ATLANTA and MONTREAL — For buy-here, pay-here dealers looking for an alternative to conventional purchasing and title conversion, iMetrik Automotive Solutions thinks it might have the answer.

The company recently announced a new program called Pay Share that allows dealers to acquire full-featured GPS payment devices, including starter interrupt, payment reminder and integrated backup battery for a one-time $39 stocking fee and $10 a month for 16 months or until the receivable is sold to a program lending partner.

The company also revealed that CAR Financial has signed on as the launch lender.

"Finance companies that specialize in purchasing BHPH notes benefit tremendously when a dealer uses a high-quality starter interrupt device," explained Guy Chevrette, iMetrik CEO. "Participation in Pay Share provides these lenders an avenue to encourage their dealers to utilize the technology that maximizes portfolio performance and servicing efficiencies.

"BHPH dealers aren't realizing their profits upfront, so we wanted a program that allowed them to pay for the device as they booked their own payments, this in combination with the ability to transfer the device payments they sell a receivables pool will allow some dealers to reduce their technology costs by 50 percent or more," he continued.

He went on explain that the lender acquiring notes tends to value GPS loan collection technology, but the dealer can end up with all the upfront costs.

"This conversion program enables the dealer to purchase the technology at a reduced cost and when the loan is sold, the payments are picked up by the acquiring lender. It's a true pay-as-you-go-solution for dealers that allows for the transfer of the device payments into a preferred lender network with the sale of the dealer's receivable," Chevrette said.

"iMetrik is excited to be working with CAR Financial as our launch lender partner for this program. CAR is recognized as a lender focused on the individual needs of BHPH dealers with innovative programs and a stable source of funding so we look forward to working with them to further drive back-end profitability for all the parties in the program," he added.

Meanwhile, Rick Potter, president of CAR Financial, noted, "We see the potential for this technology to provide a benefit for the dealer, the consumer and the lender through reinforcing the importance of making timely credit installment payments. iMetrik's step to make this product more affordable by allowing the dealer to only incur costs as the units are deployed is groundbreaking and has the potential to positively impact our industry."

To sign up or learn more about the new program, visit www.imetrik.com/payshare or call (866) 276-5382.