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Learn How One Retailer Tripled Their Sales With Acima Credit
Located in the tiny community of Mowrystown, Ohio, Chuck Wait Tire has become one of the most successful tire dealers in the country. Wait opened his tire shop in 1983, initially serving only Mowrystown and the surrounding communities of Mount Orab and Georgetown. Today, Wait serves an incredibly wide geographic area, with customers coming from Ohio, Indiana, Kentucky and West Virginia.
As an independent tire dealer, Chuck Wait Tire carries tires and wheels from a wide variety of manufacturers. In addition to tire sales and service, Wait’s store also offers a wide variety of vehicle maintenance services. With so many competitors offering the very same products and services, what keeps customers rolling into his store? Wait said his company’s ‘secret sauce’ is the no-credit-needed financing option he offers through Acima Credit.
The people that come into Chuck Wait Tire carry average to lower-than-average credit scores. The no-credit-needed financing option is extremely valuable for these customers who don’t have the available cash and do not qualify for traditional financing. They began offering Acima Credit financing in 2015, and from day one, the response was overwhelmingly positive. “The first month, sales just blew up,” said owner Chuck Wait. “Acima’s no-credit-needed financing is the best thing that has ever happened to us. It’s been a blessing for our customers and for our company.”
According to Wait, customers regularly travel significant distances to visit his store, many of them hopping online to get pre-approved for a certain amount before they leave home. All in all, he said about 90% of his customers are pre-approved before they even enter the store. They have seen the no-credit-needed option advertised on his company’s Facebook page or website. The other 10% apply in store, and usually get an answer back in 3 to 5 minutes. Wait said he typically sees an approval rate of 97-98 percent, with an average amount approved of about $1,600 to $1,800.
Chuck Wait Tire focused on tire sales for many years, but offering Acima’s no-credit-needed financing helped him expand to a greater degree into wheel sales. “Last year, we sold 600 sets of wheels, and 90 percent of those were financed by Acima,” he said. Today, Acima-financed tires and wheels comprise about 60-65 percent of his store’s overall sales. He also has expanded into offering road hazard warranties, which are often rolled into the purchase of tires.
So what’s next for Chuck Wait Tire? He’s now developing a franchise tire business. And — you guessed it — Acima financing will be a highly recommended option for franchisees. If you want to learn more about becoming a merchant, visit our website or give our team a call at 801.297.1984. If you’re already a merchant and want to learn how to leverage your partnership to close even more sales, feel free to reach out. We’re always happy to help in whatever way we can!