In 2016, the combined US and Canadian automotive sales industry generated about $1.4 Trillion in sales. An estimated 38.5M used cars and 17.5M new cars were sold in the USA alone. 3 out of 4 automotive sales in the USA involves a used vehicle. Of these, about 11.3M vehicles came off rental and leasing fleets and were sold at auction to dealers (‘auto-remarketing’) and another estimated 11M vehicles were sold between dealers, commercial accounts selling directly to dealers or non-NAAA member auctions (National Auto Auction Association).
Almost all of these deals are financed by auto floor plan financing institutions to dealers. In 2017, revenues generated by auto financing for dealers as well as retail contracts and leases will generate an estimated 25.4% of industry relevant revenue.
Talon Systems Software is primarily focused on providing risk management solutions for the auto-remarketing and sub-prime segment lenders in the North American auto industry, which in 2017 was estimated at $270B in sales.
Talon incorporates a combination of bleeding edge wireless and data science technologies in its auditing software tools to significantly mitigate and manage dealer risk while improving audit process efficiencies.
We will be launching our solutions soon with a select group of initial customers.