Meineke Selects Katapult’s Innovative Lease-to-Own Solution
08 Agosto 2024 - 7:00AM
Katapult Holdings, Inc. (NASDAQ: KPLT), an e-commerce-focused
financial technology company, announced today that Meineke, a
leading franchise-based automotive repair chain with more than 700
locations, has added Katapult to its consumer application process,
Meineke Payment Solutions. The decision to work with Katapult was
endorsed by the Meineke Dealers Association, an independent
organization comprised of more than 500 Meineke franchise owners.
Meineke Payment Solutions is powered by Meineke’s partnership
with Premier Services Group, a consumer financing solution
provider, and FormPiper, a financing management platform.
“The Meineke Dealers Association endorsed the addition of
Katapult’s LTO to the Meineke Payments Solution so that non-prime
consumers nationwide have access to a transparent lease option that
provides them with the financial power to acquire the automotive
products they need, when they need them, at fair terms,” said
Brendan Sullivan, Meineke Multicenter franchise owner and Meineke
Dealers Association member. “We are excited about the opportunity
to provide access to our high-quality products to even more
consumers across the United States."
"FormPiper is committed to providing merchants with the best
possible solutions to streamline their consumer application
processes and provide a seamless customer experience," said Brad
Parker, the CEO of FormPiper. “By partnering with Katapult, which
offers a best-in-class LTO, FormPiper can provide Meineke with a
comprehensive solution that drives their business growth while
empowering customers with a payment option to meet their
needs.”
This new partnership means:
- Katapult’s innovative LTO will be offered to customers as part
of Meineke’s consumer application process. Many of these customers
may not have qualified for traditional financing.
- Meineke customers who may not qualify for traditional financing
can apply for Katapult’s affordable and transparent lease-to-own
plans, which are typically more accessible to nonprime
consumers.
- Meineke franchise owners will be able to tap into a new,
underserved customer segment of nonprime consumers who may not have
been able to purchase their products through traditional financing
options.
- Meineke in-store customers can leverage Katapult’s newly
launched text-to-checkout technology to complete their lease
transactions on their mobile devices, protecting their privacy,
promoting transparency and regulatory compliance while lowering
fraud risk to Katapult and Meineke.
"We are pleased to join forces with Meineke in order to make
their durable goods more accessible to underserved consumers across
the country," said Orlando Zayas, CEO of Katapult. “When it comes
to acquiring essential goods like tires and other auto parts, the
need is often immediate. LTO is an inclusive option that provides
payment plans that suit the budgets of millions of Americans,
giving them much-needed flexibility and allowing them to acquire
the products they need to get back on the road.”
Katapult offers a scalable omnichannel LTO solution that
provides its merchant partners, like Meineke, with access to a new
consumer base that previously may not have had the purchasing power
to buy their durable goods. Federal Reserve data show that
approximately 37% of US adults could not cover a $400 emergency
expense without assistance, and with the cost of replacing 4 tires
averaging more than $600, many consumers are often unable to meet
this financial burden. Given there are millions of consumers in the
US who do not qualify for traditional credit financing, LTO offers
them an affordable path to purchase durable goods.
Hundreds of merchants are leveraging Katapult’s LTO solution to
help expand their businesses. Key merchant benefits of a
partnership with Katapult include:
- Merchants have access to new shoppers who can drive incremental
sales
- Higher conversion rates and lower cart abandonment
- Opportunities to drive repeat customer purchase rates
higher
- No merchant recourse from customer defaults
- No interchange costs to the merchant related to the
transaction
- No risks from out-of-window returns
If you are a retailer interested in directly integrating
Katapult’s LTO solution to boost your business and customer base,
please contact sales@katapult.com. Consumers interested in
unlocking financial purchasing power through personalized
lease-to-own plans can download our app in the Apple App Store or
Google Play. For more information on our LTO offering, consumers
can also visit our website.
About KatapultKatapult Holdings, Inc. (NASDAQ:
KPLT) is a technology driven lease-to-own platform that integrates
with omni-channel retailers and e-commerce platforms to power the
purchasing of everyday durable goods for underserved U.S. non-prime
consumers. Through our point-of-sale (POS) integrations and
innovative, mobile app featuring Katapult Pay(R), consumers who may
be unable to access traditional financing can shop a growing
network of merchant partners. Our process is simple, fast, and
transparent. We believe that seeing the good in people is good for
business, humanizing the way underserved consumers get the things
they need with payment solutions based on fairness and dignity.
Katapult’s LTO solution provides significant benefits to
consumers including:
- Customers understand the full cost of the product ownership
up-front. There are no surprise fees or compounding interest
payments. In fact, there are no late fees, ever.
- No long-term obligations for the customer – they can either
make recurring payments toward owning the purchase outright or
return it at any time.
- Financial flexibility that can make an LTO purchase more
attractive and accessible than traditional financing.
About MeinekeMeineke Car Care Centers, LLC, a
division of Driven Brands, Inc., of Charlotte, NC is the
leading automotive aftermarket franchisor in the world. Founded in
1972, Meineke has over 900 centers that service approximately 3
million cars a year. Over the years, Meineke has expanded its
product offerings to better meet the demands of its customers and a
changing marketplace. Meineke continues to be ranked as one of the
best franchise opportunities in North America and has
recently won top franchise rankings from Forbes, Franchise Times
and Entrepreneur Magazine.
**Media Contact**
KatapultPress Inquiries: Jennifer
Kullir@katapult.com
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