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 34 N o - C r e d i t - N e e d e d O p t i o n s they are not providing options to 40% of the U.S. consumer market. Most retailers experience anywhere from a 5% to 30% boost to their business with West Creek. MTD: What sets you apart from other finance companies? Acima: Price, customer focus and merchant support set Acima apart. Here's a breakdown. 1. Price: Acima's offering has no mer- chant discount or fees. 2. Customer focus: Acima reports customer payments back to Experian. is helps our no-credit and low-credit customers build credit history. By report- ing to Experian, Acima is working to help customers advance up the credit spectrum to where they can qualify for a dealer's traditional prime options. No other subprime financing companies offer this benefit. Our customer focus is why Acima is the highest rated, most reviewed subprime financing company on Google. 3. Merchant support: Acima's nationwide sales team and in-field support offer the dealer a level of service and ongoing support that is second-to-none. Kornerstone Credit: Our internet-based mobile application takes 30 seconds or less to complete, with an almost instant response. It's currently the quickest in the industry. We make ourselves available anytime our tire dealer partners need us (24/7). We ensure that our partners' customers are happy, so they'll come back to the store to do more business. We offer virtual and in-person training, whichever is better for our partners' sales teams. Progressive: Many things differentiate Progressive Leasing from other lease-to- own providers. Here are four. 1. Progressive Leasing is the largest and longest tenured virtual lease-to-own provider in the United States. We've helped more customers and more retailers than any other player in this space, and that experience allows us to partner with dealers to help drive material, sustainable growth. 2. Having done millions of leases in nearly 30,000 retail locations, we have a large, qualified customer base to market to on behalf of our retail partners. 3. Our in-house, U.S.-based technology and customer and merchant support teams offer highly reliable and scalable turnkey and custom technology solutions and world-class customer and retailer support. 4. Our data science team employs a broad data set of customer and market data along with the latest machine learning technology to maximize approval rates for each and every retailer we serve. Snap: ree areas set us apart. Acima Kornerstone Progressive Snap West Creek Your approval rate? Industry wide, tire merchants will see approval rates in the low-to-mid 80% range. Our approval rate is as high as 80% with our top performing partners. Customer approval rates vary between 50% and 80%, dependent on the retailer. We believe in transparency and will not promise approval rates that we believe we cannot sustain. There are a number of variables that impact approval rate, so each dealer's experience will vary. We are told by many dealers who have switched from similar products that Snap's rates are very competitive if not better. Our average dealer sees approval rates of 80%+. Your approval amounts? Typically tire merchants will see approvals up to $3,000. We approve up to $5,000. Our average approval amount is $1,750. Snap has approval amounts of up to $3,500. They vary from $500 to $5,000. Your close rate? Our in-house account reps and nationwide sales team pull out all the stops to ensure you get applications funded. That said, around three out of four approvals will book. We have partners who convert up to 90% of their applications into sales which can also increase their business close rate by up to 40%. Customer close rates vary between 60% and 90%, dependent on the retailer. Snap's close rate will vary depending upon multiple factors but is typically 80% – 85%. We see an 80% conversion rate for our average dealer partner. C H A R T C O N T I N U E D O N PA G E 3 6 Questions to ask when choosing LTO payment plan providers

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