Modern Tire Dealer

MAR 2019

Magazine for the professional tire industry

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M T D M a r c h 2 0 1 9 32 N o - C r e d i t - N e e d e d O p t i o n s offers a 100-day payment option, 12- or 24-month finance options, $500 to $5,000 credit lines, and early buyout options aer the first 100 days, before the full term. MTD: How do your offerings benefit a tire dealer? Acima: Acima saves potentially lost customers, increases average invoices, and helps attract a whole new customer. Because Acima does not rely on a credit score when making an underwriting deci- sion, approval rates are far higher than traditional credit offerings. In short, Acima helps a dealer compete for the 40% of Americans who cannot qualify for traditional financing. While traditional, or prime credit offerings are still key to any dealer's success, Acima offers the perfect complement — rounding out the dealer's financing portfolio and allowing them to offer a financing solution to a far wider range of customers. Kornerstone Credit: We help increase sales up to 33% by qualifying customers who may not want to use credit or have insufficient credit to qualify for traditional financing. Progressive: More than one-third of U.S. consumers have subprime credit. is oen leads these consumers to delay or even avoid big purchases. Many would-be tire customers might put off replacing their tires or walk out of tire shops disappointed and empty-handed after being denied credit. Progressive Leasing provides these consumers with an affordable alternative to credit, helping them purchase the tires and wheels they need to travel the roads safely while solv - ing a big problem for tire dealers — the problem of lost sales. Snap: Tire dealers are always looking for new customers. Snap Finance brings in new customers. ese individuals didn't previously buy in their establishment because there wasn't a finance product that worked for them. West Creek: Our leasing options give retailers access to consumers who do not qualify for traditional credit. If a dealer only offers a Tier 1 credit card product, then Questions to ask when choosing LTO payment plan providers Acima Kornerstone Progressive Snap West Creek Length of time to qualify for your program? Less than 48 hours from the time you have submitted the required enrollment documents to us. A tire dealer partner can be signed up in less than 24 hours. In most cases we can qualify a tire dealer within one business day after we receive the necessary documentation. Dealers can sign up within minutes and immediately begin doing business. In addition, Snap will assign a client success manager to assist in on-site training and with ongoing support. Our process takes 10 minutes for a dealer to apply, and account setup is 24 hours or less. Dealer transaction fees? The standard merchant discount is 0%. We let our partners choose what works best for their business model. Ask your account manager about our options. Progressive Leasing does not charge any dealer transaction fees. We offer our virtual lease-to-own services at no cost to the dealers. Fees are negotiated individually based on a number of factors but are similar to credit card interchange rates. We can customize our program to the dealer's needs. Technology required by the dealer? Any internet- connected device from smartphones to desktops. An internet or mobile connection. Our technology works seamlessly through an internet- based mobile application. A customer can text to apply using a tire dealer partner's unique mobile application link. No technology is required of our dealer partners. Progressive Leasing offers fully hosted solutions for retailers with limited technical infrastructure, while investing in custom technical point-of-sale integrations for more technically advanced retailers. An interconnected device is all that is needed. A computer or tablet with internet access. Our entire process is online, and no additional software is needed. C H A R T C O N T I N U E D O N PA G E 3 4

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