DigniFi, a provider of access to car repair loans in the U.S., recently announced an expansion of its access to financial services for auto dealers with the launch of DigniFi ExpressWay. ExpressWay includes a new revolving credit line and card, which customers can use to make purchases in all five profit centers of the dealership, including F&I, sales, parts & accessories, service and collision.
ExpressWay helps auto dealers keep customers from walking away due to a lack of available funds. In addition, ExpressWay offers access to special financing for up to six months on purchases of $350 or more. And since terms are based on purchase amount 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,” said DigniFi CEO Richard Counihan. “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, CA, runs a busy dealership that sells approximately 175 units per month and writes around 1,200 Repair Orders per month. He 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. It is very simple for the customer to review the program information while they’re waiting for their vehicle estimate. Customers can complete the loan 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.
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 $7000. 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,” said Alvarez. “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. 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 added.
All loans are issued by WebBank, member FDIC.