In an unusual move, vehicle telemetry and tracking systems maker Navicom GPS, through exclusive distributor Automotive Security Plus, will begin providing its GPS units to Automotive Financial Group which will begin funding contracts on vehicles under the condition that each vehicle must be equipped with a Navicom GPS unit.
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In a statement, Navicom said Automotive Financial Group will start with $US20 million worth of funding. It is expected the funding will create sales of over 200 units per month in the first month of business with continued growth once all dealers are on board.
Automotive Security Plus has four distributors of the Navicom unit that have signed up an initial 38 dealerships that to finance vehicles through Automotive Financial Group.
“The Navicom technology allows Automotive Financial Group the ability to venture into markets that were previously unavailable to them,” said William Thompson, vice president of national and international sales at Automotive Security Plus.
“This is a big win for Navicom as we are continuing to expand… into the finance industry. We will actively work with AFG to ramp up to their stated goal of 1,000 units per month. Their growth projections are substantial,” said Navicom president Keith Tench.
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