Cartrack hits 550 000 active subscriber milestone

Cartrack has reached another growth milestone of 550 000 active subscribers, the vehicle tracking firm informed investors on Thursday. By Staff Writer

The company was the first to market with a R150 000 recovery warranty, adding extra value to the consumer. To honour this warranty, the company has paid out in excess of R11.5 million since the inception in 2012.

For the five-month period to July 2016, Cartrack has experienced a net growth rate of 76% in Asia with the signing of a number of significant partnerships.

In Indonesia, Cartrack has developed technology locally for the transport industry. The company has fitted buses with Telematics units that relay real time information to consumers about bus schedules and delays.

In Europe, Cartrack has seen a net growth rate of 12% for the five-month period to July 2016.

Cartrack attributed the growth to regulatory matters on the protection of personal information and general road safety as strong influencers of Telematics developments in this market.

However, the company said growth in Africa has been low, given the current severe economic challenges faced by many countries.

“However, good potential is still anticipated in the medium- to long-term for the region.

In South Africa, Cartrack’s collaborative alliance of many years with MAN Truck and Bus in South Africa (MBT-SA) for the on-production-line installation of units was strengthened with the release of the MBT-SA customized telematics solution, available to all MBT-SA clients,” Cartrack said.