Monthly Archives : March 2016

LIFT from CFS > 2016 > March
28Mar

Service Recommendations: When They Want It but Can’t Afford It

Financing

March 28th, 2016 10:30 AM MST

There is nothing more frustrating to a service advisor than presenting legitimate service recommendations to a customer only to lose the sale because of a customer’s finances. The service advisor could do a great job building the relationship, presenting the service recommendations and instilling value. However, if the customer cannot pay for the services, they lose the sale, no matter how much the customer wants to get the work done.

This is exactly why financing options make just as make sense in service as they do in sales. Retailers do a great job of this. You cannot go into a Best Buy without seeing offers for 6 months, or longer, interest free financing. The same is true for most furniture stores. These retailers force everything based on payment. Customers have become accustomed to it. They get it in sales. The first thing out of the customer’s mouth is usually something along the lines of “I want that Toyota Camry, can I get it for $299 per month?” But on the service side it is rare to even talk about financing. And that is why CFS exists. While a customer may not be able to afford a $1,500 repair bill all at once, they could perhaps afford a reasonable monthly payment.

Our primary goal is to provide a favorable alternative to credit card financing, resulting in increased credit approvals and immediate access to capital. Customers apply online via a smart phone, tablet or computer and receive an instant credit decision. With CFS, partner service centers increase activity on the service drive, increase revenue at the service center and enhance overall customer satisfaction.  We’ve seen service centers consistently increase revenues by 20%; average R.O. close rates as high as 63%; and it is not uncommon for shops to add an additional $46,000 in shop revenue per month.

For our CFS dealer partners, the key to decreasing service declines and maximizing customer participation lies in making your customers aware that they have other options available to finance the repair as early as possible in the repair process.

Start awareness early. Don’t wait until a large repair bill is presented, start making your customers aware of this option early in your process. Feature it as a drop down menu on your website under “Service.” Some of our dealers even have it pop up as an option as part of the online scheduling process. When you send service appointment reminders, include a message that financing options are available, with a link for the customer to get pre-approved. CFS also offers its partner stores a full array of point-of-sale (POS) solutions like desktop brochures, posters and stickers.  Whether they need a large repair, or a simple oil change, at the very least you have made the customer aware that financing exists.

Also promote that you offer 0% APR for qualified customers when they pay the loan off within 60 days. This could capture the attention of any customers that are perhaps momentarily cash-squeezed and find it more convenient to finance the repair for a couple of months, with no finance charges.

Integrate financing options into each process touchpoint. From the moment the customer pulls into your service drive, train your advisors to inform customers that financing options are available to them. The customer is then primed with the knowledge and may not be quite so hasty to decline the recommendations, opting instead to explore financing as a viable option. Copy the successful practices of department stores. Whenever the customer is ready to pay for repairs, train your employees to ask whether they would like to pay with cash, check, credit card or financing. Department stores use this process for a simple reason, it works.

Whenever a service advisor prepares to present a customer with a significant service recommendation or unexpected repair, make sure that they always inform the customer during that presentation that financing options are available. By making this a consistent process, customers that would normally decline service simply because they cannot afford it, can explore an alternate method of payment that they perhaps can afford. We have found that the customer is then less likely to turn down the service.

If you keep the message in front of your customers throughout the entire service experience, an increasing amount of customers will be happy to get the work done, instead of declining the service.

 

 

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7Mar

Freedom Dodge Creates $40,000 per Month in Untapped Service Revenue

iconbox_freedom

Dealership Can Now Provide On-The-Spot Automotive Repair Financing to Customers in Need

Boulder, CO – March 7, 2016 — Confident Financial Solutions, (CFS) today announced that Freedom Dodge of Duncanville, TX, enjoys $40,000 per month in previously untapped service revenue by offering their customers CFS’ auto repair financing program.  The dealership has also seen a 20-30% increase in monthly service revenue; an increase in ROs and decrease in Service Declines; and bigger ticket ROs as customers can now get all the repairs done including transmissions, tires, collision, insurance deductible and more. In fact, the dealership has produced over $500,000 in service loans with CFS in just the past 18 months.

“Freedom Dodge is all about people and service which is why CFS is such a good fit,” said Tim Brooks, Freedom Dodge Service Advisor. “Preapproval is quick and painless. I had one lady that needed $800 dollars. She prayed about it, as she did not think she could get approved. It came back approved and she was beside herself. Previously, with all the other companies I have gone with, it would have been a ‘No.’ With CFS, it was a ‘Yes.’ It made a happy customer and we were able to repair her car.”

CFS provides a favorable alternative to credit card financing, resulting in increased credit approvals and immediate access to capital. Customers apply online via a smart phone, tablet or computer and receive a credit decision in less than five minutes. According to Freedom Dodge Service Director, Dave DeRudder, the entire process is integrated into the dealership’s website and customers can view their financing options when scheduling their next service appointment, and get preapproved for financing before even visiting the dealership for service. “If they don’t have funds then and there to fix it, they now have an alternative to get the car repaired and finance it.  Now, the customer gets their repair completed and drives out of here with a quality vehicle. I have been in the marketplace for over thirty years and have never seen any other product that works like this. It is also built into our dealership website and processes, so is seamless for the customer.” DeRudder stated.

Freedom Dodge uses the very latest in service department technology to ensure the best possible customer experience and is well known for excellent customer service. The dealership even won the prestigious Pentastat Award from Chrysler Corporation last year for outstanding sales and satisfaction.

Upon arrival on the service drive, each customer is greeted by an advisor who conducts a vehicle walk around with a mobile tablet. The recommendations can be viewed electronically by the customer, along with their financing options. According to Brooks, if the customer needs a viable financing option, the service advisor can review the finance options right there on the tablet with the customer, then shoot over the CFS app via text or email, which is fully integrated, so all the customer data, VIN, name, address, etc., carries over and prepopulates as soon as the customer clicks on the link. It’s much easier for the customer to review and submit for an instant credit decision. It’s painless with no need fill out a detailed 2-3 page credit application.

The average CFS loan amount the dealership sees is $900-$4,500, and 82% of loans approved are for amounts larger than the repair estimated, leaving room for any additional needed work. “Some customers love the fact that they can finance the loan interest-free for 60-days.  We show they the chart of payment options and they see that it is cheap enough for them to manage. With CFS, more of my customers can afford to get their vehicle repaired as the monthly loan rate is sustainable, even for low income people,” Tim Brooks stated.

Tim Brooks stresses that in-dealership training is important in order to see best results, “It is all about the customer experience and how to present options in a way that will resonate with the customer in front of you. We inform the customer about financing options at each touch point. But it is the approach and how you read the customer’s body language that is key. I strongly believe in ongoing training and am fortunate to have an excellent team here because of that. If you train your people correctly, your service department can expect to see a 20-40% increase in service revenue by offering this finance option to service customers,” Tim Brooks said.

Freedom Dodge also has a strong customer follow-up process and sends customer emails on a monthly or bi-monthly basis, with various service offers, including financing. It also has an outsourced Service BDC, which reaches out to customers for any declined service recommendations and informs them of their financing options. The CFS software integrates with the BDC, so all the customer data, VIN, name, address, etc., prepopulates the screen and the customer can be approved for financing with just a few clicks.

With an average monthly service revenue increase of 20-30%; an average RO close rate of 63%; and with 82% of loans approved for amounts larger than the repair estimated, leaving room for any additional needed work; the new financing program has proven to be a partnership that fuels satisfaction at all levels – the dealership, its staff, the customer and CFS.

Dealers interested in finding out more about CFS’ auto repair financing program for service centers and their customers can visit Booth #5951N at the 2016 NADA Convention and Exposition, March13-April 3, at the Las Vegas Convention Center, call: 855-808-5861 or visit: http://lift.mycfsapp.com/


 

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About Confident Financial Solutions:
Confident Financial Solutions is a consumer finance company that offers auto repair financing to service centers and their customers. Its primary goal is to provide a favorable alternative to credit card financing, resulting in increased credit approvals and immediate access to capital. Customers apply online via a smart phone, tablet or computer and receive an instant credit decision. With CFS, partner service centers increase activity on the service drive, increase revenue at the service center and enhance overall customer retention. Based in Boulder, Colorado, CFS is the consumer’s choice for auto repair loans.

CFS Media Inquiries:  All inquiries from the media can be directed to Sean Reyes, CFS Strategic Marketing, at sean.reyes@confidentfs.com or by calling 949.246.6023.

 

Legal Disclaimer: The application generally takes 2-3 minutes. CFS will promptly fund the repair amount once repairs are completed and documents are executed. All loans are subject to approval pursuant to standard underwriting criteria. The CFS 60-Day Interest Free Program applies to approved customers who pay their entire loan off on time with no missed payments. Available amounts, terms and the Annual Percentage Rate (APR) will be based on an evaluation of your credit history and your state of residence. The interest rate is fixed for the life of the loan and could range from 9.99% to 36.00% APR.

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2Mar

Moran Family of Brands Partners with CFS

pressrelease

moran_logo
Moran Family of Brands Partners with Confident Financial Solutions To Boost Revenue with Auto Repair Financing

Boulder, CO – March 2, 2016 — Confident Financial Solutions, (CFS) a consumer finance company that offers auto repair financing to service centers and their customers, today announced a partnership with Moran Family of Brands to help increase service drive activity at their franchises, increase revenue and enhance overall customer retention.

Moran Family of Brands specializes in offering services in nearly every segment of the automotive repair and aftermarket industries. Franchises include Mr. Transmission & Multistate Transmission, Milex Complete Auto Care and Alta Mere Automotive Outfitters. The primary goal of this partnership is to provide franchise customers with a favorable alternative to credit card financing, resulting in increased credit approvals and immediate access to capital. Customers apply online via a smart phone, tablet or desktop and receive an instant credit decision.

“CFS offers our service centers an outstanding auto repair financing program to help increase Repair Order counts and amounts, recapture declined services and assist customers with costly repairs,” said Peter Baldine, President of Moran Family of Brands.  “We’ve partnered with CFS to make this available to all of our partner repair shops so as to boost their revenue and enhance customer retention with an auto repair finance solution that takes less than 5 minutes for customers to complete and receive a loan decision.”

While program results vary from store to store, many of CFS strategic partner service centers see an average 20 percent increase in monthly revenues; an increase in ROs and decrease in Service Declines. Bigger ticket ROs are also typically created as customers can now get all the repairs done including transmission and drivetrain repair, tires, general automotive repair, computer replacement, and more. In addition, the program provides affordable payments based on simple interest rather than compounding interest. The program increases customer retention, has a customer approval rate of almost 50 percent; loan approvals as low as mid-500 credit scores; and loan terms available for 12-36 months.

According to John Dunning, CEO of CFS, statistics on the credit crunch suggest that consumers are having a much more difficult time gaining access to much-needed capital and that’s where CFS comes in, “A new study from Bankrate.com, reports that 63 percent of Americans say they’re unable to handle a $500 car repair or a $1,000 emergency room bill. As a financial technology company, we provide on-the-spot automotive repair financing to customers in need. We create a new customer channel for our service center affiliates by helping them find and retain customers. This partnership with Moran Family Brands really is a win-win for all concerned and should lead to increased customer loyalty and revenue,” said Dunning.

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About Confident Financial Solutions:
Confident Financial Solutions is a consumer finance company that offers auto repair financing to service centers and their customers. Its primary goal is to provide a favorable alternative to credit card financing, resulting in increased credit approvals and immediate access to capital. Customers apply online via a smart phone, tablet or computer and receive an instant credit decision. With CFS, partner service centers increase activity on the service drive, increase revenue at the service center and enhance overall customer retention. Based in Boulder, Colorado, CFS is the consumer’s choice for auto repair loans.

About Moran Family of Brands
In 2012, Moran Industries became Moran Family of Brands to better reflect the multiple brands and services that the company offers and the commitment to building a family environment for franchisees. Today, Moran Family of Brands continues to evolve to meet customer demand, market conditions and revenue opportunities with innovation, ingenuity and collaboration. The Moran Family of Brands is an organization offering automotive franchise opportunities perfectly positioned for long-term, sustainable growth. For more information visit: http://moranfamilyofbrands.com

 


 

CFS Media Inquiries:  All inquiries from the media can be directed to Sean Reyes, CFS Strategic Marketing, at sean.reyes@confidentfs.com or by calling 949.246.6023.

 

Legal Disclaimer: The application generally takes 2-3 minutes. CFS will promptly fund the repair amount once repairs are completed and documents are executed. All loans are subject to approval pursuant to standard underwriting criteria. The CFS 60-Day Interest Free Program applies to approved customers who pay their entire loan off on time with no missed payments. Available amounts, terms and the Annual Percentage Rate (APR) will be based on an evaluation of your credit history and your state of residence. The interest rate is fixed for the life of the loan and could range from 9.99% to 36.00% APR.

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