One major challenge that customers face when they bring their vehicles in for repairs is financing. Since the cost of auto repairs has skyrocketed, many customers are not able to pay for quality repairs. In order to give your business the competitive edge it needs to keep customers coming back, you need to start offering consumer auto financing options.
Gain More Customers
The need for repairs often comes at an unexpected time for your customers. Usually this unexpected event happens when they have little money available to pay for the repairs their vehicle needs. This can result in consumers avoiding your repair shop in search of a cheaper alternative. Even if they cannot find it, if your prices are not appealing enough, they are not going to become your customer. Since your business needs a regular stream of customers to survive, you may feel pressured to lower your prices, which will reduce your profit margin. While this may seem like it is a good strategy, it will not help your business to survive for the long term. One way you can effectively get your customers attention and their business is to offer consumer auto financing. This will enable them to get all of the repairs they need from your business.
Improve Customer Loyalty and Sales
By making it easier for your customers to afford their auto repair bills, you are gaining their loyalty. Consumer loyalty plays a major factor in how successful your auto body shop will be. The biggest form of advertisement for auto shops is word-of-mouth, and everyone knows how much happy customers love to talk. Once word gets out that your repair shop performs quality repairs and offers flexible consumer auto finance options, you will see an increase in customers and sales. You do not have to lower your prices to grow your business.
Decrease Your Debt
When you offer financing options to your customers, you reduce your risk for incurring debt. When your customers choose to finance their auto repairs, they are applying for a lender to pay for any services they received from your business. Your business receives the entire payment from the lender, and the customer has to pay the lender. Consumer auto financing provides your business with an immediate and guaranteed source of income.
It is possible for you to cater to the needs of your customers without crippling your business to do so. Provide your customers with an alternative way to pay for their auto repairs, and they will choose your business every time they need auto repairs in the future.