LoJack Increases Shipments to Argentina
LoJack Corp. stepped up shipments of its vehicle anti-theft devices to Argentina in the fourth quarter of 2013, as part of the company's bid to increase revenue using local licensees.
International licensee revenue rose 56 percent in the fourth quarter to $13.6 million, the company announced on Feb. 20. The increase was "primarily due to greater shipments to Argentina during the quarter," said Randy Ortiz, LoJack's president and CEO.
"We understand that our licensee continues to have significant pent-up demand as a result of the import restrictions in that nation," Ortiz said about the market. "We are cautiously optimistic that our licensee will resume normal sales activity over time to fulfill the needs of the marketplace."
Ortiz said the company has also seen growth in the South Africa market.
LoJack has been expanding its telematics offerings, as the company hopes to transition itself from stolen-vehicle recovery to a broader emphasis on safety, security and protection, Ortiz said.