Insurance Telematics

CalAmp offers CDMA option for vehicle finance solution

April 15, 2014| Oxnard, CA, United States:  CalAmp  announced  that the industry’s premier vehicle finance payment assurance solution, LenderOutlook™, now supports the option of nationwide CDMA cellular coverage, ensuring reliable access to vehicle location and status information for improved asset management and reduced portfolio risk.

“Our new monitoring and tracking solution with integrated CDMA technology provides vehicle finance lenders and Buy-Here-Pay-Here (BHPH) dealers communications options that enhance reliability and connectivity with broad wireless coverage,” said Mike Zachan, senior vice president and general manager of CalAmp’s Wireless Networks business. “With technology changes underway in the cellular sector, we’re committed to reducing risk for our vehicle finance customers, and these CDMA solutions assure long-term, real-time visibility into the vehicles that secure their loan portfolios.”

CalAmp now provides vehicle finance companies a seamless choice of either CDMA or GSM/GPRS solutions. For customers wishing to continue using a GSM/GPRS solution, CalAmp has bolstered its airtime agreements with new and existing carrier partners nationwide and will continue to offer that service for the foreseeable future. Since 2G GSM/GPRS coverage is expected to decrease over the next several years as wireless spectrum is repurposed for more efficient data network technologies, CalAmp believes its CDMA solution will become an increasingly popular alternative.

The latest CalAmp location and messaging devices, the LMU-720™ and LMU-400™ feature CDMA wireless data communications technology. The LMU-720 offers basic vehicle tracking capabilities, with an optional external starter-disable relay. Alternatively, the higher-tier LMU-400 features an integrated starter-disable relay, as well as an audible payment reminder feature and back-up battery capability for added tamper resistance.

Whether utilizing legacy 2G GSM/GPRS devices or one of the new CDMA-based LMU products and corresponding wireless services, CalAmp’s industry-leading LenderOutlook application provides the same simple and high-value user-experience that customers have come to expect. Coupled with applications like MobileInstall™ and MobileLocate™, LenderOutlook is the industry’s benchmark solution for comprehensive, reliable and easy-to-use tracking and asset protection.

“As the average cost of vehicles and associated loan terms increase, our new CDMA offerings allow vehicle finance companies and BHPH dealers greater lending flexibility, including the potential for higher value loans — all of which are facilitated by the ability to reliably and securely monitor, track and manage the vehicles in their portfolio,” Zachan added.

Source: CalAmp


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