You know the story. A customer's vehicle breaks down or needs maintenance. They come into your shop, you discuss the problem with them, they seem to understand the need for your service, and then the seemingly inevitable happens: the lending process leaves them saying something other than an enthusiastic 'yes.'
It could be that you don't have the right lender lineup. It could be that the process is laborious and takes your customers out of that accelerating state of mind. Whatever the case may be, you know that the way you handle financing today just isn't cutting it. You need a solution that moves your auto repair shop into pole position. But first, it's important to analyze some of the problems with your current finance process.
One of the biggest issues auto repair shops face when it comes to consumer financing is a gap in their lender coverage. To understand the problem, consider the following scenario:
Three customers walk into your shop. They're all dealing with automotive problems in a similar price range, and they're all interested in consumer financing. Their service need is the same, in other words. The only real difference between the customers lies in their credit scores.
Let's say the first customer has a credit score above 680, which we define as Primary or Prime. For the sake of argument, let's say specifically they have a score of 720. This individual makes their payments on time, has an excellent credit history and can be thought of as your first option, the best of the best when it comes to credit. The good news is you have a lender for them, one that's a perfect choice for customers that fall in the Prime category.
Next, you have a customer with mid-level credit, above 670 but not quite Prime. We can define this category as Secondary or Near-Prime. Again, good news: you have a lender well-suited to their credit range.
Then we come to the third customer. As mentioned, they have the same exact service need as the first two customers. You value them just as much and you want their business. They also need a financing option. The only problem is that their credit score falls in the Tertiary range, below 670, and you don't have an appropriate lender for their needs.
It means you lose, in that particular scenario, a third of your possible business. Suffice it to say, that's an unacceptable result, and it's caused by a deficit in your lender lineup.
That's just one of the potential problems with many typical finance programs. Another is the process itself: it is, simply put, frequently laborious. Not only do customers who prefer to apply for financing online get taken out of the purchasing flow when they have to fill out an application on-site, but you or your team then have to duplicate the data entry for their application across all lenders. It is, to say the least, a serious bump in the road.
If you're dealing with a less than outstanding lender lineup or a finance process that leaves a lot to be desired in terms of functionality, here's the great news: FormPiper solves your problems with flying colors.
By implementing your Perfect Lender Lineup, you'll set yourself up to capture sales from customers at all different credit tiers. Adding additional lenders increases your revenue and gives your customers the best possible experience.
That's just the beginning when it comes to FormPiper. Your customers will also be able to fill out their applications from anywhere, securely, on a device of their choice. This relieves a lot of pressure from their decision-making process and keeps them focused on getting the auto repair service they need. Once their application is in, your team will be able to submit their application to multiple lenders with one press of a button, and then track lender performance with insightful reporting features.
Now that you have this information, you have a choice. You can stay stuck in traffic with the same old consumer finance process, or you can make your way onto the open highway with FormPiper. When you think about your customers' needs, the time savings for your team, and the potential for increased revenue, that choice becomes very easy to make.
So, what are you waiting for? Exit to a better consumer finance process today!