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FINANCE
Powersports Business • March 2024 • 9
Dealer Spike and Sheffield Financial offer digital retail solution
Dealer Spike and Sheffield Financial , a division of Truist Bank “ Sheffield Financial ” and provider of retail financing solutions , have partnered to elevate the digital retail experience for dealerships and consumers .
The seamless integration of Sheffield ’ s competitive interest rates , pre-qualification process and online credit application into Dealer Spike ’ s digital retailing solution , Payment Genie , will allow consumers to determine estimated monthly payments and apply for financing on a specific vehicle or equipment at up to 5,000 eligible dealer websites across the U . S .
“ Our collaboration with Dealer Spike enables dealers to effortlessly incorporate Sheffield Financial ’ s innovative prequalification technology into their own Dealer Spike website ,” says Jeff McKay , president of Sheffield Financial . “ This fully integrated
financing solution empowers digital shoppers to see if they prequalify without any impact to their credit . Dealers will enjoy an integrated and efficient workflow , as prequalified digital shoppers will be available in their Dealer Spike retailing portal .”
“ This new partnership will help our dealers accelerate their business and make the buying process even more frictionless for their consumers ,” says Tim MacDonald , CEO of LeadVenture , parent company of Dealer Spike .
Consumers expect personalized experiences and to complete most of the buying process online , so Dealer Spike and Sheffield Financial are joining forces to offer a digital retail solution , Payment Genie , which incorporates the following :
Competitive Interest Rates : Sheffield is an industry leader in providing flexible
Dealer Spike was an exhibitor at this year ’ s AIMExpo .
retail financing solutions with competitive interest rates which will be integrated in Payment Genie for users to calculate estimated monthly payments .
Sheffield Prequalification Process Integration : Applicants will be able to take the next step to determine which rates they qualify for with the seamless integration of
DEALER FINANCIAL SNAPSHOT
Sheffield ’ s prequalification process into the Payment Genie digital retail experience .
Sheffield Application Integration : Applicants ready to purchase can apply for financing with Sheffield Financial using the Payment Genie experience on the dealer website , enabling them to save time at the dealership .
NORTHWEST -11.8 % Parts Department -10.4 % Service Department -26.0 % Major Units -22.3 % Overall
WEST -6.0 % Parts Department -1.3 % Service Department -10.2 % Major Units -8.5 % Overall
UNITED STATES -11.5 % Parts Department -5.4 % Service Department -14.9 % Major Units -13.4 % Overall
MIDWEST -15.7 % Parts Department -6.2 % Service Department -14.7 % Major Units -13.7 % Overall
SOUTH -17.4 % Parts Department -5.1 % Service Department -15.1 % Major Units -14.1 % Overall
NORTHEAST -5.7 % Parts Department -8.5 % Service Department -15.4 % Major Units -13.4 % Overall
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JANUARY 2024 VS . JANUARY 2023
The average dealership was down in every department in January , according to composite data from more than 1,700 dealers in the U . S . that use the Lightspeed DMS . Combined revenue was down an average of 13.4 % compared to the year ago month . In the parts department , the South was down 17.4 %, followed by the Midwest , reporting a decrease of 15.7 %. The service department was down between 1.3 % in the West to 10.4 % in the Northwest . The average dealer
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was down 14.9 % in sales . The Northwest reported the most signifi cant drop in sales of 26.0 % and the Northeast followed , reporting a decrease of 15.4 % in sales . The West reported the lowest decline of 10.2 % in sales and the lowest decline of 8.5 % in combined revenue . The Northeast reported a 13.4 % decrease and the Midwest reported a 13.7 % decrease in combined revenue . The Northwest reported the highest drop in combined revenue of 22.3 %. |
PARTS SALES Parts sales revenue was up at 577 dealerships and down at 1164 .
SERVICE SALES Service revenue was up at 729 dealerships and down at 994 .
MAJOR UNIT SALES A total of 519 dealerships were up and 1025 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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