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Posted

So most large chains offer some form of credit and I'm sure it would increase sales so it's time to see whats out there. Anyone do this, if so, who do you use and what are your thoughts?

Posted

Not at this time. BUT I have been looking into it. Last week I was out to supper with my girl at the diner where she works. One of her co-workers had just dropped 2G on his car. Asked why he didn't bring in for me. Because I don't offer credit and he didn't have the cash. GE Capitol is the primary provider for all the Box stores, excluding Goodyear and Firestone. There are others out there that will take 6 checks, draft accounts and the such. Fees are steep for all of them. I am seriously considering GE as they seem to be the most legit.

Posted

I assume you are not referring to in-house credit. That you should never do. Only exception is for fleet accounts and other municpal accounts. We do offer GE 90 day same as credit and the Goodyear Card - up to one year if a customer spends over a certain amount.

 

As far as increasing sales, I am not sure if it will do that. People are extended as is these days. And another form of credit may not be the best choice.

 

If you use the credit option when someone does not have the money, it's out of desperation and many will get declined.

 

And again, never become the bank!

Posted

We offer credit through our Napa truck center membership. I believe it is called Napa care, through GE capital. We specialize in the ford power stroke diesels, our main customer is the 6.0 diesel trucks. Some of the repairs can get very pricey (over $3000). It has worked wonders and also brought in some business. BUT the customer must be approved through ge to get the credit.

Posted

GE credit is exiting consumer lending as reported by WSJ on 8/30/13. Also, most consumers that need this type of lending

are usually not credit worthy so they get turned down.

Posted

I assume you are not referring to in-house credit. That you should never do. Only exception is for fleet accounts and other municpal accounts. We do offer GE 90 day same as credit and the Goodyear Card - up to one year if a customer spends over a certain amount.

 

As far as increasing sales, I am not sure if it will do that. People are extended as is these days. And another form of credit may not be the best choice.

 

If you use the credit option when someone does not have the money, it's out of desperation and many will get declined.

 

And again, never become the bank!

 

We are with Joe and also offer GE. It can be useful. We probably have about a 60% approval rate on new applications. However, I will correct Joe on one thing which is with the reforms the government instituted on credit after the housing finance crisis 90 days same as cash can no longer be offered. What GE now how is 6 months no interest on purchase over $299. At least that is our terms.

Posted

GE credit is exiting consumer lending as reported by WSJ on 8/30/13. Also, most consumers that need this type of lending

are usually not credit worthy so they get turned down.

I do not think this is accurate as we just received all of our advertising and system from GE 2 days ago.

Posted

I do not think this is accurate as we just received all of our advertising and system from GE 2 days ago.

 

They may just be selling those operations off to someone else. They simple change the name and keep operating as usual. Our local GE chemical plant was sold a few years ago to an Arabian company (Sabic).

Posted

They may just be selling those operations off to someone else. They simple change the name and keep operating as usual. Our local GE chemical plant was sold a few years ago to an Arabian company (Sabic).

Possible but highly unlikely. They're selling point was the fact that they've been doing it for years.

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  • Have you checked out Joe's Latest Blog?

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      It always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
      While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
      Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
      One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.
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