How Midas Leverages iCare Financial
iCare Financial Auto Newsletter - March 2016
Having been in business for more than 50 Years, Midas prides itself on offering everything related with vehicle repair including brakes, tires and oil changes. Midas locations not only offer factory recommended maintenance, but also complete auto repair. There are currently over 1400 different locations throughout the United States and Canada.
Who Uses iCare?
Karen's Midas locations primarily offer iCare Financial to customers who are having trouble affording repairs and who don't qualify for credit. Midas actually offers its own Financing through a partnership with Synchrony Bank. Unfortunately, those with less than perfect credit often struggle to qualify and this can be a very frustrating experience for them with they desperately need to have repairs done.
Karen's stores accept iCare Financial for any repairs that are $300 or above. She works directly with the customers and puts them on a payment plan they can afford. Usually the typical charge where iCare Financial is used runs approximately $600-1200.
Often customers decide to opt for iCare Financial payments when they find out that there is a sudden automotive charge that they would otherwise not be able to afford. Other times people know in advance that they need a lot of work to their vehicle and leverage iCare in a strategic manner to proceed with all the work they need performed.
Building Repeat Customers
Karen believes that offering this payment option does a great deal to build up a positive relationship with customers, "It goes from you being the bad guy, to being able to explain the work and offer an option to pay for it."
Her two North Carolina based Midas locations see a lot of repeat customers, and also commonly see people who came specifically because iCare is offered. Karen points out, "There is no doubt that people could have gone somewhere else, but they come to us because we have the iCare Financial payment option."
Karen's stores have had multiple people financed through iCare pay off their intial plan for auto repair, then come back in for another type of service and ask for the iCare payment option again. One customer has even done 5 different plans through iCare Financial.
Getting the Word Out
One of the primary ways that Karen has been getting the word out that they offer iCare Financial Financing is through a reader board which is posted on the side of the building. People driving by are often very intrigued by the sign and stop in to find out about this "no credit check Financing."
Karen says that they have gotten tremendous results from this banner and certainly don't plan to take it down. Her Midas branches also have signs posted in the lobby that advertise iCare and how it works. Due to this straightforward way of getting the word out, customers are now asking for iCare Financial by name.
Offering iCare has been a major boost for her stores due to the fact that no one else in her area is currently offering such a flexible and innovative way to finance their automotive repairs.
Karen adds, "iCare is invaluable if you use the plan properly. If I had another kind of business, I'd use it as an option!"
Don't ever turn another customer away.
Give yourself and your staff the confidence to offer comprehensive service while knowing you have a finance program to get the job done.
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