Why consumer financing is important

The two questions I get asked most often from dealers are, "how can I distinguish myself from the local competition?" and "how can I better my sales?" The answer to these two questions is simple - consumer financing.

I sat down with Lennox Industries Senior Merchandising Manager, Jim Cadena, to talk about the importance of offering consumer financing.

M: Jim, when a Comfort Advisor offers financing, how often would you say he or she is able to close the sale?

J: When financing is secured for a consumer by a Comfort Advisor, whether it is the first or fifth proposal the consumer has received, nine out of 10 times the deal closes with the advisor who secured the financing.

M: In your experience, what would you say is the benefit to offering consumer financing up front?

J: It allows the customer to really focus on the pitch. Taking the financing concern off the table (by mentioning its availability early in the call) allows them to pay more attention to the product information and uncertainty of how they are going to pay for it.

M: Finally, what would you say is the largest benefit to dealers for offering consumer financing?

J: From a dealer's perspective, offering financing to the consumer leads to a 65% increase in ticket size.

From maximizing your sales to increasing your close rate, offering consumer financing has incredible benefits for dealers and consumers alike. For more information on U.S. and Canadian consumer financing programs, visit DaveNet.com, and click Financial Tools under Partner Resources.

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