TrueSpot, a new Internet of Things (IOT) asset location platform developer today announced the commercial launch of the industry’s first real-time mapping and inventory solution for automotive dealers.
The new technology was designed to solve one of today’s biggest challenges for auto dealers – asset and operations management. Auto dealers can spend more than $10,000 per month to replace lost vehicle keys and can waste hours of employee time tracking down cars, keys and other assets. This often results in creating frustrated, waiting customers and lost revenue. TrueSpot’s new platform dramatically reduces or eliminates these costs, while adding new capabilities that boost productivity and sales performance.
“A good analogy is a library. Current systems show when and where a key is checked out but can’t track where that key is physically located until it is checked back in,” said Mike Hanna, CEO and Founder, TrueSpot. “By reducing key replacement costs, wasted employee time and lost sales, TrueSpot literally pays for itself, month after month.”
Today’s auto dealers coordinate multiple phases of servicing to prepare each car for sale – repairs and reconditioning (which is sometimes done off site, such as upholstery), detailing, and other staging activities. This has created an environment that is constantly vulnerable for the misplacement of assets as they move from place to place, which has become a wide-spread challenge across the industry.
“TrueSpot has generated thousands of dollars in savings from lost key costs and redefined how we manage inventory and assets,” said Bob Ortiz, Preowned Inventory Manager, Mercedes Benz of Plano. “We have a happier and more efficient staff, happier customers, and more control over managing our business operations.”
The TrueSpot solution is comprised of proprietary wireless locator tags that can be placed inside vehicles and attached to keys and other assets, such as such as tools, auto parts and other equipment. Combined with a low powered enterprise campus network and applications for Apple and Android wireless devices, dealerships can instantly locate these assets, including cars in service, or parked on or off the sales lot.
Better service, fewer lost sales, shorter customer wait times
TrueSpot’s management technology syncs directly with dealer inventory systems to enable mobile phone access to auto features, options, and prices. This enables sales staff to always be knowledgeable and fully sales-ready as they walk the lot. As they approach a vehicle, TrueSpot’s no-click, proximity-based technology automatically downloads that car’s specifications and price. The system also enables the dealership to easily log each test drive.
Unlike other key vault and tracking systems, TrueSpot pinpoints the exact location of assets, at a fraction of the price of competitive solutions. Reduced key replacement costs and increased operational productivity generates higher profits – often far exceeding the cost of implementation.
TrueSpot can also be used in conjunction with existing auto key vault systems, at minimum incremental cost.
“Since I implemented TrueSpot, I have not had to call the locksmith once,” said James Callahan, Owner, Callahan Motors. “Our goal is to provide our customers with a pain-free buying experience, and TrueSpot increases our sales efficiency and customer satisfaction. It’s a true game changer for us.”
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Formerly known as MOLOCAR, TrueSpot was founded in 2017 by a collaboration of mobile technology insiders and auto dealership owners and operators to invent a better, more robust dealer asset management and on-lot selling solution, including the industry’s first solution for real-time inventory location data. TrueSpot partners with key technology and industry players such as Microsoft and CDK Global while also being easily compatible with many other dealer technology partners such as Dealertrack Technologies, vAuto, DealerSync and others.