10 • August 2023 • Powersports Business
FINANCE www . PowersportsBusiness . com
Sheffield Financial unveils fast online prequalification and seamless financing for dealers and OEMs
Sheffield Financial has announced it is expanding its technology to empower OEM and dealer partners to deliver a seamless online financing experience to customers .
In today ' s digital world , customers increasingly begin their financing journey online . One of the standout features of Sheffield Financial ’ s expanded technology is a mobile-friendly online prequalification where customers can quickly check their buying power online without impact to their credit .
A customer can start the prequalification process by entering just their cell phone number and last four digits of their social security number . With these two simple
inputs , the customer can choose to verify their identity and have their application prefilled with key information , greatly reducing the number of application fields they need to complete . The customer receives a quick online prequalification decision and can seamlessly transition to formal financing , either online or at the dealership , without the need to reenter information already provided during prequalification .
“ We are thrilled to introduce our advanced technology solutions that enhance the financing experience for OEM and dealer partners ,” says Jeff McKay , CEO of Sheffield Financial . “ With our mobile-friendly online
prequalification and seamless financing process , customers can quickly assess their buying power without impacting their credit , while dealers enjoy a simplified and efficient workflow . Our commitment to delivering a superior financing journey aligns with our mission to support manufacturers and dealers in delivering industry leading service and driving more retail sales .”
To further enhance the customer experience , Sheffield Financial offers OEM and dealer partners a unique web URL and QR code , which can be promoted across marketing channels , including websites , text messages , emails , hang tags , consumer shows and more . The user-friendly tools can direct prequalified customers to dealers in Sheffield ' s dealer portal , where dealers can easily access the gathered information and continue the financing process in-store .
Sheffield Financial ' s innovative technology tools are readily available and free for over 14,000 authorized Sheffield dealers in the powersports , marine , outdoor power equipment , and trailer industries . Dealers can explore these cutting-edge resources by visiting the Marketing Center within their Sheffield dealer portal .
DEALER FINANCIAL SNAPSHOT
NORTHWEST �0.1 % Parts Department �6.8 % Service Department �9.2 % Major Units �7.9 % Overall
WEST -1.2 % Parts Department
�4.4 % Service Department -2.5 % Major Units -1.7 % Overall
UNITED STATES -0.8 % Parts Department
�6.8 % Service Department �5.2 % Major Units �4.9 % Overall
MIDWEST �0.1 % Parts Department �8.4 % Service Department �9.2 % Major Units �8.4 % Overall
SOUTH -1.4 % Parts Department
�5.8 % Service Department �5.8 % Major Units �5.3 % Overall
NORTHEAST -0.8 % Parts Department
�10.1 % Service Department �7.1 % Major Units �6.6 % Overall
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JUNE 2023 VS . JUNE 2022
Dealerships saw a combined revenue growth of 4.9 % in June 2023 versus the year ago month , according to composite data from more than 1,700 dealers in the U . S . that use the Lightspeed DMS . One average , the service and sales departments were up , and the parts department was slightly down . The South reported the largest decrease in parts , down 1.4 % versus the year ago month . The West followed , reporting a 1.2 % decline . The Midwest and Northwest regions reported an increase in the parts department , up
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0.1 %. Following last month ’ s trend , dealerships in every region reported signifi cant revenue growth in the service department . The Northeast reported the largest growth of 10.1 %, followed by the Midwest , reporting an increase of 8.4 %. The West reported the lowest average increase of 4.4 %. The average dealership saw a growth of 5.2 % in new and preowned sales in June . Like last month , the only region to report a decrease in sales revenue was the West , reporting a decline of 2.5 %. The Midwest and Northwest reported the largest increase of 9.2 %, followed by the Northeast ( 7.1 % increase ) and the South |
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( 5.8 % increase ). Combined revenue was up 4.9 % on average nationwide . |
PARTS SALES Parts sales revenue was up at 863 dealerships and down at 917 . |
SERVICE SALES Service revenue increased at 1036 dealerships and decreased at 668 .
MAJOR UNIT SALES A total of 874 dealerships were up and 715 were down .
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FOR MORE ON THE SAME STORE SALES DATA
For more information on this report and other industry data , contact : lightspeeddms . com
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