Expanding Lease-to-Own Services in the Automotive Sector
FlexShopper, Inc. (Nasdaq: FPAY), a prominent provider of lease-to-own (LTO) payment solutions, has made significant strides in enhancing its services. The company has recently entered into a strategic partnership with PayTomorrow to expand its offerings to franchisees of Jiffy Lube and Meineke Car Care Centers. This collaboration not only serves to optimize sales but also enhances profitability across numerous locations for these well-known brands.
Positive Impact on Sales and Customer Satisfaction
The CEO of FlexShopper, Russ Heiser, noted the encouraging feedback from franchisees at Jiffy Lube and Meineke Car Care Centers following the successful implementation of their payment solutions. Increased payment options have resulted in heightened in-store sales and significantly improved customer experiences. He remarked, "We are optimistic that these franchises will continue to foster growth throughout the coming year to support our extensive pipeline of over 2,000 tire and auto retail locations. Current partnerships with other significant retailers already encompass more than 2,000 locations in the automotive sector."
Growth of FlexShopper's Lease-to-Own Solutions
FlexShopper's lease-to-own services have witnessed remarkable growth, expanding from a mere 8 stores to over 100 locations in record time. With roughly 2,100 franchise locations represented by Jiffy Lube and Meineke Car Care Centers, the financing options provided by FlexShopper align perfectly with franchisees' goals to maximize sales while enhancing overall customer satisfaction. Notably, franchise-operated locations have historically outperformed their corporate-owned counterparts, making this partnership a strategic match for these entrepreneurial operators.
Overview of Jiffy Lube
Founded in 1971 and headquartered in Houston, Jiffy Lube International, Inc. stands as a subsidiary of Shell plc, leading the charge in automotive preventive maintenance. With a vast network of over 2,200 service centers in North America, Jiffy Lube addresses the needs of approximately 24 million customers annually, providing essential vehicle maintenance services that enable drivers to “Leave Worry Behind®.”
About Meineke Car Care Centers
Established in 1972 and based in Charlotte, Meineke Car Care Centers, Inc. operates an extensive network of over 966 locations worldwide. Offering a comprehensive assortment of automotive repair and maintenance services, Meineke attends to a diverse range of driver needs, from oil changes and brake repairs to tire services.
Understanding PayTomorrow's Role
PayTomorrow specializes in providing innovative financing solutions tailored to retailers and service providers. By offering flexible payment plans, PayTomorrow empowers consumers to make purchases that align with their financial capabilities. This integration of technology not only enhances the customer experience but also facilitates increased sales and customer satisfaction for retailers.
About FlexShopper, Inc.
FlexShopper, Inc. (Nasdaq: FPAY) distinguishes itself as a financial technology enterprise dedicated to providing lease-to-own (LTO) and lending solutions to underserved consumers across the United States. Their flexible payment options are readily accessible through their direct marketplace at FlexShopper.com, alongside partnerships with retailers available both online and in brick-and-mortar locations.
Company Contact Information
For inquiries, please reach out to:
FlexShopper, Inc.
Investor Relations
ir@flexshopper.com
Contact for Investors and Media
Andrew Berger
Managing Director
SM Berger & Company, Inc.
Tel (216) 464-6400
andrew@smberger.com
Frequently Asked Questions
What is FlexShopper?
FlexShopper, Inc. is a financial technology company that provides lease-to-own and lending solutions for underserved consumers across the U.S.
How has FlexShopper impacted Jiffy Lube and Meineke?
FlexShopper's payment solutions have enhanced customer satisfaction and increased in-store sales at Jiffy Lube and Meineke franchises.
What growth has FlexShopper experienced recently?
FlexShopper has expanded from 8 stores to over 100 franchise locations in a short timeframe.
What is PayTomorrow's role in this partnership?
PayTomorrow facilitates the financing technology that supports FlexShopper’s lease-to-own solutions for Jiffy Lube and Meineke.
How can consumers access FlexShopper's services?
Consumers can find FlexShopper's offerings through their website, FlexShopper.com, or partner retailers.
