DigniFi is looking to provide a financing option for dealership customers who might already be stretching their budget and then encounter a costly repair or other stumbling blocks to securing the necessary funds for vehicle delivery.
On Wednesday, the company expanded access to financial services for dealers with the launch of DigniFi ExpressWay, which includes a new revolving credit line and card that customers can use to make purchases in all five profit centers of the dealership, including F&I, sales, parts and accessories, service and collision.
ExpressWay can help dealers keep customers from walking away due to a lack of available funds. In addition, ExpressWay can offer access to special financing for up to six months on purchases of $350 or more.
And since terms are based on purchase amount, DigniFi pointed out that customers may be able to pay down their balances faster and incur less interest charges than with traditional credit cards.
“Our mission is to provide dealers with access to a point of sale financing solution so more of their customers can say ‘yes,’ to your dealer offers,” DigniFi chief executive officer Richard Counihan said in a news release. “We offer access to financing with flexible, affordable terms that drivers can feel good about. Our lender uses our advanced automotive analytics and instant online decision platform to provide the financing of thousands of car repairs, upgrades, accessories, and trade-ins every month. That's customers who no longer have to walk away from your dealership. Dealers pay a flat fee instead of a percentage of every loan.
Also, customers can use ExpressWay financing during multiple points in the vehicle sales process. Our service partners already enjoy revenue increases of up to 20% per year and we look forward to similar increases in sales and F&I,” Counihan added.
Frank Alvarez, operating partner at Premier Chrysler Dodge Jeep RAM of Buena Park, Calif., runs a busy franchised dealership that sells approximately 175 units per month and writes about 1,200 repair orders per month. The news release indicated Alvarez uses ExpressWay for both sales and service to help prevent customers from leaving due to a lack of funds.
The dealership just started using it in the sales department and is already enjoying an additional six to 10 new and used vehicle sales per month by having DigniFi ExpressWay available for their customers.
Service advisors and salespeople can share DigniFi point-of-sale materials with customers as well as text or email them a link to the DigniFi ExpressWay application. Customers can complete the application on almost any connected device. The customer needs a valid email address because all documents are signed electronically and emailed to the customer for their records.
“It is very simple for the customer to review the program information while they’re waiting for their vehicle estimate,” DigniFi said.
Customers receive a revolving credit line, as well as access to a cash advance feature whose proceeds can be used anywhere the customer chooses, even where the ExpressWay card is not accepted. Customers can receive a credit line up to $7,000. The minimum credit line is $350. They can use as much of their line as they like and since it’s a revolving line, they don’t have to reapply each time they use their account.
“DigniFi modernizes the vehicle sales and service process and our customers are thrilled that this option exists,” Alvarez said. “Frequently their only other option is a loan from their parents or aunt or uncle. Today it’s the Amazon world. If you want something you can get it the same day using Amazon Prime, and people are expecting that level of service from us.
“Our dealership wants to be forefront at instant gratification for our brands,” Alvarez said. “With the user-friendly DigniFi app we can send customers a link that allows them to share the details and discuss it with their relatives. It opens up a whole new avenue for them.
“We recently built a brand-new modern building with lightning-fast Wi-Fi, USB charging stations, high-end TV screens, you name it. ExpressWay is another fantastic technology option on the tail end of that which helps us beat out the competition,” Alvarez went on to say.
DigniFi added all loans are issued by WebBank, member FDIC.