DigniFi ExpressWay Study Finds 18X ROI at Five Auto and Powersports Dealerships
Study shows DigniFi Expressway helps customers make vehicle purchases and repairs they would otherwise postpone for lack of funding
SEATTLE, August 4, 2021 / PRNewswire / – DigniFi, an auto finance platform, today announced the results of a study to measure the return on investment (ROI) of ExpressWay, a revolving line of credit for auto purchases. The five auto and powersports dealers in the study had an average return on investment of 18.64 times over a two-month period. Dealers reported that ExpressWay made financing easier for their customers, allowing them to make vehicle purchases and repairs that they would otherwise have postponed.
ExpressWay is a revolving line of credit that helps consumers afford vehicles, auto repairs, upgrades, accessories, and trade-ins with flexible payment terms. Customers can request ExpressWay on their personal smartphone and receive a decision within minutes from the lender. Dealers pay a fixed monthly fee to provide access to ExpressWay. To study the ROI of ExpressWay, DigniFi recruited five dealers.
“These dealers are the best performers in their class and models on how best to use ExpressWay,” said Richard Counihan, CEO of DigniFi. “When we discuss how ExpressWay can transform sales, profitability and customer loyalty, we recognize these five dealers and the incredible work they do.”
For each concession, DigniFi researchers recorded the Gross Value of Goods (VMC) generated by ExpressWay loans in September and October 2020. They classified whether the loan was for a down payment on a new vehicle, a down payment on a used vehicle, or parts and services. Total value estimates and average multipliers for parts and maintenance were used to measure the income generated by these loans. The researchers calculated a return on investment of revenue of 150.51x and a return on investment of profits of 18.64x on the cost of the two-month subscription to ExpressWay.
“Our customers are happy to have the ability to use ExpressWay and pay off the loan in a matter of months instead of having to shell out the money right away,” said a new car sales manager at one of the dealerships. of the study. “I think having the ability to help customers in a way that other dealers cannot help us build customer loyalty. Having ExpressWay available is an added option that gives us an advantage over some other dealers.
“What I really like about ExpressWay is the fact that we have the ability to offer an immediate solution to customers who come to our store, even if they don’t have the money right now to do so. a purchase, ”said the general manager of a motorcycle dealership that participated in the study. “Without ExpressWay, we would be doing less business. We have other financing options, but they don’t always take credit. DigniFi does better when it comes to creditworthiness.
To learn more about DigniFi ExpressWay, visit this website.
DigniFi is a platform company that connects consumers with lenders for auto repairs, tires, accessories, and other automotive-related needs. The automated, contactless process serves financial products through point-of-sale at auto dealerships and independent repair shops. DigniFi offers consumers access to fixed payment plans. The loans come from WebBank, a member of the FDIC. To date, DigniFi has provided access to over US $ 120 million in loans in partnership with over 5,000 automotive service centers. For more information, please visit www.dignifi.com.
CONTACT: Addie glazzard, [email protected]
View original content to download multimedia: https://www.prnewswire.com/news-releases/dignifi-expressway-study-finds-18x-return-on-investment-at-five-auto-and-powersports-dealerships -301345702 .html