The Power of Financing: A Growth Tool for Auto Repair Shops [RR 1108]

Thanks to our Partners, NAPA Auto Care and NAPA TRACS Watch Full Video Episode 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. Kwane Stokes, AVP, Relationship Manager, Auto Network, Synchrony Learn more about the benefits of being part of the NAPA family by visiting https://www.napaonline.com/en/auto-care NAPA TRACS will move your shop into the SMS fast lane with on-site training and six days a week of support: http://napatracs.com/Connect with the Podcast:Download Our Mobile App:https://automotiverepairpodcastnetwork.com/app/Website:https://remarkableresults.biz/YouTube:https://www.youtube.com/carmcapriottoFacebook:https://www.facebook.com/RemarkableResultsRadioPodcast/LinkedIn:https://www.linkedin.com/in/carmcapriotto/Instagram:https://www.instagram.com/remarkableresultsradiopodcast/Join Our Virtual Toastmasters Club:https://remarkableresults.biz/toastmastersJoin Our Private Facebook Community:https://www.facebook.com/groups/1734687266778976Join our Insider List:https://remarkableresults.biz/insiderBooks Page:https://remarkableresults.biz/booksOur Classroom Page:https://remarkableresults.biz/classroomEpisode Collections:https://remarkableresults.biz/collectionsBuy Me a Coffee:https://www.buymeacoffee.com/carmThe Automotive Repair Podcast Network: https://automotiverepairpodcastnetwork.com/Remarkable Results Radio Podcastwith Carm Capriotto:https://remarkableresults.biz/Automotive Field TheorywithMatt Fanslow:https://mattfanslow.captivate.fm/Business by the NumberswithHunt Demarest: https://huntdemarest.captivate.fm/The Auto Repair Marketing Podcastwith Brian and Kim Walker: https://autorepairmarketing.captivate.fm/The Weekly Blitzwith Chris Cotton: https://chriscotton.captivate.fm/Speak Up! Effective Communicationwith Craig O'Neill: https://craigoneill.captivate.fm