LoJack Corporation (NASDAQ: LOJN), a leader in vehicle theft recovery, today announced that the company has achieved an important milestone by surpassing 10,000 subscriptions under agreement to provide subscribers with a range of services for Construction Equipment, "Main Street" Fleet Vehicles and Inventory Management for Dealerships. With a majority of these subscriptions in the field, and the balance rolling out in the coming months, the benefits of the services are becoming recognized among customers as valuable contributions to their businesses.
"This major milestone serves to validate our strategy to expand the LoJack brand beyond our foundation of Stolen Vehicle Recovery," said Randy Ortiz, President and CEO of LoJack. "We have leveraged our well-known brand and distribution channels in the U.S. to establish telematics offerings that provide subscription-based services to our customers that are relevant on a daily basis."
LoJack's telematics offerings meet the unique requirements of the complicated fleet, construction and dealership industry. The company's key telematics products and solutions include:
- LoJack® Connect for Equipment – ruggedized solution for fleets of construction equipment: LoJack Connect for Equipment allows business owners to precisely track equipment utilization, use real-time and historical data to improve operational efficiencies and asset management, remotely optimize fleet operations and streamline processes.
- LoJack® Fleet Management Powered by TomTom - for "Main Street" fleets: LoJack delivers advanced solutions that help businesses grow and streamline their operations. The recently announced integration with Intuit's QuickBase® with the power of the LoJack Fleet Management platform gives LoJack Fleet Management customers the data, tools and insights to improve efficiencies from lead generation to project completion throughout their on-road fleet of vehicles.
- LoJack® IM1 Inventory Management System – for dealers: The technology enables dealership personnel through tablets, smartphones and other mobile devices, to verify vehicle location, quickly access relevant vehicle information, track test drives and receive early-warning alerts if a vehicle is moved from a geo-fenced location. Currently in pilot phase, LoJack IM1 customers can see streamlined processes that can result in a more efficient dealership and better overall customer service.
In bringing fleet & inventory management to the market, LoJack has collaborated with global solution providers to deliver world-class capabilities to its customers in the U.S. market. Those underlying technologies service over 500,000 subscriptions world-wide.
"Over the next year, LoJack will continue to build on our successful Pre-install strategy with our Stolen Vehicle Recovery business and accelerate our move into telematics, by leveraging the strength of our brand and U.S. distribution," continued Ortiz. "For the first time in LoJack's history, we are establishing a new level of relevance for our customers by providing products and services that can be used every day to manage critical business operations."
About LoJack Corporation
LoJack Corporation, the company that has helped more than nine million people protect their vehicles in the event of theft over the past 25+ years, today provides safety, security and protection for an ever-growing range of valuable assets and people. Leveraging its core strengths, including its well-known brand, direct integration with law enforcement and dealer distribution network, LoJack Corporation is expanding our business to include our traditional vehicle and equipment theft recovery, people at risk and new telematics based products and services. LoJack is delivering new telematics-based solutions for on-road and off-road fleet management, as well as, dealer inventory management. By expanding our brand beyond stolen vehicle recovery, LoJack Corporation is committed to creating a new level of value for its dealer, licensee, customer and investor communities by delivering innovative offerings and multiple technologies in expanding geographies.
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