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Friday, Mar 1, 2024

CalAmp Sells GPS Patents for Car Repo Apps

Oxnard-based CalAmp Corp. has sold several patents that help finance companies repossess vehicles. The buyer is a Tennessee provider of Global Positioning Satellite applications.

ProconGPS Inc. of Knoxville said that the patents acquired from CalAmp of Oxnard covers technology that enables car dealers or finance companies to monitor loan status on a vehicle to see whether it has gone into default at the same time it tracks the vehicle’s location to aid the repossession.

Financial terms were not announced.

“As the world’s largest subprime vehicle finance asset tracking company, we recognized the need to add these patents to our existing intellectual property specific to financial services and the repossession process our customers use on a daily basis,” ProconGPS Chief Executive Brian Boling said in a statement.

CalAmp shares closed down 9 cents, or 2 percent, to $3.76 on the Nasdaq.

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