AAMCO Franchise Partners With Versatile Credit To Enhance Consumer Financing Program
World’s Largest Franchise of Transmission Specialists Announces New Financing Options to Improve Franchisee’s Long-Term Profitability
May 9, 2016 // Franchising.com // HORSHAM, Pa – AAMCO Franchise, the world’s largest chain of transmission specialists and leader in total car care, today announced it has partnered with Versatile Credit, the leading provider of innovative solutions linking lenders with consumers applying for credit in retail stores, to provide enhanced consumer financing options to its franchisees. The company recently introduced the new technology platform options as part of its current consumer financing program, which allow customers to submit one credit application to access multiple lenders in order to maximize loan approval rates.
“Our vision was to develop a consumer finance platform and portfolio of lenders that provided the best possible approval rates and terms to AAMCO franchisees and their consumers in the easiest possible way. Versatile Credit aligns with this vision and we are pleased to partner with them on a consumer finance solution that we believe will drive long-term growth in profitability for AAMCO franchisees,” said Jim Gregory, CFO of AAMCO Transmission, Inc. “Versatile Credit’s kiosk offers consumers access to multiple lenders in a much more efficient way. Through in-center testing, we’ve already experienced a jump in loan approval rates and average approval amounts for customers, which will only increase as the program continues to roll out.”
As part of the new program, customers will have the option to apply for a loan for their automotive repair services through a single application completed at a Versatile Credit kiosk at their local AAMCO service center. The Versatile Credit kiosk solution provides a private, secure and fast credit application process for consumers. Franchisees are able to benefit from applications denied by a primary lender being instantly sent to a secondary lender – reducing credit denials by up to 40 percent. The single “cascade” application with access to multiple lenders and instant approval decisions has no credit risk to AAMCO franchisees.
“Versatile Credit’s proprietary software has a proven track record of providing a network of leading lending partners and services that can reduce lost sales,” said Vicki Turjan, president of Versatile Systems. “Our self-service, kiosk-based solution will allow AAMCO’s customers to apply for credit using a secure and reliable touch-screen interface that requires little to no assistance from staff.”
Last summer, AAMCO began testing the platform at a select number of service centers nationwide, including Doug Peterson’s center in Canton, Ohio.
“Having more than one financing option has been a major tool for our customer service managers. Many customers feel more secure using the Versatile kiosk, because they do not have to verbally give out their personal information,” said Peterson. “In addition, our customer service managers no longer have to tell customers that they were not approved by a lender, which has helped decrease negative customer interactions. I’m happy that AAMCO continues to support its franchisees and improve systems internally, especially the financing options we offer to consumers.”
Prior to its partnership with Versatile Credit, AAMCO had offered financing options to its franchisees through Synchrony Financial, one of the nation’s premier consumer financial services companies. Synchrony Financial is integrated into the Versatile Credit solution platform as well. As part of its ongoing commitment to the success of its franchise owners, AAMCO will continue to vet other lenders to add to the platform throughout the year.
For over 50 years, AAMCO's locally owned and operated independent service centers have employed the latest technology. Expert technicians diagnose a repair, fix it right the first time, and back it with a nationwide warranty. Known as the world's leading transmission expert, the company has evolved into a total car care brand providing a variety of services including brake repairs, tune-ups, shocks and struts, routine maintenance and more. AAMCO was recently named to Entrepreneur’s 2016 Franchise 500®, ranking at the top of the transmission repair category. Based on system size, growth rate and financial strength, the brand also earned a spot on Entrepreneur’s “Best of the Best” list.
With nearly 700 centers across North America, AAMCO is actively seeking single- and multi-unit operators who are passionate about the brand and committed to providing the highest quality service. Interested candidates should have a minimum net worth of $250,000 and liquid assets of at least $65,000 per unit. Depending on the real estate site selected, franchisees can expect the total investment to be approximately $227,400 – $333,000 with a $39,500 initial franchise fee. Reduced franchise fees are available for honorably discharged veterans.
To learn more about franchise or conversion opportunities with AAMCO, contact Eric Simon, director of franchise development, at 888-977-1419 or firstname.lastname@example.org or visit aamcofranchise.com.
AAMCO is the world's largest chain of transmission specialists and a leader in total car care services. AAMCO has nearly 700 automotive centers throughout the United States and Canada. Established in 1962, AAMCO centers are proud to have served more than 45 million drivers. For more information, visit aamcouniversity.com, aamco.com or www.aamcoblog.com.
About Versatile Systems
Privately held Versatile Credit offers an ecosystem of leading lending partners, proprietary software and services, beautifully designed hardware, and engaging visual content. This results in an exceptional experience for customers that drives more credit applications, more approvals and more sales for retailers. For more information, visit our website at www.versatilecredit.com.
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