Modern Tire Dealer

MAR 2019

Magazine for the professional tire industry

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Page 37 of 77

M T D M a r c h 2 0 1 9 36 N o - C r e d i t - N e e d e d O p t i o n s 1. Snap's superior decisioning and analytics lead to higher approval rates and higher approval amounts, resulting in industry-leading conversion rates. 2. A consumer-focused brand and experience. We know that a happy customer returns over and over again. Snap's goal is to treat the customer the right way. As we partner with tire dealers, we know that this is key to a successful relationship. Snap's commitment to the customer is apparent in our Google ratings (4.5/5 stars) and internal survey metrics (82% of Snap customers would recommend Snap to a close friend or family member). 3. Snap Edge — our proprietary revenue generation engine for Snap tire dealer partners. Snap Edge is designed to find consumers and to lead them to our retailer partners. We know that as our partners grow so will our business grow. It is this align- ment that is crucial to a true partnership. West Creek: West Creek was built by subprime credit experts. We use big data and machine learning to give our dealers industry-leading approval rates. More approvals lead to a larger effect on our dealers' bottom lines. MTD: How do you evaluate custom- ers beyond FICO scores? Acima: Without giving up our secret sauce, there is more to a person than their FICO score. We believe FICO is an outdated solution to a new age problem. Acima doesn't care much about what happened years ago, we care about where your customers are now. We require three things from a customer: be a real person who we can identify, have a traditional checking account in good standing, and have a source of reliable income. If consumers can meet those three criteria, they should apply and be confident they will be approved. Kornerstone Credit: We utilize pro- prietary data that looks beyond credit scores. We believe a customer's job and banking history are worth more than their FICO score. No matter a customer's credit history, they can still be approved for up to $5,000. Progressive: We look at many data points besides credit scores including things like employment and banking history. By doing so we are able to approve many customers with less than perfect credit or with a thin credit file or no credit file. Snap: ere are numerous factors that come into play beyond FICO. Snap uses over 9,000 data points in its machine- learning models versus other credit models that use about 200. It is this significant difference in the amount of data and how it is compiled that leads to the Snap difference in approval rates. West Creek: West Creek utilizes over 6,000 data points to build its machine learning models. e average competitor uses "off the shelf " models and minimal data points. is enables us to look for reasons to say "yes," while others are looking for a reason to say "no." MTD: How can dealers contact you? Acima:, (801) 297-1984, Kornerstone Credit: Ben Carr at (801) 960-6653,, Progressive: retailersupport@pro-, (855) 222-0801, www. Snap:, (833) 442-8840, West Creek: 844.WC.TIRES (844) 928-4737, A PROVIDER OF LEASES AND LOANS MTD posed the same questions to American First Finance (AFF), which offers both install- ment loan programs and LTO programs. MTD: What services and products do you offer tire dealers? AFF: 1. Bank installment loans are offered in 40 states. 2. Retail installment contracts are offered in 21 states. 3. Lease- to-own contracts are offered in 47 states. MTD: How do your offerings benefit a tire dealer? AFF: AFF offers many features and benefits on its products, including low or no down payments, no processing fees Acima Kornerstone Progressive Snap West Creek How long for a tire dealer to be paid the full amount of the sale? 24-48 hours. Funding occurs within 24 hours via ACH (automated clearing house). ACH payments are typically initiated the same day as the customer transaction, or the next day depending on when the lease agreement is signed. We fund within 2 business days. West Creek provides funding to dealers via ACH transfer 24-48 hours after the customer's items are delivered. How long for an LTO application to be processed? The application is quick and easy to fill out. Acima issues decisions within seconds of clicking "submit." Our mobile application takes 30 seconds or less to complete and the approval happens in a matter of seconds. Many customers complete our application in 5 minutes or less and nearly all of our customer lease applications are processed within 10 seconds of submission. The Snap application takes about 5 minutes to complete, and a decision is rendered in 5 seconds. Less than 1 minute. Questions to ask when choosing LTO payment plan providers

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