Securing High-Value Inventory: Theft Prevention for Retail & Rental Businesses

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High-Value Inventory Theft Prevention
Posted by GPX Team on June 18, 2024
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    Contributors
    John Barbour

    Theft is a growing concern for small businesses, especially those dealing with high-value inventory such as e-bikes, bikes, ATVs, and other expensive equipment. In the United States, a bike is stolen every three minutes; an ATV or RV every 26 minutes; a boat every 1.75 hours. According to the National Insurance Crime Bureau, 66% of stolen ATVs are not recovered; 59% of boats are not recovered; and 85% of bikes are not recovered. 

    For bikes and recreational vehicles, retailers and their customers are looking for solutions that protect their belongings from theft and can aid the police with location data for recovery if they are stolen.

    Client Case Study: Bike Shop Theft in Denver, CO

    A bike shop in Denver, CO, faced challenges in protecting its high-end bikes, valued at up to $15,000 each. One incident that is all too common is a customer using a fake ID for a test ride, never returning the bike. That’s exactly what this bike shop owner faced: a loss of a $4,000 bike. Grateful that the test rider was not trying one of the $15,000 models, he knew he needed to take action to protect his business from further loss. Whether the theft occurs at retailers or the individual consumer level, theft of high-end e-bikes or other recreational vehicles is a significant challenge. More often than not, the thieves get away with it.

    To address this issue, the shop invested in GPX’s solutions, selecting a rechargeable hardware option and a subscription to an intuitive platform interface. This solution provided the kind of control and intelligence the owner was looking for. With flexible reporting capabilities, GPX’s AssetTrack Charge can report as frequently as every five minutes up to two weeks or over one year on a single charge if it reports every four hours. He created customized geofences around the store and a specified test ride zone in-platform, so now the bike shop team gets alerts every time a bike leaves or enters the bike shop or test ride zone. The owner always knows the whereabouts of their valuable inventory, whether within a boundary or outside it, providing unparalleled peace of mind.

    Later, the bike shop owner realized that tracking devices can solve a similar need among his customer base. Previously, customers had come into his shop looking for a GPS solution, but the price was often not competitive – or, the solution, built on AirTag technology, only worked for customers with iPhones. The bike shop’s owner wanted to provide his customers the same kind of security and peace of mind that the bike shop team enjoys. And so, a GPX Resellers agreement was drafted. Through GPX’s sister company, Logistimatics, and its mobile app for iOS and Android, the bike shop owner offers his customers the same level of protection he receives, at a competitive price. Whether he is selling individual bikes to consumers or a fleet of bikes to a bike share library, this GPX Reseller agreement helps him create a new revenue stream through a revenue sharing option for any service he sells.

    Flexible Tracking Solutions for eBikes, ATVs, Watercraft, and More

    The Denver bike shop is not the only one protecting high-end bikes or recreational vehicles with GPX’s flexible suite of GPS trackers. A bikeshare in Nebraska; an ATV rental company in California; a boat rental company in Missouri— retailer and rental clients of GPX that protect high-end bikes and recreational vehicles with GPX’s suite of solutions. 

    For instance, the bikeshare in Nebraska uses high-frequency reporting trackers to ensure their bikes are always within the service area, facilitating quick recovery and efficient operations. The ATV rental company in California leverages the long-term tracking capabilities of GPX devices to protect their assets in remote locations, ensuring they are not tampered with or stolen. Meanwhile, the boat rental company in Missouri benefits from the real-time location data and geofencing alerts, which help in managing their fleet and enhancing customer safety. These businesses have different operational needs and priorities, yet they all benefit from robust protection.

    GPX Intelligence offers long-lasting, yet rechargeable trackers (like the AssetTrack Charge, AssetTrack Voyager, or the AssetTrack Mobile), which are great for companies where recharging the trackers every few weeks is not an issue. For a bikeshare, the business can recover a bike immediately when it is outside of its service area and improve operational efficiency when needing to locate a bike to recharge it. These devices offer high-frequency reporting in minutes or as frequently as every 30 seconds when moving on the Protect Plus. In addition to recovery, GPX clients can gain additional insights into rental fleets and look at utilization, seeing how long they are stored at the rental location or repair fleet and not out generating revenue.

    Other clients prefer trackers that are meant to protect the bike or recreational vehicle in the event it is stolen. The AssetTrack Charge can be used in both capacities, high frequency requiring recharging every two to three weeks, or lasting up to seven years when reporting just once a day, or the non-rechargeable version, the AssetTrack, which offers up to ten years when reporting just once a day. For customers who are concerned about size, the AssetTrack Mini offers up to five years when reporting just once a day. For ATVs or other motorized vehicles, though not for eBikes, the Road Wired is a powered option that provides high-frequency reporting without the need for regular recharging.

    Flexibility is key to providing our customers the peace of mind they need. Not everyone has the ability to recharge a fleet of GPS trackers, whether it’s because it’s an operational burden or they want to hide them, putting them in places that make it difficult to recharge on a regular basis. We give you the ability to pilot the devices before sale so you can see what works best for you and our customer support team works to ensure you are set up for long-term success, working with you to dial in the right reporting frequency and battery mix you need to run your business and protect your sales and rental inventory.

    B2B2C: GPX’s Reseller Agreements for Retail Businesses

    GPX Intelligence offers a comprehensive solution to combat these thefts and provide peace of mind for both business owners and customers. By implementing GPX’s devices, businesses can safeguard their inventory within the shop, during test rides, and any time they loan a bike or recreational vehicle out to customers. With the GPX Reseller agreement, businesses can grow revenue offering these protective solutions to their customers at the time of sale or as an add-on service, enhancing overall security and trust.

    Securing Your High-Value Inventory with GPX Intelligence

    • Enhanced Security | Real-time GPS tracking and geofencing ensure that high-value bikes and recreational vehicles are always within a monitored zone, significantly reducing the risk of theft. The ability to set up custom geofences allows businesses to receive alerts whenever an asset moves outside of designated areas, providing an additional layer of security.
    • Peace of Mind | Business owners can rest easy knowing they have a reliable system in place to track their inventory. This peace of mind extends to their customers as well, who can enjoy their recreational vehicles without the constant worry of theft. The knowledge that their high-value assets are protected by cutting-edge technology helps build trust and satisfaction among customers.
    • Easy Recovery | In the unfortunate event of a theft, the GPS tracking system aids in the recovery of stolen or misplaced assets. The real-time location data provided by GPX Intelligence can be shared with law enforcement, significantly improving the chances of recovery. This feature is especially valuable for rental companies, where the loss of an asset can impact operations and revenue.

    Theft of high-value recreational vehicles and e-bikes affects retailers, rental companies, and consumers alike. The high value, ease of theft, and low recovery rates of bikes, e-bikes, and recreational vehicles make them easy targets for thieves, causing significant losses for businesses in inventory or lost revenue. While you’ll need to check with your insurance brokers, some insurance companies even recognize the value of GPS tracking on high-end assets and are willing to offer insurance discounts when GPS trackers are installed, giving businesses the benefit of peace of mind with GPX and an option to shop around for lower-cost insurance that recognizes the investment you are making in protecting your business assets.

    By utilizing solutions like GPX Intelligence, businesses can protect their valuable inventory and grow revenue through referrals to provide the same peace of mind to their customers, building a trustworthy relationship with customers who can enjoy their e-bikes or recreational vehicles without the constant worry of theft. Implementing GPX Intelligence is a proactive step towards securing high-value assets, ensuring business continuity, and enhancing customer satisfaction.

    In today’s competitive market, where the stakes are high and the margins can be thin, the security of high-value assets like e-bikes, ATVs, and watercraft is not just a necessity but a critical component of a successful business strategy. With GPX Intelligence, retailers protect their investments and turn security into a selling point, offering customers a value-added service that sets them apart from the competition. The comprehensive protection and peace of mind provided by GPX Intelligence make it an indispensable tool for retailers and rental companies looking to safeguard their assets and build a loyal customer base.

    The Future of Inventory Protection

    As the market for high-value recreational vehicles and e-bikes continues to grow, the need for effective theft prevention and asset management solutions will only become more critical. GPX Intelligence is at the forefront of this industry, continually innovating and improving its technology to meet the evolving needs of businesses and consumers.

    With advancements in GPS tracking technology, development of geofencing capabilities, and flexible ways to use the location data, GPX continues to invest in solutions that provide Peace of Mind and help businesses optimize their operations. GPX Intelligence provides a powerful and flexible solution that not only deters theft but also enhances recovery efforts and offers valuable operational insights. By adopting GPX’s advanced tracking technology, businesses can secure their assets, improve customer satisfaction, and ultimately drive growth and profitability.

     

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