With tax season in full force, you’ve probably seen a plethora of articles describing what consumers plan to do with their refunds. The majority of those articles state that consumers plan to use their money from Uncle Sam to shop.
According to a recent survey from PriceGrabber®, a leading online shopping site:
- 54 percent of consumers expect to receive a tax refund this year;
- 24 percent expect more money than last year; and,
- 56 percent plan to splurge and give themselves a break from the constant saving cycle from the recession.
Normally, tax refunds are used for big-ticket items like cars and vacations. However, this year consumers are saying they prefer to spend their money on clothing, household items and electronics. So, how can you incentivize them to use that extra money for the new car they’ve been lusting over?
It’s simple, give them more for their money. Consumers have sat on aging vehicles for four years as they waited out the recession. They want to move on. They are ready to move on. But, they are still wary of the shaky economy.
EFG Companies conducted independent research in 2011 and 2013 to gain further insight into the consumer mindset. The second study showed no change in consumer perception about the economy. Both studies found:
- 89.9% of consumers surveyed are concerned about the health of our economy
- 30.9% of consumers surveyed are not confident in their job security
Relieve their stress and get them in the vehicle they want by packaging your loans with consumer protection products that protect their finances from those unforeseen circumstances, such as:
- Job loss
- Mechanical break-down
It’s time to remind your customers why now is the time to make a smart investment in a new vehicle.
Contact EFG today and we can create an F&I assessment to determine whether your product portfolio meets the needs of your target market and how to better allocate your time and money to generate greater returns.