Monthly Archives : January 2017

LIFT from CFS > 2017 > January
23Jan

CFS Expands into Large Dealer Groups due to Wide Success with Auto Repair Financing & Service Marketing Initiatives

NADA_2017

Boulder, CO – January 23, 2017 Confident Financial Solutions, (CFS) a consumer finance company that offers auto repair financing to service centers and their customers, today announced that due to the success of its auto repair financing program, and it’s highly effective service marketing integration, it has become a top choice for large dealer groups including Larry H Miller, Berkshire Hathaway (formerly Van Tuyl), Group1 and Rick Case. The company is experiencing strong growth and is now in about 1,100 retailers in 38 states, including over 400 franchised new-car dealers.

According to Richard Counihan, CEO of CFS, the recent growth is largely due to CFS’ highly-effective service marketing integration with top vendors including Dynatron and AutoLoop, along with new technology initiatives that have taken service financing results to the next level. “We ensure that service financing is offered to customers at every possible opportunity. When the multi-point inspection is presented, it can now include information about how the repair could be more affordable by breaking cost into monthly payments. In some cases we can even show monthly payment options, similar to car payments in the F&I Office, as well as offer 60-day interest-free option.” said Counihan. “Our dealers can also include information about service financing with service appointment confirmations and reminders. By offering service financing in this way, and cleverly marketing it to the customer at every opportunity, our service centers are capturing more repair work and enjoying an increase in accepted recommendations as customers now have a workable way to afford it,” Counihan added.

While program results vary from store to store, CFS financing produces up to 100 monthly applications submitted per service center. By offering financing for service work, CFS creates an untapped revenue generator for auto service centers and helps capture work that otherwise might go elsewhere. Many CFS strategic partner service centers see an average 20 percent increase in monthly revenues; 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 addition, the program provides affordable payments based on simple interest rather than compounding interest; almost 50 percent customer approval rate; loan approvals as low as mid-500 credit scores; loan terms available for 12-36 months; and increased customer retention.

CFS provides a favorable alternative to credit card financing, resulting in increased credit approvals and immediate access to capital. The average CFS loan amount the dealership sees is about $1,500. Customers can be approved for up to $7,500 and 83% of loans approved are for amounts larger than the repair estimated, leaving room for any additional needed work. Customers apply online via a smart phone, tablet or computer and receive a credit decision in less than five minutes. Service centers get paid in 24-48 hours. With CFS, strategic partner service centers further increase activity on the service drive, increase revenue and enhance overall customer retention.

 

Dealers interested in finding out more about CFS’ auto repair financing program for service center customers can visit booth #3716 at the 2017 NADA Convention & Exposition in New Orleans, LA, January 27-29, 2017; call: 720-836-1129; or visit: www.mycfsapp.com

 

# # # #

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, strategic 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.

 

Media Contact:

Sara Callahan

Carter West Public Relations

727-288-2159

scallahan@carterwestpr.com

Read More
17Jan

With Rise in Automotive Service Costs Consumers Turn to Financing

Vehicles are increasingly more sophisticated and technology-dependent. Repairs are no longer a simple process of removing a bolt or twisting a wrench, but now include complicated programming into vehicle electrical systems.

Repair order costs have thus increased causing many consumers to delay the repair or use some sort of financing option. As a result, many manufacturers recently introduced branded credit cards for consumer use when confronted with a high repair bill.

However, a challenge many service customers encounter if they wish to take advantage of manufacturer branded credit cards is that they are no different to traditional credit cards. Most are subject to the same credit requirements. Banks such as Chase, Citibank and others, are the credit issuers and typically have a higher standard for approvals. This translates into customers struggling to get approval, which is detrimental to the service department. One would assume that if a customer is presented with a large repair order, and applies for credit to pay for it, they plan to accept the recommended services. If that credit isn’t approved, or that approval is delayed, dealerships may end up seeing that customer walk out the door and declining the recommendations as they simply cannot afford to pay.

At CFS, because we specialize in automotive repair financing, it is an easier process for many consumers to gain approval for their service financing. Our credit approval process factors in customers at multiple tiers, rather than just those with excellent credit. This means more approved customers and more fulfilled repair orders.

Most consumers want to keep their car maintained properly and any objection they have when presented with an unexpected repair bill usually has more to do with available finances, rather than any unwillingness or lack of desire to have the repairs completed.

With CFS financing you can provide your customers with a valuable and convenient way for them to get their vehicle back on the road. And that results in increased service revenue and happier customers. A win-win!

Read More
17Jan

Training Is a Service Department’s Best Friend

9:00Am, Boulder, CO.

There are a lot of choices for consumers as far as where to take their vehicle for maintenance. And, while consumers are required to visit franchise dealerships for warranty and recall work, the majority of service revenue lies in regular maintenance. That is why a great and consistent customer experience is so important each and every visit. These days your dealership has to stay top of mind with your customers – and keep them happy.

I just read an interesting blog on the consumer site techfeatured.com, which reports that many service advisors are ill-equipped to advise consumers on what’s best for their vehicle. With a claimed (according to the blog) 80 percent turnover in advisors, the blog tells the story of a customer that visited a Honda dealership for their first oil change at 7,500 miles. The customer requested the tires be rotated since, per the manufacturer, that would be due at 10,000 miles, yet he wouldn’t need to come back for the next service until 15,000 miles. The service advisor simply brushed it off, telling the customer it was too early to rotate the tires. This caused the customer to become frustrated as he was simply trying to ensure that he maintained his vehicle per the manufacturer’s scheduled maintenance.

It doesn’t matter who was right or wrong, really. Perhaps the vehicle could go 7,500 more miles without a tire rotation – 5,000 more than the manufacturer recommended. And it probably could for a vehicle that new. The failure here resides in the service advisor’s inability to advise and communicate with the customer in a way that made the customer feel understood. The customer needed to be able to trust what the service advisor had to offer in terms of advice. By brushing the customer off, it simply left the customer confused and, potentially, untrusting of the advisor and, by default, the dealership.

Hey, I know that a service advisor has one of the busiest jobs on the planet and it is tough managing the time they can take with each customer. However, it would not have taken much time to simply explain tire tread along with wear and tear, visually inspect the tires and educate the customer.

The customer should be able to explain their vehicle’s problems in layman’s terms and the advisor should be able to know the questions to ask to get the “who, what, where and when” information out of the customer to properly document the repair order for the technician.

Can all of your advisors do that? Consider doing a mystery shop to see how your advisors do. And they perhaps some training is in order.

Read More