Acima Leasing Announces Exclusive LTO Partnership with Global Fitness Leader, iFIT
Rhea-AI Summary
Acima Leasing, a subsidiary of Upbound Group, Inc. (NASDAQ: UPBD), announced an exclusive lease-to-own partnership with iFIT Inc., a global fitness leader, to offer iFIT's fitness products to customers. This partnership provides financial inclusivity and flexibility through Acima Leasing's LTO solution, catering to customers with varying credit histories. By integrating Acima's technology, iFIT can offer NordicTrack® and ProForm® brands to a wider audience, enhancing brand loyalty and customer reach.
Positive
Exclusive partnership with iFIT expands Acima Leasing's market reach and customer base.
Opportunity for customers with less-than-perfect credit histories to access iFIT's fitness products through lease-to-own model.
Enhancement of brand loyalty and customer conversion rates for retailers partnering with Acima Leasing.
Negative
Potential risk of defaults from customers with poor credit history impacting profitability.
Competitive pressure in the lease-to-own market affecting margins and market share.
News Market Reaction
On the day this news was published, UPBD declined 2.27%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Acima Leasing's lease-to-own solution offers financial inclusion and flexibility to iFIT customers to obtain iFIT's fitness products
As a global leader in exercise equipment and fitness content, iFIT will now be able to provide its growing community of members with flexible and convenient access to its suite of industry-leading brands, such as NordicTrack® and ProForm®, by integrating Acima Leasing's proprietary technology solution. Acima Leasing's LTO option is a popular alternative for the consumers who desire the flexibility of a lease compared to relying on credit to pay for big-ticket items. With Acima's strong approval rates, this exclusive partnership with iFIT will offer more customers with less-than-perfect credit histories, or those that prefer not to use credit, a solution to lease iFIT's renowned fitness equipment. Retail partners who use Acima's technology on their websites open the door to a wider audience immediately.
Acima Leasing's solutions will be available on iFIT.com through an integration with Versatile Credit, a leading customer acquisition technology platform for merchants. Through Versatile's platform, customers can be prequalified to receive a credit offer or, if not eligible for credit, transitioned to other options, such as LTO. Retailers that include Acima's LTO services in their Versatile integration will now be able to offer Acima Leasing's LTO option to shoppers who may not be eligible for prime or near-prime financing products, helping them find the option that best suits their budget.
"This partnership with iFIT brings financial inclusivity for iFIT and its customers. For retailers like iFIT, implementing our LTO solution can convert more customers and build brand loyalty," said Mike Bagull, Acima's SVP of Business Development and Partnerships. "Adding Acima's leasing solution allows retailers to meet the needs of a broader range of consumers including those who receive declines from credit options."
"Having an exclusive partnership with an industry leader like Acima Leasing allows our quality fitness equipment to be more attainable," said Ryan Dunkley, Chief Digital Officer of iFIT. "Partnering with Acima Leasing allows us to offer the iFIT experience to even more consumers and help them reach their fitness goals."
Acima provides best-in-class service to both customers and retail partners. Its highly responsive development team makes integration simple for retailers, and its focus on innovative technology empowers customers to connect with retailers to access the durable goods they want and need.
Retailers who want to add lease-to-own solutions to their e-commerce or in-store checkout can learn more about Acima's offerings at www.acima.com/partner.
About Upbound Group, Inc.
Upbound Group, Inc. (NASDAQ: UPBD) is an omnichannel platform company committed to elevating financial opportunity for all through innovative, inclusive, and technology-driven financial solutions that address the evolving needs and aspirations of consumers. The Company's customer-facing operating units include industry-leading brands such as Rent-A-Center® and Acima® that facilitate consumer transactions across a wide range of store-based and digital retail channels, including over 2,400 company-branded retail units across
About iFIT Inc.
iFIT® is the #1 provider of large exercise equipment in
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SOURCE Upbound Group, Inc.
FAQ
What is the partnership between Acima Leasing and iFIT about?
What brands will be accessible through the partnership with iFIT?
How will Acima Leasing's solutions be integrated with iFIT?
Where can retailers find more information about Acima's offerings?
