MA thanks. A couple of other things to point out regarding the differences between the companies.
FlexiRent do application on phone. No hassle to salesperson or store. GE don't.
Example 1 I go to Harvey Norman to Rent a computer on FlexiRent. The salesperson rings up flexiRent who does the application then and there on the phone. Ten minutes later the contracts have been emailed to the salesperson the customer has signed the contracts and walked out the door.
Example 2 I get the same computer on GE Finance. I have to leave the computer section and walk over to the finance section. I wait in a Line because it is the weekend and they are busy. When I get to the front the Administration staff logs onto the GE Portal (occasional this is down and no sale). Ten minutes later the application is complete the contract is printed out I sign it. Then I walk back to the salesperson, who is with another customer and I have to wait again. Eventually the salesperson comes over and talks to me. He then has to log onto his computer to check the Finance is approved. Then print out a docket. Then take me to the cashier.
You get the picture. The store has a lot more hassles and they have to hire the admin person to do the contracts. This is a specialised position requiring training.
I know the salesperson will Flexi it straight away. Also Flexi pay commissions direct to salespersons Flexi card. GE can take 60 days to pay the store. Then the store has to pay the salesperson.
FlexiGroup has a huge comparative advantage.
No point taking over a crappy old system that runs on DOS and crashes.
Also FlexiGroup has introduced a lot of new product lines and signed up a lot of new business partners. We know this is working from the numbers. But such a big change in the last 18 months means we will have more refining to do with our systems and credit control procedures. I would envisage a strategic review and subsequent procedural changes to drive efficiencies and improve margins.
MA thanks. A couple of other things to point out regarding the...
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