“Through our testing, AAMCO franchisees have already experienced a significant increase in average comp store sales, in addition to a jump in loan approval rates and average approval amounts for customers. We expect the impact on store performance to increase as the program continues to roll out systemwide.”
Under the system, customers may apply for a loan for their automotive repair services via their Web browsers or mobile devices through a single-application process that gives them access to a variety of lenders. “As a result, AAMCO will become more in line with other industries, having a comparable average ticket size, that process around 50 percent of sales via credit as compared to AAMCO's current rate of roughly 10 percent,” AAMCO said.
The auto service provider has nearly 700 outlets across North America that offer total car care services, including brake repairs, tune-ups, shocks and struts, along with routine maintenance.
AAMCO said it is seeking single- and multi-unit operators. Interested candidates should have a minimum net worth of $250,000 and liquid assets of at least $65,000 per unit. Depending on the real estate site selected, franchisees can expect the total investment to be about $227,400 to $333,000 with a $39,500 initial franchise fee. Reduced franchise fees are available for honorably discharged veterans.
La Jolla, Calif.-based LoanHero's business model brings marketplace lending to the point of sale, according to the firm's website, thereby providing “instant” decisions and competitive loan products available for each level of credit through one streamlined platform.
For more information, contact Eric Simon, AAMCO director of franchise development, at 888-977-1419 or via email at [email protected] or visit the company's franchising website.