of its kind to address the costs to consumers, dealers and lenders associated with vehicle impounds. With nearly 4 million vehicles connected to its award-winning NSpire IoT platform and nationwide database of impound lots, Spireon is uniquely capable of gathering impound-related insights on a massive scale for the automotive industry.
Spireon data indicates about 76,000 vehicles are impounded each day nationwide. Of these, approximately 44 percent remain on an impound lot for four days or more, and some 22 percent stay even longer at 15 days or more. Based on average daily storage fees, vehicle impounds cost U.S. consumers, dealers and lenders an astonishing $3.04 million each day, which equates to $1.1 billion per year.
"On average, only 31 percent of dealers are notified by the impound lot within a reasonable one to two days, and typically it can take anywhere from three to 16 days to receive notice," said Brian Deeley, director of product management at Spireon. "The reality is that impound isn't a static problem. The information dealers need to combat it, including the latest impound lot locations and faster impound notifications, is dynamic. Only with timely access to accurate information can dealers put a dent in escalating costs."
The Spireon report highlights the five states with the highest incidence of impounding, and the vehicle models most frequently impounded. Additionally, the data reveals average storage fees and recovery costs by region. Survey data collected from 280 automotive dealers supplements the vehicle insights provided through Spireon's NSpire platform.
To learn more about the costly impound problem, download the full report here.
Spireon will demonstrate its GoldStar Impound Lot capabilities in booth #208 at the National Alliance of Buy Here, Pay Here Dealers (NABD) Buy Here Pay Here Subprime Conference, Oct. 8-10, 2018, at the MGM Grand in Las Vegas. To book a demonstration at the conference, please see: Spireon at NABD.
Spireon, Inc. is North America's leading connected vehicle intelligence company, providing businesses and consumers with powerful insights to track, manage and protect their most valuable mobile assets. The award-winning Spireon NSpire platform supports nearly 4 million active subscribers across the company's growing suite of products for new and used car dealers, lenders and financial institutions, rental car agencies, commercial and local fleet operators, and consumers. Learn more at www.spireon.com.
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SOURCE Spireon, Inc.