Dealers told 'sell to shoppers' monthly budget'
Posted on in Cycles News
As more big retailers jump on the retail finance bandwagon, dealers are being told that ‘showing customers the monthly maths' is the way forward for big-ticket purchases.
Platforms like Netflix and Spotify have already changed the way consumers think about the way they pay for things. Now Amazon has become the most recent to offer a flexible payment plan to their subscription service - Amazon Prime - saying that it will provide a more attractive offer for those who cannot afford an up-front membership.
Dave Robertson, executive director of the Association of Finance and Insurance Professionals (USA) recommends pitching to a customer's monthly budget is key for car dealers - and the same can, and should, be applied in the bike trade. He says savvy dealers sell by ‘showing customers the monthly maths', since the buyer is working around their monthly payment, an amount they know will fit in their budget. "The thing with the buyer is, he wants to pay a certain amount of money each month for the car," says Robertson.
In the UK, consumer credit is growing at its fastest pace in 11 years. In the cycles and outdoor market, finance sales are up. Over 30,000 people have applied for Ride it away retail finance through their local IBD so far in 2016 - up 21% vs 2015. With peak summer season fast approaching, apply to become a Ride it away retailer today to be up and running in just 2 - 3 weeks!
Ride it away is available to any cycles business* who will benefit from:
- Free V12 set-up worth £495
- Personal support throughout the application and FCA authorisation process
- No minimum finance turnover requirement
- Payment issued by V12 same day and in your bank within 4 days
- National promotion on the Ride it away consumer website
- Access to FCA compliant POS material
- Access to web banners for use on your own website
Click here for more information about the Ride it away scheme
If you aren't yet offering finance, contact us to see why Ride it away is the right solution for you.
Already offering finance? Don't forget to order in-store POS and download free web banners to show your customers finance is available!
*Ride it away is exclusively available to members of the ACT. Subject to terms and conditions, including but not limited to, a minimum 12 month trading history, the business declaring a positive net worth and the search results of credit reference agencies