AAMCO Partners with LoanHero for Customer Financing Services
AAMCO is in the initial stages of rolling out the new consumer finance technology platform, which allows customers to submit one credit application to access multiple lenders in order to maximize loan approval rates. Customers have the option to apply for a loan for their automotive repairs via a web browser or mobile device.
“This new, robust consumer financing program is part of a broader strategy to significantly improve our franchisees long-term profitability,” Jim Gregory, chief financial officer of AAMCO Transmission Inc., said. “With LoanHero, we’ve found the right portfolio of lenders that will allow our customers to receive instant approvals, while providing fast payment to our franchisees. Through our testing, AAMCO franchisees have already experienced a significant increase in average comp store sales, in addition to a jump in loan approval rates and average approval amounts for customers. We expect the impact on store performance to increase as the program continues to roll out systemwide. It’s truly a win-win situation for everyone.”
“AAMCO understands the value and impact consumer financing can have on its franchisees’ businesses,” Derek Barclay, LoanHero president and co-founder, said. “LoanHero’s streamlined and seamless technology will not only help increase sales, but attract new customers by allowing AAMCO to stand out from the competition.”