TrueSpot Raises $1.5M to Extend and Grow Its Location Intelligence Platform for the Automotive Dealer Industry.
Grapevine, TX, October 15, 2020
Today, TrueSpot is excited to announce that we have achieved a new milestone in our effort to put location data at the heart of dealer operations. TrueSpot has secured $1.5M to fund the next generation of dealer location data services.
Today, US retail auto dealers spend more than $325 million per year to replace lost keys and lose another $4 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 platform dramatically reduces or eliminates key loss 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 recently launched product, TrueRecon, geo-automates reconditioning activities, basically putting tedious and time-consuming recon activities on ‘autopilot’. The platform now offers SpotTracker, a purpose-built GPS/Cellular OBDII module for tracking service loaners or lot vehicles, anywhere, anytime. TrueSpot 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.
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. 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. TrueSpot in headquartered in Grapveine, Texas.
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