"Payment plans for automotive repairs turn new customers into repeat customers, reports Modern Tire Dealer. 'It’s something you want to offer your clients when they don’t have the money,' says Jenny Moran, who handles the auto service payment plans for Mac Wheels and Tires LLC in Salt Lake City, Utah."
"Ryan Slobodian, Vice President of Snap Finance LLC, says a payment option that breaks the cost of an auto repair into smaller amounts may lead to higher tickets as the consumer has more cash to move from crisis management to proactively servicing their vehicle."
"Slobodian notes that an installment loan option engages a whole new consumer market, bringing them into a store where they have a good experience."
“'Their loyalty is going to stay with that store because it offers a finance product that works for them,' says Slobodian."
"About a third of American consumers do not qualify for traditional financing based on their FICO scores, according to Slobodian. 'In order to effectively serve 35% of people in their tire stores, tire dealers need a tertiary or additional finance option that serves people with credit challenges.'”
"Window or street signage with no-credit-needed messaging draws credit-challenged consumers into a tire store. 'These are payment buyers. They are focused on the payment and how much it will cost them per paycheck,' says Slobodian."
"Moran suggests dealers who are looking for a way to boost service and tire sales to consider offering their customers a way to finance auto repairs. 'It will get you more customers because you are giving them an option to finance a repair if they don’t have the money. It’s cool because they get approved based off their bank account, not a credit check.'”
What better time to let Potential Auto Service Provider Switchers know about this easier method for paying for service than when they're in their vehicles? According to AudienceSCAN, 42.4% of these drivers spend more than 20 minutes in their car commuting to work one way. Last year, these consumers took action after hearing ads on both over-the-air and digital radio (65.2%) and seeing outdoor ads (52.9%). Additionally, last year, they were also influenced by TV commercials (78.5%), direct mail ads (71.7%) and ads on daily deals sites such as Groupon (69.5%).
AudienceSCAN data is available for your applications and dashboards through the SalesFuel API. In addition, AdMall contains industry profiles on auto service centers and auto dealership service departments, as well as lead lists at the local level. Media companies, sales reps and agencies can access this data with a subscription to AdMall from SalesFuel.