KNOXVILLE, Tenn. — ProconGPS, a mobile resource management solutions company, recently announced it has bought the patents governing repossessions in the vehicle finance industry from CalAmp Corp.

The intellectual property covers methods and systems that utilize GPS technology, cellular networks and information systems to monitor loan status for a default condition on a vehicle and enable tracking in order to aid the confiscation and repossession process for dealers and finance companies, company officials noted.

"ProconGPS, Inc. is continuing to invest in its portfolio of intellectual properties and solutions for vehicle finance, fleet management, new auto dealers and overall asset tracking," stated Brian Boling, chief executive officer of ProconGPS, Inc.

"As the world’s largest subprime vehicle finance asset tracking company, we recognized the need to add these patents to our existing intellectual property specific to financial services and the repossession process our customers use on a daily basis," he added. 

“The method patents involved are all about our core deliverable — risk mitigation. As we continue to witness the significant costs and efficiency advantages our customers gain using our services, ProconGPS Inc. is committed to continuing the growth of this exciting vehicle finance GPS tracking industry,” he concluded.