AAMCO Launches Platform to Enhance Consumer Financing Options
AAMCO, the world’s largest chain of transmission specialists and leader in total car care, recently selected LoanHero, a disruptive consumer-lending platform, to provide enhanced consumer financing options to its franchisees system-wide.
The company 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 optimize consumer and merchant terms and maximize loan approval rates. Through this partnership, customers have the option to apply for a loan for their automotive repair services via their web browser or mobile device.
“This new, robust consumer financing program is part of a broader strategy to significantly improve AAMCO franchisees long-term profitability,” said Jim Gregory, CFO of AAMCO Transmission, Inc.
As a result, AAMCO will become more in line with other industries, having a comparable average ticket size, that process around 50 percent of sales via credit as compared to AAMCO’s current rate of roughly 10 percent.
For over 50 years, the brands locally owned and operated independent service centers have employed the latest technology.