HORSHAM, Pa. (May 10, 2016) — AAMCO Transmission Inc.'s franchise operation has partnered with Versatile Credit to provide financing options for the car repair chain's franchisees.
Privately held Versatile offers what it calls “an ecosystem of leading lending partners, proprietary software and services” along with hardware and “engaging visual content” aimed at driving more credit applications, more approvals and more sales for retailers.
AAMCO said its partnership with Versatile — a provider of solutions linking lenders with consumers applying for credit in retail stores — will provide “enhanced consumer financing options to its franchisees.” Versatile recently introduced the new technology platform options as part of its current consumer financing program that allows customers to submit one credit application to access multiple lenders in order to maximize loan approval rates.
“Our vision was to develop a consumer finance platform and portfolio of lenders that provided the best possible approval rates and terms to AAMCO franchisees and their consumers in the easiest possible way,” said Jim Gregory, CFO of AAMCO. “Versatile Credit aligns with this vision and we are pleased to partner with them on a consumer finance solution that we believe will drive long-term growth in profitability for AAMCO franchisees.
“Versatile Credit's kiosk offers consumers access to multiple lenders in a much more efficient way. Through in-center testing, we've already experienced a jump in loan approval rates and average approval amounts for customers, which will only increase as the program continues to roll out.”