TrueSpot, a new Internet of Things (IOT) asset location platform developer will be showcasing the automotive industry’s first Real-Time Location Services (RTLS) platform at NADA 2020. Their trio of new technologies enable real-time mapping of vehicles, keys and other assets, enhanced digitized reconditioning and simplified service loaner and VIP Demo management with purpose built OBD2.
Founded by a group of IT and Auto Dealer insiders, TrueSpot was created to solve one of today’s biggest challenges for auto dealers – asset and operations management. US retail auto dealers spend more than $325 million per year to replace lost keys and lose another $3 billion a year in inefficiency and wasted time tracking down assets. This can translate into tens of thousands of dollars of losses for single dealership owners, not to mention fueling an environment and reputation of frustrated, waiting customers, walkaways and lost revenue.
TrueSpot technology dramatically reduces or eliminates these costs, while adding new capabilities that boost productivity and sales performance. These industry-first technologies integrate dealer back-office data to streamline workflows, Lot Management 360 (digitizing the dealership), and their newest product, TrueRecon, geo-validates reconditioning activities, basically putting tedious and time-consuming recon activities on ‘autopilot.’
Additionally, new complimentary cellular IOT solutions better manage and track usage of service loaner or rental cars via purpose-built OBDII modules specifically designed to offer anywhere, anytime tracking. TrueSpot’s system offers these services at a fraction of the cost of competing OBDII services, without the burden of an F&I service sales.
“For us, NADA is all about tech innovation for auto dealers,” said Mike Hanna, CEO and Founder, TrueSpot. “For the first time, technology is becoming highly specialized for the auto industry, and we intend to be on the forefront of this wave of transformation. Old-school processes of yesterday are becoming obsolete. Moving forward, most consumer transactions will be done online, and consumer convivence and operational efficiency will become the dominate success factors for dealers.”
TrueSpot’s platform is comprised of proprietary wireless locator tags that can be placed inside vehicles and attached to keys and other assets. Combined with a low powered enterprise campus network and applications for Apple and Android wireless devices, dealerships can instantly locate these assets – to within inches – and identify their recon status. Unlike competitive asset-tracking technologies, TrueSpot location tags can be easily transferred and recycled to track other assets/vehicles on the lot.
The start-up is in process to close a current investment round of $1 million, which would add to the more than $700,000 it’s already raised.
- NADA Show weblink
- TrueSpot Solution Video Overview
- Visit TrueSpot on Twitter
- Product/application photos available
Formerly known as MOLOCAR, TrueSpot was founded in 2017 by a collaboration of mobile technology insiders and auto dealership owners and operators to invent the industry’s first Real Time Location Service, delivering pinpoint locations for vehicles, keys and more. Through the realization of this technology, TrueSpot is transforming the everyday operations of dealers with the industry’s most powerful and insightful lot management and recon management solutions. TrueSpot partners with key technology and industry players such as Microsoft, CDK Global and DealerBuilt while also being easily compatible with many other dealer technology partners such as Dealertrack Technologies, vAuto, DealerSync, HomeNetAuto and many others. For more information about TrueSpot go to https://truespot.com.
TrueSpot Executives are available on site at NADA 2020 for media briefings.