Introduction:
C3 Rentals, based in Hattiesburg, Mississippi, is a rapidly expanding nationwide provider of financing and rent-to-own services for trailer dealerships. They offer a range of financing options that enable dealerships to extend financing to their customers, thereby boosting trailer sales. C3 finances various trailer types, including gooseneck, utility, dump, tilt, and car hauler trailers. By providing flexible ownership options, C3 helps businesses and individuals gain access to trailer ownership. However, their rapid growth and extensive financing operations across hundreds of dealerships have led to a variety of challenges in enforcing financing agreements.
Challenge:
C3 Rentals faced several operational challenges that hindered their efficiency and profitability. A major issue was the difficulty in recovering assets after payment defaults, which severely affected the economics of financing deals. When customers defaulted, C3 attempted to repossess the trailers, but locating them proved challenging. To address this, C3 purchased GPS trackers from a reputable provider, with specific requirements: the trackers needed to be battery-powered, discreet, and long-lasting, providing accurate and rapid location data. Additionally, they needed logistical capabilities to provide GPS trackers for each new trailer financed. However, this solution fell short. The GPS trackers were often tampered with or had their batteries die before the loan term ended, leading to further losses and operational challenges. An additional challenge C3 faced was processing loans, which proved excessively time-consuming and fraught with inefficiencies due to the scattered nature of data across various systems. There is a complex set of procedures to be followed for each new trailer loan. Following these processes not only slowed down C3’s operations but also affected customer service negatively.
Solution:
To overcome these challenges, C3 Rentals partnered with Hapn to implement a new GPS/IoT tracking solution. Each trailer was equipped with discreet, battery-powered trackers featuring custom mounts for enhanced concealment and tamper alerts for immediate notification of interference. Hapn’s solution integrated with C3’s systems, including Salesforce and proprietary platforms, streamlining data consolidation and automating many previously manual processes. Automations built using Hapn’s API optimized tracker settings, set update frequencies, created geofences based on shipping addresses, and switched trackers to battery-saving mode upon reaching designated locations. These automations occurred when a loan was created, significantly speeding up C3’s loan processing times. In cases of payment default, the tracker’s update frequency was increased to facilitate quicker recovery of the trailer.
Measuring Success
The implementation of Hapn’s tracking technology has significantly enhanced C3 Rentals’ operational capabilities. Trailer recovery rates have increased, mitigating financial risks and losses from defaulted loans. Streamlined data integration and system automation have boosted operational efficiency. The enhanced security features of the trackers have reduced the incidence of lost or untraceable assets, ensuring asset security throughout the loan period. These improvements have solidified C3 Rentals’ market position and elevated customer satisfaction through better service and reliable management of leased assets. C3 Rentals also praised the support from the Hapn customer success team. Haden Anderson, Chief Operating Officer at C3, remarked, “One of our core values at C3 Rentals is ‘Whatever it Takes’. The Hapn Team not only takes accountability but also ensures tasks are addressed promptly, regardless of the time of day.” He added, “Working closely with Evan, Misti, and John has been a great experience, knowing our GPS vendor is willing to help and committed to making it work.”
