The Motor Trades Association of Queensland are proud to announce Openpay, a leading buy now, pay later service as a corporate partner.

Customers today are more clued in than ever before – with technology giving them access to copious amounts of information, right at their fingertips. From discovering the latest technology available with the newest vehicle of choice, to a mechanic’s customer reviews, to details on how the product or service impacts the environment, and their wallet – all details are available at the click of a button.

With innovation and digitisation in the financial services and automotive industries evolving at a rapid rate, customers feel more enabled and empowered than ever to do their own research to make informed choices.

With this extra knowledge comes confidence, and with confidence comes power. However, from new tyres to adding tinted windows, or undertaking major service or repairs, customers typically put off their motor vehicle purchases due to associated costs. With the introduction of the increasingly popular buy now, pay later technology solutions, customers are empowered with non-traditional ways to manage their auto-related expenses.

Openpay provides flexible, interest-free payment plans to customers across a wide range of industries and has a specialist automotive arm designed to give customers more time to manage their expenses over a 2 to 12-month period. Not only does Openpay have direct benefits for customers, it will also provide valuable outcomes for our members.

Dealerships and automotive retailers offering Openpay to customers have reportedly seen an almost threefold increase in their average transaction value of a standard service repair order, when Openpay was utilised for the transaction.

“There is significant potential for the automotive industry to embrace the buy now, pay later payment method provided by Openpay, and encourage our members to explore the additional business service on offer,” said Dr Brett Dale, MTA Group Chief Executive.

“At Openpay, we’re proud to be able to provide our customers with a practical way to afford small or large auto-related expenses, without having the burden of the cost get in the way. This option not only benefits consumers, but also our merchants,” said Michael Eidel, CEO at Openpay.

In the coming weeks, MTA Queensland members will receive more information about the buy now, pay later solution. With simple on-site sign-ups, the Openpay process is seamless, paperless and stress-free with the business receiving payment on the next business day.

Source: Motor Trader E-Magazine (March 2020)

11 March 2020