{"id":2073,"date":"2017-01-11T09:00:47","date_gmt":"2017-01-11T14:00:47","guid":{"rendered":"https:\/\/www.autoraptor.com\/?p=2073"},"modified":"2024-10-14T11:21:54","modified_gmt":"2024-10-14T15:21:54","slug":"auto-repair-financing-can-boost-upsells","status":"publish","type":"post","link":"https:\/\/www.autoraptor.com\/blog\/auto-repair-financing-can-boost-upsells\/","title":{"rendered":"How Auto Repair Financing Can Boost Your Upsells"},"content":{"rendered":"

\"autoWhy implement an auto repair financing program? Bigger close rates, more revenue, and better customer service.<\/h2>\n

A customer walks into your shop with a problem: his brakes make a loud, grinding sound when coming to a stop. Your service team takes a look, and the problem keeps getting bigger: rusted calipers, old brake pads, and unstable alignment. Pretty soon the guy is sweating, until finally, he says, \u201cWhy don\u2019t you just fix one for now, and then I\u2019ll come back for the rest when I have the money.\u201d<\/p>\n

It’s a slim chance he shows up again, and that means less profit for you. But there is a solution for dealers and customers alike: auto repair financing.<\/p>\n

With a program in place, whether set up in-house or through a third-party, your advisors have better control of the situation. They can offer more affordable options, close the deal on the spot<\/a>, and add further revenue potential to each customer who walks through the door.<\/p>\n

Three reasons you need auto repair financing options at your dealership<\/h3>\n

1. It creates an opening for your advisors to close a profitable deal. <\/strong><\/p>\n

Let\u2019s be honest: repairs can be expensive. According to the 2016 CarMD Vehicle Health Index<\/a>, the average cost for engine-light-related repairs was $387.37. Many people can\u2019t dish out that kind of money unexpectedly. That puts your advisors in a tricky spot, especially when they\u2019re trying to convince people to make recommended repairs.<\/p>\n

But with auto repair financing, the numbers get smaller and easier to handle. What sounds better, $1300 due now or $75 due at the end of the month?<\/p>\n

2. It offers your customers a service that takes pressure off. <\/strong><\/p>\n

Providing better services keeps your customers happy<\/a> and your dealership thriving. Have you ever felt the pressure of having to spend money on repairs you needed? It causes a lot of stress, and most people try to figure out a way to get around it.<\/p>\n

They\u2019ll say, \u201cfix this, not that\u201d or \u201cI\u2019ll be back once I get paid.\u201d Auto repair financing fills that need to solve the problem now.<\/p>\n

3. It gives your dealership more ways to boost revenue and upsells. <\/strong><\/p>\n

Why let a paying customer flee the scene with little hope to return and continue repairs? That situation creates lost opportunities to delight, close, and retain customers. Offering an option to finance repair costs adds a measurable return on investment (interest paid) and prevents customers from bringing their car somewhere else.<\/p>\n

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The two best options for auto repair financing<\/h3>\n

Implementing a program requires one of two paths: create an in-house financing program or establish an agreement with an outside party. The first is riskier because you’re putting up the money, but that also allows wider opportunities for profit<\/a>.<\/p>\n

Option one: guidelines for an in-house auto repair financing program<\/strong><\/p>\n