Thayer’s Marine Reduces Their Time to Sale with Payment Genie
Consumers today prioritize convenience and efficiency when shopping for a unit. Dealer Spike’s Payment Genie tool gives shoppers the ability to calculate monthly payments for their dream units and complete the majority of the shopping process from the comfort of their own homes.
Payment Genie Reduces Thayer’s Marine’s Time to Sale from Months to Days
By offering a seamless online shopping experience, dealers can capture more qualified leads and convert them into sales. Thayer’s Marine found this to be true when they launched Payment Genie and funneled shoppers through the path to purchase much faster.
Thayer’s Marine—a boat sales, repair and service business in Norwich, CT— has been a Dealer Spike customer since 2019. In August 2022, the Payment Genie tool launched on their website to increase their online qualified lead generation. On that first day of launching Payment Genie, the dealership landed four leads that turned into sales in less than 30 days – a process that previously could take up to nine months per lead.
“When you can see [the payment calculation] right in front of you, it makes the purchase a lot easier. … People have come in and said, ‘Wow, this was really helpful to me.’” - Rachel Thayer-Tarner, Creative Director/Media
Payment Genie Is Helping Dealers Meet Consumer Expectations
A study by Cox Automotive has found that 98% of consumers want to complete most, or all, of their buying journey online, including shopping for the right price. Thanks to popular eCommerce platforms like Amazon, consumers have a growing expectation for brands to offer transparent and straightforward pricing tools.
As a streamlined and integrated payment calculation process, Payment Genie is designed to move shoppers faster along the path to purchase. The objective is to simplify the online process by allowing shoppers to select monthly payments based on your dealership’s current rates and optimize by inputting their credit range, down payment and preferred term.
Payment Genie improves your sales strategy by fulfilling shoppers’ expectations for a seamless digital experience:
- Convenience: Consumers can use Payment Genie to explore different financing options and compare prices without needing to visit multiple dealerships.
- Customization: No two consumers’ finances are the same, and shoppers want to customize their payment calculations based on their credit tiers, trade-in values and more.
- Price transparency: Consumers don’t want to pick up the phone and call anymore; they expect to view pricing directly on your website.
- Competitive advantage: Offering an online payment calculation tool gives your dealership a competitive advantage by attracting consumers who want a more transparent and convenient buying experience.
See More Dealer Successes
Thayer’s Marine is one of many dealers reaping the rewards of Payment Genie. Over 1,600 dealers collectively achieved these results between June 2022 and March 2023:
- 560,000+ Opens
- 50% More Lead Conversions
- 27% Submission Rate
- 60% More Sales-Qualified Leads
Payment Genie allows customers to have greater control over the buying process, leading to a more positive experience overall. This can improve customer satisfaction and lead to more repeat business and referrals.