FlexShopper expands lease-to-own solutions to Jiffy Lube and Meineke franchisees through PayTomorrow partnership, enhancing sales and customer satisfaction.
Quiver AI Summary
FlexShopper, Inc. has announced the successful expansion of its lease-to-own payment solutions to franchisees of Jiffy Lube and Meineke Car Care Centers through a partnership with PayTomorrow. This collaboration enhances the sales and profitability of franchise locations, as franchisees have quickly recognized the positive impact of offering additional payment options on in-store sales and customer satisfaction. FlexShopper's services have already scaled from 8 to over 100 locations in a short time, and the company is confident in its growth potential, targeting over 2,000 tire and automotive retail locations. The partnership is seen as a strategic fit, as historically, franchise-operated stores have outperformed corporate-owned ones, aligning with franchisees' goals of maximizing sales while improving customer outcomes.
Potential Positives
- Successful expansion of services to new franchisees of Jiffy Lube and Meineke Car Care Centers, indicating growing market presence.
- Partnership with PayTomorrow reinforces the company's strategic positioning in enhancing sales and customer satisfaction for franchise operators.
- Rapid growth from 8 to over 100 locations among franchisees demonstrates strong demand for FlexShopper's lease-to-own solutions.
- Potential to reach over 2,000 additional tire and auto retail locations, highlighting a robust near-term growth pipeline.
Potential Negatives
- The announcement highlights the company's reliance on partnerships with franchisees to drive growth, which may indicate a lack of direct consumer demand for its services.
- The limited current sales footprint of FlexShopper's lease-to-own solutions, growing from only 8 stores to over 100, may raise concerns about the scalability and widespread adoption of its offerings.
- Potential overemphasis on franchise-operated locations as outperforming corporate-owned stores could suggest vulnerability if franchise performance declines or if corporate support diminishes.
FAQ
What is the recent partnership announced by FlexShopper?
FlexShopper has partnered with PayTomorrow to expand lease-to-own payment solutions to franchisees of Jiffy Lube and Meineke Car Care Centers.
How has FlexShopper's service expansion impacted franchise sales?
The expansion has optimized sales and profitability, driving higher in-store sales and improving customer outcomes for franchisees.
How many locations are now using FlexShopper's solutions?
The service has grown from 8 stores to over 100 locations in partnership with Jiffy Lube and Meineke franchisees.
What are the brands involved in this strategic partnership?
The partnership involves Jiffy Lube and Meineke Car Care Centers, both of which have a significant franchise presence in North America.
What benefits does PayTomorrow provide in this collaboration?
PayTomorrow enhances customer experience by offering flexible payment plans, helping retailers increase sales and customer satisfaction.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$FPAY Insider Trading Activity
$FPAY insiders have traded $FPAY stock on the open market 8 times in the past 6 months. Of those trades, 8 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $FPAY stock by insiders over the last 6 months:
- HOWARD DVORKIN has traded it 8 times. They made 8 purchases, buying 91,412 shares and 0 sales.
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$FPAY Hedge Fund Activity
We have seen 5 institutional investors add shares of $FPAY stock to their portfolio, and 11 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- WATERFALL ASSET MANAGEMENT, LLC added 1,629,547 shares (+inf%) to their portfolio in Q3 2024
- M HOLDINGS SECURITIES, INC. removed 287,000 shares (-100.0%) from their portfolio in Q3 2024
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- BENCHMARK FINANCIAL WEALTH ADVISORS, LLC removed 34,001 shares (-15.2%) from their portfolio in Q3 2024
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Full Release
BOCA RATON, Fla., Dec. 30, 2024 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY), a leading provider of lease-to-own (LTO) payment solutions, today announced the successful expansion of its services to new franchisees of Jiffy Lube and Meineke Car Care Centers through a strategic partnership with PayTomorrow, a leading provider of financing technology solutions. This collaboration supports the owner/operator model embraced by franchisees, optimizing sales and profitability across their locations.
“The positive momentum underway at Jiffy Lube and Meineke Tire after successful implementations of our payment solutions is extremely encouraging. Both Jiffy Lube and Meineke Car Care Centers franchisees are recognizing the benefit of additional payment options, which drive higher in-store sales and improve customer outcomes,” said Russ Heiser, CEO of FlexShopper. “We feel confident that we will see these brands provide added momentum through 2025 to our robust near-term pipeline of over 2,000 tire and auto retail locations. This is in addition to our over 2,000 current tire and automotive locations with other national retailers.”
FlexShopper’s lease-to-own solutions have grown rapidly among franchisees of these two iconic brands, scaling from just 8 stores to over 100 locations in a short period. There are approximately 2,100 franchise locations between Jiffy Lube and Meineke Car Care Centers, and FlexShopper’s financing options align with the franchisee mentality of maximizing sales, while improving customer satisfaction. Historically, franchise-operated locations have outperformed corporate-owned stores, making this partnership a strategic fit for these entrepreneurial operators.
About Jiffy Lube:
Founded in 1971 and headquartered in Houston, Texas, Jiffy Lube International, Inc. is a subsidiary of Shell plc and a leader in automotive preventive maintenance. With over 2,200 service centers across North America, Jiffy Lube serves approximately 24 million customers annually, providing essential services that help drivers “Leave Worry Behind®.”
About Meineke Car Care Centers:
Established in 1972 and headquartered in Charlotte, North Carolina, Meineke Car Care Centers, Inc. operates over 966 locations worldwide. Meineke offers a comprehensive range of automotive repair and maintenance services, including oil changes, brake repair, and tire services, catering to drivers’ diverse needs.
About PayTomorrow:
PayTomorrow specializes in bringing innovative financing options to retailers and service providers, empowering consumers to access flexible payment plans tailored to their needs. By integrating advanced financing technologies, PayTomorrow enhances the customer experience while helping retailers increase sales and customer satisfaction.
About FlexShopper, Inc.:
FlexShopper, Inc. (Nasdaq: FPAY) is a financial technology company providing lease-to-own (LTO) and lending solutions to underserved consumers across the U.S. FlexShopper offers flexible payment options through its direct marketplace at FlexShopper.com and partners with retailers in both online and physical store locations.
Company Contact:
FlexShopper, Inc.
Investor Relations
ir@flexshopper.com
Investor and Media Contact
Andrew Berger
Managing Director
SM Berger & Company, Inc.
Tel (216) 464-6400
andrew@smberger.com
Source: FlexShopper, Inc.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
