Interest-free finance solution from EMaC boosts consumer retention for dealers
EMaC is working in partnership with dealers to help ease the financial pressure many households face, by offering a flexible interest-free monthly instalment plan for service or repairs, including an annual MOT. With the average cost of repairs to pass the MOT coming in at £272 on top of the test fee itself, drivers can be left without a vehicle until a bill of over £320 is settled.
John O’Donnell, Managing Director of EMaC, explains, “Under the current MOT rules, a vehicle with a fault categorised as ‘dangerous’ cannot be driven until the necessary repairs are completed. However, with Drive Now, Pay Later, car owners can spread the cost, benefitting from financial peace of mind, whilst dealers maximise the opportunity to boost their consumer offering. This in turn not only enhances consumer loyalty but boosts aftersales revenue throughout the ownership cycle.”
The Money Charity reported that the average credit card debt in the UK was £2,668 per household, and with 29% of consumers without a Service Plan using their credit card to pay repair bills, many car owners are adding to this burden.
Continues John O’Donnell: “A significant number of people are relying on their credit cards to get back behind the wheel, but high interest rates are adding to the cost. With access to the right solutions, dealers are in a strong position to deliver alternative options where the car owner won’t incur interest.
“Nearly two thirds of motorists we surveyed said they would consider an interest free credit facility for repairs and maintenance if their dealer offered it. Whilst this is perhaps unsurprising, these respondents went on to say that this kind of service would not only help them reduce the financial toll of unexpected repair and maintenance costs on their car, but it would also make them feel more positively towards their dealer. With Drive Now Pay Later, dealers can now offer a solution that helps their valuable consumers to better manage the cost of any servicing or repair job, and in turn the dealer boosts consumer loyalty and retention.”