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Navigating Change: Essential Adaptations for Tire Retailers in a Shifting Economy

Apr 09, 2024

A smiling female customer engages in a cheerful conversation with a male salesperson, discussing tire options while shopping. Their happy interaction reflects positive customer service in a retail environment.

Recently, the economic landscape is transforming at record speeds, and retailers are finding it difficult to roll with the tide. Tire retailers, especially, are facing unprecedented challenges that demand swift adaptation to maintain competitiveness and still ensure long-term growth. But how do you keep current customers and gain new ones when shopping for items like tires is something more and more customers are struggling to get quickly (especially in an emergency)? 

In the face of these challenges, Acima Leasing stands out as a trusted team player, providing an innovative lease-to-own solution that empowers retailers to thrive in a dynamic market environment. Let’s explore in greater depth why adaptability is crucial, how lease-to-own options can support retailer growth, and the tangible benefits experienced by retailers who embrace this transformative approach. 

Understanding the Importance of Business Adaptation 

In an era defined by rapid change, adapting effectively to evolving economic conditions and shifting market demands is no longer optional — it’s imperative. The emergence of new consumer behaviors, technological advancements and regulatory changes necessitates constant reassessment of business strategies. Integrating innovative payment options like lease-to-own emerges as a critical component in optimizing growth and resilience, ensuring retailers remain agile and responsive to market dynamics. 

For instance, consider the impact of technological advancements on consumer shopping habits. With the rise of e-commerce and mobile shopping platforms, consumers increasingly expect seamless and convenient checkout experiences, including a variety of options made available to them. By offering a lease with flexible payment options, retailers can cater to these evolving preferences, growing customer satisfaction and supporting the growth of sales. 

Embracing Lease-to-Own Shopping for Flexibility and Growth

Acima Leasing empowers tire retailers to offer consumers a path to ownership^, not blocked by the limitations of financing or other credit options. Through a lease-to-own solution, customers gain access to tires via a lease with flexible payment options, thereby addressing shopping barriers and enhancing shopping power. This not only meets market demands but also streamlines the retail experience, fostering customer satisfaction, repeat business and, ultimately, sale growth. 

This is even more true for local tire shops struggling to compete with larger chains. By working with Acima Leasing and offering a lease-to-own solution, these shops can more easily attract customers who might have otherwise opted for a competitor’s financing options. As a result, the retailer’s shop experiences a surge in foot traffic and establishes itself as a trusted local resource for tire needs. 

How Burt Brothers Tire and  Service Doubles Average Ticket Size with Acima Leasing 

A compelling example of the impact of Acima Leasing’s lease-to-own solution can be found in Burt Brothers Tire & Service, Utah’s largest family-owned tire and automotive repair shop chain. Despite offering a private label financing option, Burt Brothers found themselves losing customers who were unable to shop with their business. 

Upon integrating Acima Leasing’s lease-to-own solution, Burt Brothers experienced remarkable results: 

  • Doubling average ticket size from $300 to $600: This significant increase reflects customers’ newfound ability to access higher-end tires, resulting in enhanced vehicle safety. 

  • Generating an additional $400,000 in revenue annually: This substantial boost underscores the tangible financial impact of offering a lease-to-own solution, demonstrating its ability to support revenue growth and profitability. 

Jason Burt, owner of Burt Brothers Tire & Service, praised the effectiveness of Acima Leasing’s lease-to-own solution, affirming, “If you’re going to offer any type of program, I would recommend having Acima Leasing’s No Credit Option in your list because it works for everyone.” 

Adapting to Evolving Market Demands and Consumer Preferences 

Staying attuned to shifting consumer preferences is essential for cultivating customer loyalty and sustaining business growth. By providing flexible payment options with lease-to-own, retailers can cater to a diverse audience — including those seeking alternatives to financing and expanded shopping options. This adaptability not only enhances market presence and competitiveness but also solidifies retailers’ positions in a dynamic environment characterized by constant change. 

The Expansive Reach of Lease-to-Own Solutions 

Beyond its immediate benefits, lease-to-own solutions offer retailers a strategic advantage in penetrating new markets and expanding their customer base. By offering accessible and inclusive ways to shop that don’t require using credit, retailers can attract previously underserved demographics, including those with less than perfect credit history, thereby unlocking untapped revenue streams and fostering long-term customer relationships. 

Navigating the Path to Growth with Acima Leasing 

With constant market changes and uncertainties shaping the retail landscape, the ability to adapt and innovate is paramount for success in the tire retail industry. In fact, it isn’t merely a survival tactic — it’s an opportunity to seize and harness the potential for growth and innovation. By embracing lease-to-own solutions like Acima Leasing and prioritizing customer needs, retailers can not only survive but thrive in an ever-evolving landscape.  

Equip your business with the tools and support Acima Leasing can provide to navigate this landscape adeptly, favoring sustainable growth ideas and market leadership. Visit our website to get started or learn more about how lease-to-own can grow your business.