Posts Categorized: Articles

Case Study – Strength Finance

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Strength Finance unites with businesses all over Canada to collaborate and reach new levels of success. The relationship between Crelogix and Strength Finance is one that helps small and medium businesses with financing solutions. The repeated collaboration between the two has led to more sales and increased revenues for both parties involved. View the Case… Read more »

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The Benefits and Advantages of Financing a Timeshare

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Canadians are vacationing around the world and saving pennies a day through financing.

Timeshares and vacation ownership used to have a bad reputation – pushy sales people and long presentations were turning people away from making this purchase. That bad reputation is a thing of the past. Times have changed and there are opportunities for Canadians to own a timeshare in a tropical paradise with the comforts of home while in a resort setting.

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Consumer Financing – a Win/Win for Merchants and Customers

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Do you remember the last time you made a significant purchase?
Did you worry how you were going to pay for that purchase? Sometimes financing and urgent expense such as a dental procedure or home repair can create a lot of additional stress for your patient or customer.
Gift your customer with the knowledge of making an educated decision when it comes to financing their purchase, you will not only increase your customers confidence in that purchase, but eliminate stress, and the dreaded “buyer’s remorse”.

Top Reasons consumers will benefit from offering Consumer Financing
Budgeting Bliss – with consumer financing, payments are fixed for the term of the loan; making it easy to budget and know exactly how long before the loan will be paid off.

No Snowball Effect – When using a credit card for a purchase, interest is calculated on both the initial principal balance of the purchase, as well as any accumulated interest on a previous balance. This is like chasing a moving target, and one of the top reasons Canadian’s struggle with credit card debt. It’s essentially adding interest on top of interest, eventually it comes crashing down.

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3 Steps to offering consumer financing

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Consumer financing is a powerful sales tool when used properly. This guide is to help you achieve further sales success and increase your business revenue with a valuable payment method for your customers.

So, you’re closing a sale, or maybe you’re in the middle of building rapport with your customer. At what point do you bring up financing? Do you wait until you are asked for it? Do you bring it up in the middle of conversation? Make sure you are making it an easy question for them to ask you. There are two reasons why customers will NOT ask you about financing, so it is important to understand this and make it easy to discuss.

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Ask the Expert: 6 Simple Tips to Ensure Offering Consumer Financing Works for You

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Qualifying your customer for consumer financing

Steven Brown has been in the power sports business his entire life, and has worked as a dealer principal, Suzuki Canada sales representative, broker and business manager. At Suzuki he was recognized as one of the company’s top selling Canadian salespeople. As a broker in southwest Ontario he built a business from zero sales in 2003 to $5 million/year by 2006. Today, as a Crelogix Power Products District Manager Mr. Brown continues to work with dealerships, helping them get the most out of consumer financing.

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Success Series: Achieving Goals with Social Media

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Growing a business takes more than just a great product and reasonable price; it means looking at your business through your customers’ eyes, and learning about your customer so you can engage them where it matters. Crelogix works with thousands of merchants every day, many of them industry leaders, innovators and disruptors. Some businesses have unique perspectives on what it takes to succeed, and excel within their industry in innovative ways. Crelogix’s Success Series highlights the success of these innovators to share their stories with other small and medium sized businesses (SMEs) to help them learn, grow and, succeed.

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Finding the Right F&I Broker

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5 Questions Every Dealership Needs to Ask Their Broker Choosing the right F&I broker is one of the most important decisions you make for your power sports dealership. F&I, or finance and insurance brokers are gateways to access consumer financing for many Canadian dealerships, and finding the right one can boast sales and profitability. However,… Read more »

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Engineering Success: The Importance of Industry Expertise in Consumer Financing

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Oxford Learning Centres, an innovator in tutoring services, wanted to grow enrolments using consumer financing. Overwhelmed by the complexity of multiple franchisees, it was in search for a simple solution.

In the past, Oxford Learning struggled to cope with efficient financing of loans to the consumer. Tuition financing for low income household was dropping and the franchises stumbled to close deals. In turn, many families couldn’t send their children to tutoring centres. Oxford Learning was in search of a lasting fix. In traditional consumer financing markets, such as power sports and automobiles, financing is used as the first option of payment. Since the tutoring industry is relatively new to retail financing, consumers are less informed of financing as a viable method of payment.

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iPhones, Aging Consumers and the Future of Consumer Financing

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A decade ago the consumer financing sector was in the midst of integrating internet technology. Phone calls remained the dominant communication method connecting businesses and lenders, and documents were generally exchanged via fax or courier. The potential of the internet to simplify and hasten document sharing and communication were in their infancy. These days it is impossible to imagine doing business – including retail financing – without the internet. Yet even as the internet’s potential is slowly realized and integrated in consumer financing, new disruptive technologies, trends and behaviours are emerging that will continue to shape the industry.

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How can I Grow my Ticket Size Using Consumer Financing?

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When most of us think about increasing profits we think of either increasing sales or cutting costs. Yet cut costs wrong and you can risk business and its long-term prospects, as was evident at Walmart in the US after staff reductions caused longer checkout lines, less store help and disorganization. Meanwhile, increasing sales can be an elusive goal and often outside your control. A third way to increase profits – often overlooked – is increasing ticket size.

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More Sales, More Profit: Why Every Dealership Needs an F&I Manager

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Venom Off Road is ready to grow. The Kelowna-based power sports dealership, in British Columbia’s Interior, currently sells about 150 units a year. However, owner Doug Carey has plans to change this: increasing sales of ATVs, UTVs, dirt bikes and snowmobiles while adding new departments and product lines to his arsenal. His first step: hire an in-house F&I (finance and insurance) manager. “Financing is an area that I know can be very profitable for dealerships,” he said.

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3 Tips To Ensure Your Canadian Product Launch Pays Off

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Canadians love new and innovative products. In fact a 2013 survey by Product of the Year Canada found 8 in 10 of us factor products being innovative into our buying decisions. Yet product innovation – whether it is improving on existing products or disrupting the market with entirely new ones – can be very difficult, and the road to success is littered with failures. A lot of failures: Some estimate that as many as two-thirds of new products will fail within two years.

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Ask the Expert: Am I Getting Enough Out of Each Sale?

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How many times have you been out for dinner when the server has said “Our feature appetizer tonight is… Would you like to try it?”, or experienced the infamous McDonald’s “would you like to up-size for just $0.50?” Simple, specific upsells that solicit the emotional, spontaneous ‘yes’. We all talk a lot about upselling, and most of the time it sounds easy. However, most of us are not as successful at it as we would like. Upselling requires top selling skills, tenacity and customer awareness.

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HVAC Success Story: Vital Lessons I Learned Building a Business

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A typical Canadian HVAC business lasts for around four to five years. A short shelf life, akin to a restaurant’s. Yet Françoise Jean-Denis found a way to buck that trend, and with the help of her husband, has been running her successful home improvement and HVAC business since 1989, thanks partly to knowing how to use renovation financing. The home renovations industry veteran shares some insights into what has helped her business, Le Groupe Réno Habitat Inc., thrive and some of the important lessons she has learned along the way.

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Understanding Whether Your Product Market Is Conducive for Financing

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Does Your Business Need Consumer Financing?

If you run a business it is important to know whether you need to offer consumer financing options. Point-of-service consumer financing options such as instalment credit can benefit your business and customers, helping them get their hands on the tools, toys or home renovations they want. And Canadians continue to show they have an appetite for it: In just three months in 2013 almost $450 million of retail spending was paid for via financing.

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Why Your Network of Dealers Deserves Quality Customer Service from a Financing Partner

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More than Just Money: Why Customer Service Matters in Financing

When Concerto Windows signed a partnership giving its dealers the opportunity to start offering point-of-sale consumer financing on its products it wanted more than just a bank to provide financing. The manufacturer of all-weather windows and doors knew its national network of dealers were not trained to use sales financing, and it wanted a program that would support them.

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Instalment Credit Lenders and Banks: A Case Study Every Business Needs to Read

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Munro Motors had literally run out of options. Only a single bank was left providing consumer financing on used motorcycles – a lucrative division – and its loan conditions were so prohibitive that it was costing sales. “They were trying to fit car loan terms on to motorbikes and it just wasn’t working,” says owner Andy Munro.

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How Can I Use Marketing Programs to Close More Sales?

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How In-Store Merchandising Can Revolutionize Your Financing

Catalina Spas went against traditional wisdom in the spa industry when it put point-of-sale (POS) marketing material mentioning prices on its showroom models. Most spa retailers are wary of displaying prices on showroom models because they can vary substantially depending on the options customers select and the full up-front cost can sometimes appear large. Catalina Spas owner Scott Orbell was prepared to challenge the prevailing wisdom and place POS marketing material on his showroom models. The material states the monthly price ranges available on each model, to show customers just how affordable spas can become if monthly payments are used.

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How to Get Your Network of Dealers Selling More with Financing

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Most national Canadian distributors and manufacturers are familiar with the difficulties involved in rolling out new financing programs across a network of dealers. Signing a partnership to give dealers more sales tools is one thing. Convincing them to use it is often another. To overcome this, Ontario-based Hydropool Hot Tubs developed a three-step process, starting with an email, followed by a phone call and ending with a face-to-face visit. The most important part of this process is not the hundreds of dollars of financial incentives being offered on every vendor sale using financing. It is the final in-store visit by a sales representative.

Related: Why Your Network of Dealers Deserves Quality Customer Service from a Financing Partner

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Is Your Financing Partner the Right Fit for Your Dealers?

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What did you look for when you chose a consumer financing partner for your dealer network? Competitive interest rates? Good customer support? Smooth process integration and marketing expertise? These days there are plenty of options for manufacturers and wholesalers looking to provide consumer financing to their networks, from the big banks to smaller specialty houses catering to niche markets. Financing has become big business in Canada, with consumer instalment loan and credit card use growing by 11 per cent in 2013, according to Equifax Canada. The average Canadian now carries almost $16,000 of non-mortgage debt.

Related: Instalment Credit Lenders and Banks: A Case Study Every Business Needs to Read

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Avoiding a Sales Catastrophe

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When LDG Enterprises owner Louis Geddes got a 90-day notice that his bank was exiting the Canadian market he knew he had to act fast. An estimated 90 per cent of his vacuum sales business’ $2 million annual revenue was dependent on installment credit. Without it his staff’s ability to close sales would be crippled. His business would cease to exist. Louis needed a solution and needed it fast. What Louis did not expect as he started the search for a new financing partner was that he would end up with a better deal.

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No Time to Mess Around

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Running a small business is time consuming. Just ask Jessie Smitham, executive director Sylvan Learning Guelph, Ontario. Trying to reach her after 2:30PM – when the students she tutors start to arrive – is all but impossible and the rest of her time is spent running her business. Located near Kitchener on the outskirts of Toronto, Sylvan‘s Guelph franchise provides tutoring support for about 100 K-12 students at a time.

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The Cost of Trailing Behind

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Watching a customer leave your store empty handed hurts. Watching an interested customer keen to make a purchase walk away empty handed because you couldn’t offer financing hurts even more. It is disheartening for sales staff and it costs money. Yet this was exactly the situation facing sales staff at Ontario-based retailer Bluewater Trailers. Despite offering competitive prices and having almost 100 trailers in its range, Bluewater lacked any financing option. All it could offer customers lacking the means to make outright purchases was leasing, hamstringing sales staff in an industry where most buyers’ top priority is walking away with a new trailer that day.

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Finding the Tools to Overcome Stagnation

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It felt like Renovations Sans Limite was stuck in a holding pattern. The Quebec-based home renovation company was certainly generating business and securing home renovation contracts. Yet, it was missing out on many of the more profitable, larger jobs because it couldn’t offer financing. This was hurting revenue and impacting growth. It was turning into a serious problem for owner Steve Benoit, preventing him from growing his company the way he envisaged. It was a problem he would often consider as he weighed up what financing option would best suit his business. What financing option could help him break the cycle.

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