This man is single-handedly bringing security and accountability to the car business in an extremely unconventional way. How's he doing it? With car keys, but not in the way you might expect. Today I'm speaking with Steve Bocum, president of Keeper Systems, a global leader in providing cutting edge, asset control solutions for car dealerships. We discuss the double-digit year-over-year increase of auto theft and showrooms, how the future of car keys will create new challenges in dealership security, why dealers are losing 10,000 per year in keys alone and much more. Don't forget to click subscribe so you never miss an episode.
What's up everyone? This is Car Dealer Ship Guy. You're listening to the Car Dealer Ship Guy podcast, which is my effort to give you access to the most unbiased and transparent insights into the car market. But before we get into the show, this episode was brought to you by Private Auto, the first transactional marketplace that enables a safe and secure way to buy and sell vehicles privately. Private Auto provides a self-service platform that removes the middleman and uses proprietary banking technology. This allows buyers and sellers to safely complete a private party sale on their own at any time. They've thought of it all, identity verification to avoid scams, an e-bill of sale to simplify the paperwork, instant transfer of money between buyers and sellers, and so much more. Learn more at privateauto.com and use code CDG to list your car for free. This episode is also brought to you by ValveLink. You might know ValveLink is the original motor oil. After all, they've been at it since 1866, but to their dealership customers, there's so much more. When you partner with ValveLink, your dealership not only gets access to legendary ValveLink products, but also to their customer business solutions, marketing resources, consumer promotions, and other programs that go beyond the traditional supplier partnership. ValveLink can help you drive your service department by streamlining operations and increasing revenue with hands-on technician and sales advisor training, state-of-the-art service lane technology, and a robust preventative maintenance chemical program. They even have programs to help you sell more cars and increase trade-ins. What other fixed ops vendor can say that? So what's all this mean for you? Fewer vendors, more value, and a brand your customers know and trust. ValveLink's reinventing how supplier partners with the dealership. For more information about how ValveLink can become your ultimate fixed ops partner, visit partner.valvelyn.com or click the link in the show notes below.
I did play baseball in college. I got drafted by the Toronto Blue Jays. They pretty much had me all over the free world. I played in multiple cities throughout Canada. I did not make it to the big leagues, so I wasn't that good, but it was a great experience. And Toronto was really good back then. They had Bobby Cox as their manager, and John Scheerholtz as a general manager. Went to a couple World Series without me, but they were really good. But it was a great experience for me, and really true if that wouldn't trade it for any time.
I can only imagine. What brought you to the auto industry?
我只能想象。是什么让你进入了汽车行业?
Well, that's a great question. So when I got finished playing baseball and came back to Charlotte, obviously I needed a job. I was married, started having a family, so I definitely needed a job. I went to work for a brief stint with Hendrick, same Hendrick that owns the automotive business. He has a sportswear division, so I went to work for them, found out I really had a good knack for sales and creating relationships. But I did so well in that business, they decided to get rid of me. I was kind of making a lot of money with them. And so once they decided to get rid of me, I had several friends in the automotive business and I had never been in the automotive business, and they all seemed to have the same problem. Keeping up with keys, knowing who took the keys, where are the keys, we're losing keys, we're losing sales, we're losing cars. So we kind of set out to come up with a solution for that. And so partnered with them to come up with the idea for our first product. So they say the rest is kind of history. We did create our product that was really simple to use, very affordable, and that's what we launched.
Did you have any engineering background? When you decided you were gonna build a solution for key management?
你有工程背景吗?在你决定构建一个钥匙管理解决方案的时候?
My father has an unbelievable engineering background. And so I came to him and said, hey, here's what we're thinking. Can you help us with that? And he was like, yeah, this is easy. We can make something.
So we set out to make some prototypes. We were able to get our first patents. We were able to do some voice of customers, show dealers, what we were thinking about. And quite honestly, they were so hungry for a solution that they loved everything we made. And that's kind of how we got started.
I'll tell you soon about my first experience with the key machine. First time I came across it, I was like, what the hell is this contraption? But I like to say, riches are under niches. I mean, talk about fulfilling a small need. When was that point for you that you said, wow, this is a big problem that I wanna solve? Like, did you have that spark?
Yeah, so we launched in Charlotte. And I don't know how much you know about Charlotte, but we have what we call Independence Boulevard, which is kind of like a motor mile. And just on Independence Boulevard, there's gotta be a hundred dealerships, big, small, all sizes. And as we took our first product and started showing it and selling it to them, they flipped. And we were hearing the same thing from everybody. You gotta go to NADA. You gotta go to NADA. And NADA being the dealer convention back. It's still today, but back then. Absolutely, 30 years later, it's still around, still going strong, still a good show.
And so we did some research and found out the first NADA was gonna be in Atlanta, which it hadn't been back to Atlanta since. Back then, it was four days versus three days now. But so we got a small booth, a 10 by 10. That was really all we could afford. I mean, you gotta remember, when we started this company, I was employee number one. We didn't have much of a budget. And so we started with a 10 by 10 booth in Atlanta, which was all we could afford. We had a crappy location, which that's just what happens when you're a newbie to the show. But I will tell you, first day, we closed about 78 stores the first day. I mean, I had never been so excited in my life. We knew then we had something, because I mean, you're talking about biggest players in the industry. Back then, what is now AutoNation, Lippie up Pinsky, I mean, some of the big players and doing business with us right there on the spot at the show. So it was a huge buzz. And quite honestly, we weren't ready for that. We had to go back home to Charlotte and say, okay, look, we really- Now what? Next, you know, so that's kind of what happened.
于是我们做了些研究,发现第一届NADA在亚特兰大举行,此后还没有回到亚特兰大。那时候,会展持续四天,而现在只有三天。所以我们租了一个小摊位,一个10x10的摊位。那真的是我们负担得起的全部了。我的意思是,你要记住,当我们创办这家公司时,我是第一个员工。我们的预算不多。于是我们从一个10x10的摊位开始,在亚特兰大参展,那是我们负担得起的全部。我们的位置很差,当你是一个新手参展的时候,这样的情况就会发生。但我告诉你,第一天,我们一天就签下了大约78家店铺。我从未如此激动过。我们当时就知道我们有了一个机会,因为你知道,我们在跟行业里最大的对手进行交易。当时,现在的AutoNation, Lippie up Pinsky,这些大公司,他们都在展会上当场与我们做生意。这引起了很大的轰动。说实话,我们当时并没有准备好。我们不得不回到家乡夏洛特,对自己说:“好吧,接下来该怎么办?” 这就是大致经过。
How did you finance? How did you, the entire business? Where'd you get the funding? That's a good question. I had a little money, so I put pretty much every nickel I had. I did take on a few investors early on that really got excited and wanted to be in the business. I mean, honestly, when we started, I spent most of my days going back and forth to Office Depot. We needed paper clips, staples, paper. I mean, we really, when you hear people say, you know, I started from nothing or I started from a shoestream, we really started from nothing. I mean, we were in my garage for a year. But anyway, I got some investors that really had some avenues for potential distribution and sales and partnerships. And so that's kind of how we got started. But we just kind of created some investors.
I can only imagine. Did you think, I mean, was that convention the moment where you said this company's going to make it? Did you have that kind of gut feeling or what did it happen before that? Like what's your thoughts on that? I had the feeling we really had something and basically our job was going to be dump screw it up. You know, and then on that, one thing that was really interesting, we were so busy. I had other players in the industry coming to me and saying, hey, man, we want to be involved with you. What's next for you guys? What are you thinking? How are you going to go to market? You know, so we had a lot of people coming at us from different angles.
I mean, you got to remember back then, if you were a dealer in the late 80s, early 90s, you either had a hookboard or you had lockboxes on the side glass. What's the difference? Give us the definitions here. What's the difference? You just hang the keys on the hook. Anybody can take any key. Nobody knows who took them. Nobody knows when they brought them back. I mean, it's kind of disorganized chaos. It really doesn't do much for you. And with lockboxes, it was the same thing. You could go take a key. Nobody knows who had it. Nobody knows if they brought it back. And what we created really created the first accountability in the automotive world. So we knew who took the key. We knew if you brought it back, you know, we knew everything. So it made the salespeople accountable. And it was just a good price, a good product and a good fit.
I mean, I don't want to break it to you, Steve, but I think that still happens today at lots of dealerships around America. That 104. Walk me through just, I love tech and I'm trying to understand it's, you're talking 30 something years ago when you started this, right? We didn't even have cell phones back then, let alone the internet.
How did you actually do this? So what we did is we created what we called an access key for each sales guy. So if he needed a key, he would come up to our system, put in his access key, turn it and it would release the key to the, that he needed. At that point, it retained his access bag, identifying who took that key. So we knew who took it, it stayed locked in that board until he brought his key back. So it did provide visual accountability and here's what happened. When a sales guy left with a key to a vehicle and he knew that the ownership, the general manager, whoever knew that he had that key, that made him responsible, that made him accountable. And believe it or not, that's fixed the majority of the key control problems at a very affordable price.
Let me, when it comes to the actual cost of the keys, because again, today we have all this fancy stuff in cars and all these gadgets, but a part of me thinks that, you had this insight so long ago when keys were simpler. And so did you have the conviction even back then that the economics would make sense? If a key cost today, $500, $1,000, at the dealer for a brand new smart key, if in some cases, I get it, right? But I'd have to imagine just things were much more simpler back then, the cars were simpler.
And so how did you have that conviction even that the economics would make sense for dealers? I mean, do I want to invest in a key machine or am I better off just losing a couple keys here and there and ordering a new one, right? Like what was that thought process for you? Yeah, so here's what we learned really quickly. If you can't find the key, then you could potentially lose a sale because nobody's going to wait out on the lot while you go look for a key.
In this day and age, I mean, I'll give you an example. Here's Charlotte, there's probably three or 400 dealerships, three or 400 dealerships, three or four champion four dealerships. If you can't find that key ASAP, they're going to go right down the street and buy from somebody else. So getting the customer in the car with a key as quick as possible, just creates sales. And so that's what we did. And then again, if you can't find the key and it's left laying on the desk or it's left in the ignition, then that car could get stolen too. So the ROI was really quite honestly a no-brainer for car dealers. I mean, what we were charging them back there was just a few thousand dollars. And if that prevented you from losing one cell a month, one cell a year, I mean it paid for a set. It was kind of a no-brainer, to be honest.
Do you think opportunities like this exist today? And when I say like this, I mean finding this niche in the car business and coming up with a solution that involves hardware. It's something that's very unique. I read yesterday, I think it was yesterday, or the other day that Robo Tire, which is, I don't know if you saw that, there's a press release that they're declaring bankruptcy or they're going out of business. Robo Tire is a robotic tire replacement for service facilities in the car business. I was actually pretty shocked because it seemed like such a good practical solution that actually worked. And so it just makes me wonder, do you feel like there's still opportunities like this for anyone that's interested in entrepreneurship or bringing it into the industry? I mean, there has to be, because if you look like you said, where we started with what we do for key control now, I mean, then versus what we do now, it's unbelievable.
I mean, like you said, I mean, everything we had back in the day was mechanical. Now we have built-in biometrics, built-in touch screens, automated reports that come out through email, text message. We have our own mobile app. I mean, it's just amazing of the food of technology that we've incorporated into a key system. And, you know, let's face it, at some point, keys may go away. And so if keeper doesn't, you know, kind of keep our eye on the prize and keep trying to innovate, I mean, our saying in this building is innovator die. So we're constantly looking at what's next for the dealership world. And, you know, we're not the long-range. So, you know, everybody else is looking at looking as well.
But I still think the, you know, because you got EVs in the direct OEM to the customer model that's going on, you know, things are changing the pre-owned world with carbon and car macks and everybody else. I mean, as things change, there are gonna be opportunities. It's just who's smart enough to come out with the next niche or the next gadget that can, yeah.
But I do think they're, you know, a good entrepreneur can do well. I think you just blew my mind when you said that, because I didn't even think about that.
Keys may go away. How do you think about that? I mean, how do you hedge against that? How do you innovate to your point?
钥匙可能会消失。你对此有何看法?我的意思是,你如何对此进行对冲?你如何创新以适应这一点?
Well, again, so what we do is, so I'll give you some examples. Right now, a lot of the EVs are using what I call a non-key. So, it's some kind of credential. It's a proxy card, it's a bracelet, it's a remote. You know, you can activate and do things with your car, with your cell phone.
So, what we've done is we're controlling that key database. We're thinking, hey, if it's an electronic credential, maybe it's encrypted, maybe it's an encrypted code. We can probably still maintain that in a database, because let's face it, let's say cars right now go to all cell phone technology. Well, you still got to demo the car, you still got to sell and transfer the car, you still got to potentially loan the car as a customer, then the customer has to resell the car. So, there's going to be a transfer of that credential. And so, the way we look at it is, can we be involved from a software standpoint to help the dealer control and manipulate that credential in the sales cycle until he transfers it to the customer. So, we want to be involved in that. So, we're involved in a few consortiums where we're looking at that. I'm not saying it's a slam dunk, that we would be involved in that, but we are the industry leader in key control worldwide. I mean, we're selling key systems all over the world, and some of the largest groups in the world. So, we keep an eye on what's going on in Europe and the rest of the world.
You know, obviously, we keep an eye on what goes on here in North America, but yeah, we need to try to be involved in that. I mean, my big boss, I mean, I don't know how much you know about us, I have a boy, but they own us. I mean, they're, I was going to get to that question about what are you sold. They're huge. So, my boss is constantly asking me, hey Steve, what are you going to do when keys go away? And I need a good answer for that. So, we constantly challenge our teams internally to again, let's innovate, let's see what's next, think outside the box and see what we can come up with.
Speaking of keys going away at innovation, what do you think is the practical next step for your company or in general, just, you know, keys in this business, right? Do you think it's, I'm going to go and it's going to be something biometric? Is it going to scan my retina? Or is it going to just be on my smartphone and it's going to detect my phone next to the car? Like, what do you think is the practical next step?
Well, one thing that's a little bit encouraging to us as far as a, you know, still having a physical key is people like Tesla still have a key, Rivian still has a key, Lucid still has a key, you know, a lot of your EVs that are real progressive, they still have some form of credential. And we're doing business with all of these, we're doing, you know, some form of business with all those guys. And what we're doing is we're adapting to whatever credential, you know, they have. So we're selling pouches where we can control the pouch, out of the pouch is the card, the key, the wrist band, you know, whatever they're using, they're all seem to be using something different. But that physical credential in the foreseeable future just doesn't seem to be going away. So keep us still involved. And I guess that's a good thing. But again, we still want to be ready if it does go all sailor.
Yeah, I mean, I think of it almost like cash versus credit card, right? Like you still need cash no matter what, I still care cash. I mean, you just never know, you know, your phone might be dead, even if it's, you know, something biometric or something, you know, who knows it might malfunction, the car's battery might die. I mean, I don't know. I think that's what I just think of like, and like with my investor hat on, that's sort of what comes to mind. 100%.
How do you spend these last 35 years in the same position, I mean, same position as CEO of the company and maintain a culture of innovation? I don't have the attention span to do the same thing for three and a half days.
So, so I understand how do you do that? Like what is your, what is your process to continue doing this, bring life? And I say that also because the way you started this business and you spoke about the technology, it's way different than it is today where you have just fancy code, internet blah, blah, blah, blah. So how is that, what has that journey been like for you?
Well, I mean, listen, I was an athlete, so I was a competitor, so I like competing, I like winning. I think everybody loves that. But to be honest, over the last 30 years, we've just instilled a culture that says, hey, we're not perfect, we're gonna screw up. When we screw up, make it right.
How does that play out in the day to day? Like what is it like working under Steve?
在日常生活中是如何发挥作用的?比如在与史蒂夫一起工作是什么感觉?
Well, I mean, so my big job is number one to run day to day operations and make sure the boat doesn't crash into the rocks. I mean, so, but I am involved in all of our corporate comp meetings, do most part trade shows, you know, so I'm involved. But again, they know from me that if you don't have a degree in GSD, then you probably can't work here and that's get, you know what done, we say get stuff done. I mean, even though we're owned a thousand plus employee company, we still run the division of Keeper, like a lean mean, you know, machine, and we wanna get stuff done, we wanna get products to market, we wanna develop IP and technology, and we just wanna be real responsive to the customer. I mean, we really look at selling key control, just like a dealer looks at selling a car. If you sell a guy a car, you sold it to him for life. So you better be prepared to warranty it, you better be prepared to service it. If something goes wrong, it's out of everybody's control, you still have to make it right, and we look at it the same way in the key control industry. I mean, if we screw up, we're gonna make it right. I mean, there's a lot of competitors we have that can sell you a key system. I think our biggest advantage is just what do we do when we screw up, and we make it right. So we stand behind the product, and in this day and age, believe it or not, those kind of old ideals, you don't see that much anymore. So everybody in this building might be possible. Very much agree with you on that.
I was just thinking about it as you were speaking, just the basics. It's so important to do them well. So before we get into why you sold and all that interesting information, just give us the brass tacks here, right? What is that, today, your key machine, what does it do? How much does it cost? Give us the full details.
So really what we're doing, we're controlling the key in all aspects of the dealership. It could be new keys, pre-owned keys, service keys, get ready keys, prep center keys. We have the ability to network all of our systems on a footprint or multiple footprints. So as the key moves from get ready to service, to sales, whatever, we can track that key. I mean, so we have some dealerships that'll buy a system for every aspect of their business. We have some dealership groups that'll just buy just for the new keys. But again, we're here to sell them whatever they think they need and wherever their problems may exist. And from what we hear from Voice of Customer, 11 grand to a dealership is, I'm not gonna say that's peanuts, but when you look at the potential of lost cars, lost keys, lost sales, believe it or not, that ROI is less than a year. And again, that's one thing that's really changed in the industry. In the late 80s, early 90s, when I would go talk to dealers, they would not tell you how many keys they've released. Number one, I'm not sure they knew, but number two, they didn't want to admit it. And so they were kind of guarded in that aspect. But I will tell you, nowadays, oh, they'll tell you. If I don't have a key system and you go in and talk to me, because oh yeah, I'm losing a couple thousand dollars a month, I get a system, we have people walking our booth in NADA and say, look, I lost 10 grand last year in keys. Once a key system gonna cost me, I'm ready to do business. And so NADA has still been crazy exciting and a good avenue for us. But that's kind of what it costs. So it's not crazy expensive.
Yeah. I think for anyone that's never seen these machines, they're actually crazy. Again, I go back to the first time I saw one and it's an unbelievable contraption that you just feel like you don't expect to see something dissophisticated in a dealership, but it is pretty remarkable how you're really able to, one person inputs their credentials and whatnot. And that key is associated with that, so really, really cool.
All right, so the magic question, why did you sell? And when did you sell, by the way? When did you sell?
好的,那个很关键的问题,你为什么卖掉了呢?顺便问一下,你什么时候卖掉的?你是什么时候卖掉的呢?
Yeah, so it's been about 10 years ago now. Some of the partners I told you about that I took on early on, they were getting a little older and they were looking to cash out. And actually, it was a good opportunity. So our first sale was through private equity. Private equity approached us through a broker. And they got it. I mean, they sold the niche that we had created. It didn't take them long to look at our financials to go, wow, this is a good business. This is something we could get in. They also sold the opportunity to help us expand both globally, Canada and Mexico, South America. I mean, so they helped us grow the footprint, become more compliant, so on and so forth. So we sold about 10 years ago to private equity. Their game plan was really, I think, to keep us for four to five years and then flip us and make some money. I mean, that's how private P's work. But really about three and a half years into it, they came to me and said, hey Steve, we think now's the time to sell. We think we can do really well. So they put us on the market again and then lo and behold, I saw a boy came along. They bought us about five years ago and man, it has been really good for Keeper because again, now you get all that horsepower, you get that backing. I mean, since they've purchased us, we've become ISO certified. We're completely compliant in any avenue, whether it be FCC compliance or HR compliance. I mean, we can sell anywhere and everywhere in the world where you LCE certified. I mean, you name it, we have it.
So I have no idea what those means, but I'm nodding it. Things you're okay to sell in the US and globally and I mean, there we go, baby. You know, how I like it.
Yeah, absolutely. I mean, listen, we're greeting, we wanna sell everywhere. And you know, and then nothing. I like your style. I like your style. It's good. Hey, again, like I said, I wanna win and we wanna win big.
So, ISO has offices and outlets all over the world. So since that acquisition, we've already acquired some of the largest dealer groups in Germany, Scandinavia, obviously the UK. I mean, we're doing business with over a thousand dealerships in the UK. We just got in a big deal in South Africa, Australia. Wow. You're really global. Yeah, we're a global company, believe it or not. So it's been a good acquisition by ISO.
And you know, you hear these horror stories about when you get bought by a big company and there's so much, you know, red tape and so much transition. Man, to be a 100% honest, they have pretty much left us alone and said, hey, go do you, but we're gonna help you become more efficient, more compliant, give you more horsepower and help you grow exponentially. And it has been a great marriage. I mean, I would tell you and be honest with you I thought it was challenging, but it hadn't been. I feel like you usually don't hear this in a general like, you know, acquisition, especially like founder led, right? Like you found the company, does this sentiment that you just don't you typically hear this? I mean, I agree. It's been, it's been great.
And something I can tell you that we just announced they came to Keeper earlier, one of those of course, the end of last year in December and said, hey, we wanna make you a global brand, which means as you can see on my shirt, they added the Asa Abloy tag to Keeper's tag, our logo. And really what that means, that means we're now a completely supported brand by Asa Abloy. And what that means that your audience would probably understand is that, you know, they're fully behind us. They wanna do everything they can to grow us globally and they're supporting us globally. And so a lot of times what they do, they don't support that brand, they just absorb it. But instead of absorbing us, they're gonna support us. And man, I mean, that's just huge. There's, I mean, the sky's the limit for that.
As you were saying that, something came to mind and I'm thinking, I'm thinking, if I'm Steve, who's my biggest competitor? And before you, before you respond to that, I have a thought here, right? Is your biggest competitor today not alternative key machines rather like an Apple AirTag? What do you think about that?
I would say both. I mean, you know, obviously we have some competition. There's competitors globally, there's competitors here domestically. Believe it or not, I think a testament to the job we've done, there's a ton of them have gone away. I mean, in the last 30 years seriously, there's been over a dozen key machines go away. Over a dozen? At least, at least. Wow. Yeah, they've really tried to tackle this, the segment. Well, I mean, they got out there and they tried to play, you know, in this sandbox and they found out it was not as easy as they thought. You can't mess with Steve Bocum.
Well, yeah, I mean, we wanna kick ass and take names. GSD baby, get your done. That's right, get it done. But I'm coming to work for you. Hey, come on. But yeah, so we've had some competitors come and go and we're still taking market share as we speak. But you're right. I mean, the technology is probably gonna be one of our biggest competitors. It is the cell phone. It is the air tag. So again, we gotta be prepared for that. We're constantly looking at partnerships. Man, listen, if a new technology comes out tomorrow, the first thing we ask is, can that be applied to a key system? I mean, is it facial recognition? Is it tracking? Is it long-range Bluetooth tracking? Is it mesh networks? How can I track that key? That car, we look at all of that. And quite honestly, I hadn't seen a lot lately that really excited us. But again, that doesn't mean we don't need to stop looking.
So every year at NADA, we have a target list. We go look at new partnerships, potential acquisitions, new technology that we wanna meet with at NADA. And that's really kind of my job too, as we're going crazy in the booth and selling. My job is to look around for partnerships and new technology. But we're looking and you're right, it's coming.
I think you said something beautiful earlier, which is that, and the way I see it is like, you're not a key company. You're an accountability company. And a key machine just happens to be the manifestation. Yeah, I mean, holding people accountable, knowing who took the key last, when it came back, I mean, and something beautiful that we've created with our newer systems is that system runs by itself. So if you're a PM, a sales manager, a dealer principal, that machine can live all by itself and you don't really have to manage it. So people come and get keys, they go demo cars, they go sell cars, that machine did not need management. Because what we do is if any alarming or alerting or reporting needs to happen, we automate all that. So if a key's out too long, if a guy tries to take too many keys, if a guy doesn't return a key, we send that out immediately in the form of an email, a text message. So we really want the accountability, obviously, but we really want dealership management to not mess with the keys at all. We want to handle that. And so that takes some of the job of management and they love that. So it's stand alone.
But that's incredible. I mean, you are an accountability company and you're finding waste and still accountability and this is the way and I think that's super smart. I have to imagine you have some interesting insight into like theft set dealerships or are there any trends? I mean, what insights can you share with us? Like where do you see the most steps or give us some interesting insight?
Well, okay, so again, we have our own sales force all over North America, all over the world and something that I'm sure your audience knows, theft is at an all time high. Vehicle theft at the dealership, number one, it's always been high, but it's even higher now. And it goes up exponentially.
I mean, we've had years over the last five years where dealership vehicle theft is going up double digit percentages. So it's high. It's probably worse in the metro areas. I mean, just in your metro areas, what's going on is, you know, bless the hearts of law enforcement, they can't be everywhere. And dealerships are notorious for alarms going off, alerts going off and they're unfounded. So the police have kind of stopped showing up and that lets crooks go steal whatever they want to steal. So it's really, really high. And quite honestly, that's what created our latest partnership.
So we partnered with a company called ITA-TER. And ITA-TER is an amazing product. It's basically an all-in-one camera deterrent system that has a built-in camera, built-in motion detection, built-in flashing red and blue lights, built-in LED lights, built-in siren, built-in bi-pit, no communication. Like a mission impossible. I mean, this thing is amazing. It's all built into one module. It's very affordable. It has first in class monitoring.
And I mean, so we just launched it last year at NADA. And we got great traction within 2023. I mean, basically, when we showed it to dealers and dealer groups, they bought it. We just have really eased into it, but we're going crazy with it in 2024. We've got at least two or three demo stations in our booth at NADA this year, where a dealer can come by and see it in action, touch it, feel it. I think we've got eight or 10 of our key systems in the booth this year again, so they can touch and feel it.
But man, this ITA-TER has been incredible because the feedback and voice of customer we're getting from the dealers, it's really incredible because they're coming back and they're saying, Steve, we didn't realize, we have deer coming on the line at night. We didn't know. We have people sleeping, homeless people sleeping on our lawn at night. We didn't know. We didn't know we had somebody coming on our lawn every night, pulling door handles. They're looking to steal cars. And in this day and age, it's not just cars. They're still in catalytic converters. We'll hire these nice new GMC tailgates. I mean, there's things that are three or four grand and they get gone. So really, anything is not nailed down. It can be stolen. So you need some point. Then these are the reasons for a deterrent system and a camera system, anarchy system.
So for us, the ITA-TER partnership just really went hand in hand with what Keeper does. So again, like you said earlier, it's all about accountability, but it's also about security. So it's a big topic right now. It's incredibly well said. And I think that's definitely the way that I sort of summed this up. It's accountability and security, but you are delivering that. And I think you're doing a great job at it. Steve Vokam, this has been super, super interesting.
For anyone in the audience, if anyone wants to learn more about Keeper, keepersystems.com, of course, the link will be in the show notes below. I also want to ask you one final question. Hopefully you have some juicy story for us here, and any crazy stories, any crazy theft stories from your experience, it has to be something that was just so crazy throughout your entire 35 years of experience, give it to us.
Probably one of the craziest stories I ever saw is we walked into a dealership and his level of key loss was so crazy. I mean, it was over five grand a month. He basically contracted with a local locksmith and said, hey, I need you all to call 24-7, because if we need a key, we need to make that key immediately so we can go sell the car. I mean, so when we solve that level of problem, I mean, we couldn't believe it, but again, it was just crazy that somebody had that level, you know, a theft, and that, so that was probably the craziest key loss.
Well, probably the other one I remember is we went to a dealership one time and we got called out to a large Ford store, and basically he was having the dealership reroofed, so he's putting a new roof on the dealership. Well, the roofing guy comes down from the dealership and he's got a five gallon bucket full of keys. Wow. I was like, whoa, whoa, whoa, wait a minute. He's get on top of the dealership, and basically what was going on is when he would fire sales people or transition out of sales people, they would take the keys and throw them up on the roof. If customers didn't find their sales guy when they're coming to the vehicle, they would throw a long story short, this guy had a bucket of keys on top of his roof that those cars had been sold over the last 20 years. Just crazy stories. I love to hear it. Steve Bocum, thanks so much for coming on, and if anyone wants to get in touch with you, learn more about Keeper other than going to the website, can you share your email or how can they contact with you?
Sure, the best place to get in touch with Keeper is sales at keepersystems.com. You know, obviously they didn't go to the website, which is keepersystems.com. We actually have a link on our website as well that basically depicts CDG, so a car dealership guy that they can click on, fill out a form that actually gets you a discount for mentioning car dealership guys.
So we're running that as a promo, but yeah, it's been great. Incredible work, Steve. Thank you so much.
所以我们正在以促销的形式进行这个活动,但是是的,一切都很棒。出色的工作,史蒂夫。非常感谢你。
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