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High-tech gear disables car if borrower misses payment Chris Woodyard When the light starts to flash, you had better have the cash. That's the reality for millions of subprime borrowers whose used car purchase is contingent upon having an unusual option: a little box mounted underneath the dashboard that forces them to make their payments on time. A light on the plastic box flashes when a payment is due. If the payment isn't made and the resulting code punched in to reset the box, the vehicle won't start. The next step is a visit from the repo man. As tighter credit crunches consumers, it seems business can only get better for Sekurus, a company based in this suburb east of Los Angeles. It's among several companies that market such devices.
(Article continues below) "We're just starting to see that," says Sekurus CEO Mike Simon, as the potential market of an estimated 7 million subprime auto borrowers continues to swell. The device helps stave off default, a growing problem. Car and truck repos this year are predicted to hit the highest level in at least a decade, according to Manheim, a wholesale auto-auction service. As more dealers look for ways to protect themselves, Simon says privately held Sekurus has grown at a 30% clip in recent years. Revenue goal this year: $20 million.
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