New Technology Pinpoints Asset Locations, Boosts Customer Service, Productivity and Revenue, Automates Recon Activities Reducing Workload by 70%
- Booth No. #1325C at NADA 2020 Conference in Las Vegas, February 14-17, 2020: live demonstrations of real time inventory mapping solutions, digitized lot management, geo-automated reconditioning and other dealership technologies that streamlines workflows.
- Industry’s first real time location platform and purpose-built campus network pinpoints exact locations of every car and key in fleet.
- Easily and cost-effectively customizable to support existing dealer operations, key locker & back office systems.
- Dramatically reduces reconditioning time – can increases vehicle time to market by 20% or more and decreases recon management by up to 70%.
PLANO, Texas – November 19, 2019 – TrueSpot, a new Internet of Things (IOT) asset location platform developer will be showcasing the industry’s first real-time mapping and inventory solution for automotive dealers, including a new solution that accelerates the speed of costly, highly dispersed auto reconditioning (recon) processes.
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’s new platform dramatically reduces or eliminates these costs, while adding new capabilities that boost productivity and sales performance. The solution integrates dealer back-office data to streamline workflows, Lot Management 360 (digitizing the dealership), and their newest product, TrueRecon, geo-automates reconditioning activities, basically putting tedious and time-consuming recon activities on ‘autopilot’. The platform also enables mobile phone access to vehicle features, options, and prices to ensure sales staff are always knowledgeable and fully sales-ready as they walk the lot.
Auto dealers coordinate multiple phases of servicing to prepare vehicles for sale, often including ten or more tasks across numerous departments and locations – both on and off the lot. These activities are estimated to cost dealerships on average $42 per day, and may include upholstery repairs, tire replacement/alignment, body work, paint, detailing, and more.
According to TrueSpot CEO Mike Hanna, “Current, antiquated key vault and asset tracking systems show when and where a key is checked out but can’t track where that asset is physically located until it is checked back in. The simple fact is that cars and keys move around dealer lots constantly. They’re checked out for test drives, handed off from salesman to salesman, and between departments as they are reconditioned for resale. When misplaced, these assets easily fall off the radar and drive up operating costs. It’s a significant problem across the industry.”
The TrueSpot solution 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 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. This significantly reduces the need for sales reps to pressure customers to pay additional location and SaaS service charges to recuperate dealership costs for more expensive, pre-installed GPS systems. TrueSpot’s technology is pre-embedded with capabilities eliminating the need to subcontract onsite IT support or pass along additional hosted solution services to customers.
TrueSpot will be providing live demonstrations of this proprietary technology at the NADA 2020 conference in booth #1325C. Founders and executives will be on hand to discuss industry pain points associated with tracking inventory, streamlining workflows and digitizing the dealership.
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; and is projecting to acquire 30 to 40 new dealer clients within the next nine months – up from around a dozen currently.
- 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 a better, more robust dealer asset management and on-lot selling solution. TrueSpot is 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.
About NADA 2020:
Industry leaders, manufacturers, exhibitors and other key players convene each year at the NADA Show to learn the latest tools, tactics and industry trends, see the hottest new automotive products and technologies, and make important connections with one another in the unique atmosphere that only the National Automobile Dealers Association can provide. With more than a century of experience, NADA has worked to represent and further the interests of new-car and -truck dealerships.
TrueSpot Executives have limited availability for media briefings on-site at NADA 2020; to schedule, please contact:
Jay Barta Communications