The Power of Financing: A Growth Tool for Auto Repair Shops [RR 1108]
What happens when a customer needs a $2,000 repair but doesn’t have the cash available today?
That moment can determine whether the vehicle gets repaired, the customer delays a critical service, or they take their business somewhere else. For automotive shops, offering flexible payment options can be more than a convenience. It can be a powerful tool for helping customers say yes to the work their vehicles need.
Kwane Stokes, Assistant Vice President and Relationship Manager in the automotive division at Synchrony, explains how the program can help shops remove financial barriers, increase repair opportunities, and create another reason for customers to return. Kwane also addresses why many shops still aren’t offering financing and how the biggest obstacle may simply be the assumptions advisors make about a customer’s ability or willingness to pay.
What You’ll Learn
Why financing should be presented as a payment option, not something an advisor decides a customer needs.
How the program’s average first and repeat purchase amounts demonstrate the potential impact on average repair order (ARO).
Why assuming a customer can’t qualify for credit can cause shops to lose needed repair work.
How monthly promotional offers can give shops another reason to communicate with their customers.
How advisor incentives and simple training can encourage more consistent presentation of financing.
What the upcoming “waterfall” financing model could mean for customers who aren’t approved through the primary credit program.
The biggest opportunity may not be finding more customers. It may be giving the customers already sitting at your counter more ways to say yes.
The key is removing the assumption that you know what a customer can or cannot afford. Present the options, explain them clearly, and let the customer decide what works for their financial situation.
For a shop, financing isn’t simply about collecting payment. It’s another tool for helping customers get the repairs they need while protecting the relationship and keeping the work in your shop.
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What’s The Worst Piece of Advice You’ve Ever Been Given in Business? [THA 397]
Join our panel of shop owners as they discuss the worst advice they’ve received in the automotive business: “Be the cheapest in town; it will get you more business.” “Don’t give a price over the phone.” “Don’t get personal.” “DVI’s are not worth the extra time.” “You’ll never make it because you’re too honest.” “Don’t hire a business coach.”
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Service Advisor Role Play #7 [THA 366]
Through role-playing exercises, our panel demonstrates different approaches to selling and communicating with customers. They emphasize the importance of understanding customer needs, building rapport, and being direct when necessary. The discussion covers the significance of tone, trust-building, technical knowledge, and authenticity in customer interactions. The episode concludes with a focus on continuous learning and the value of a supportive work environment.
remarkableresults.biz/a366
Why CRM is Vital to Automotive Shop Success Part 2 [THA 365]
Customer Relationship Management (CRM) systems are more than just tools; they are the lifeline of customer engagement and business growth.
Explore strategies for identifying and re-engaging lost customers, adapting CRM practices to changing customer behaviors, and personalizing communication.
remarkableresults.biz/a365
Why CRM is Vital to Automotive Shop Success [THA 359]
Our panel discusses the importance of Customer Relationship Management (CRM) in the success of auto repair shops. They highlight CRM’s role in client retention, communication, and building trusted relationships. The discussion also covers the significance of integrating CRM with shop management systems and the potential for automation and reminders based on customer data. The panelists stress the importance of the first 100 days in the customer journey, the need for consistent touchpoints, and personalized communication.
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Thriving Through Our Economic Challenges [THA 357]
Recorded Live at AAPEX 2023, Greg Bunch and Matt Fanslow discuss the impact of the current economy on the automotive aftermarket industry. They explore various aspects of business such as margins, advertising, training, hiring, labor rates. The conversation also covers the potential loss of independent repair shops, and the need for better communication with customers.
remarkableresults.biz/a357
Deferred Work: A Sales Growth Tactic [THA 354]
Join our panel as they discuss the use of deferred work as a sales growth tactic. They share their insights on the importance of effective communication, customer education, and creating a positive exit experience. They also highlight the role of CRM systems, DVI’s, and proactive maintenance. Remember, the key to success in selling deferred work lies in discipline, process, and repetition.
remarkableresults.biz/a354
THA 129: Customer Financing Options
THA 129 Customer Financing Options
What options do you have to help your customers with credit choices. There are many vendor credit options to choose from and they are great. Maybe you don’t use them, maybe you should. No one wants a customer to walk out on a major purchase especially safety related. This session is here to help you capture more of the big-ticket jobs.
You just may hear a financing option idea or two that you’ve never considered. And that is exactly what we do here, push the envelope on strategies and ideas to help you grow as a leader and build your business.
Hear about the acceptance rate of vendor finance programs and a few creative ideas on how to lock in customers with a pre-payment plan. Ever do a comparison of buying new or used vs fixing the vehicle that needs all the work? Have you ever heard of the M & D loan? You are about to.