FlexShopper Partners with Tire Agent to Expand Tire Shopping Options for Near-Prime Credit Consumers

Rhea-AI Summary

FlexShopper (NASDAQ: FPAY) has announced a strategic partnership with Tire Agent, a company that originates over $100 million in lease-to-own transactions annually. The collaboration integrates FlexShopper's payment solutions on Tire Agent's website and establishes Tire Agent as the preferred online tire retailer on the FlexShopper marketplace.

The partnership launches flexshopper.tireagent.com, combining Tire Agent's tire inventory with FlexShopper's flexible payment options. The initiative targets near-prime credit consumers who may not qualify for traditional financing. Customers can access FlexShopper's payment option through PayPair at checkout, enabling them to spread payments over time without traditional credit approvals.

Positive

• Partnership with Tire Agent, a company generating $100M+ in annual lease-to-own transactions
• Expansion into tire retail market through preferred retailer status
• Access to new customer segment in near-prime credit consumers
• Integration of payment solutions on high-growth platform (Inc. 5000 listed company)

Negative

• None.

Insights

Financial Analyst

This strategic partnership with Tire Agent represents a significant revenue opportunity for FlexShopper. With Tire Agent's $100 million annual lease-to-own transaction volume, the integration could substantially boost FlexShopper's transaction volume and market reach. The partnership targets the underserved near-prime credit segment, a growing market with financing options. The dual-channel approach - integrating FlexShopper's payment solutions on Tire Agent's platform and establishing Tire Agent as the preferred tire retailer on FlexShopper's marketplace - creates multiple revenue streams. This move also diversifies FlexShopper's product offerings into the essential automotive sector, which typically sees consistent demand regardless of economic conditions.

Market Research Analyst

The tire market represents a compelling opportunity in the lease-to-own space. Tires are non-discretionary purchases that every vehicle owner must make periodically, creating a reliable customer base. Tire Agent's inclusion in the Inc. 5000 list for two consecutive years demonstrates strong growth momentum. The partnership strategically positions FlexShopper in the automotive aftermarket sector, which has proven resilient during economic downturns. By targeting near-prime consumers, who often struggle with traditional financing but need reliable transportation for work, this collaboration addresses a significant market gap. The integration of PayPair at checkout reduces friction in the purchase process, potentially driving higher conversion rates.

BOCA RATON, Fla., Dec. 16, 2024 (GLOBE NEWSWIRE) -- FlexShopper (NASDAQ: FPAY), a leading provider of lease-to-own payment solutions, is pleased to announce a new partnership with Tire Agent. Tire Agent currently originates over $100 million in lease-to-own transactions annually and is a two-time honoree on the Inc. 5000 list of the fastest-growing companies in 2023 and 2024. This new collaboration integrates FlexShopper’s payment solutions directly onto Tire Agent’s website and establishes Tire Agent as the preferred online tire retailer on the FlexShopper marketplace. The partnership also launches flexshopper.tireagent.com as the combination of Tire Agent’s top-tier tire and wheel inventory with FlexShopper’s flexible payment options.

This partnership is tailored to support near-prime credit consumers—individuals who may not qualify for traditional prime financing but still need access to flexible payment solutions for essential purchases. Tire Agent’s dedication to making tire purchases more accessible aligns perfectly with FlexShopper’s mission to offer affordable payment alternatives.

“We are excited to partner with Tire Agent, a company that shares our commitment to improving consumer access to vital products,” said Russ Heiser, CEO of FlexShopper. “Our lease-to-own payment solution provides Tire Agent with the perfect option for near-prime credit customers, allowing them to afford high-quality tires that are essential for their safety and the reliability of their vehicles.”

Through this partnership, Tire Agent customers can access FlexShopper’s payment option by selecting PayPair at checkout and choosing FlexShopper. This allows customers to spread payments over time without the need for traditional credit approvals. Alternatively, customers can visit flexshopper.tireagent.com to take direct advantage of this flexible payment option, giving near-prime credit consumers the confidence to purchase the tires they need to keep their vehicles safe and operational.

“At Tire Agent, we’re dedicated to helping hardworking individuals who rely on their vehicles for everyday tasks—whether it’s commuting to work, driving children to school, or running errands—get the tires they need at an affordable price,” said Jared Kugel, CEO of Tire Agent. “We’re thrilled to partner with FlexShopper, as their payment solution helps us further our mission of providing customers of all credit types with access to safe, reliable, and high-quality tires.”

FlexShopper continues to expand its network of partners to bring flexible payment options to underserved credit tiers. This collaboration with Tire Agent underscores both companies’ shared goal of ensuring consumers have access to the essential products they need to thrive.

For more information about FlexShopper, visit www.FlexShopper.com. To explore Tire Agent’s tire inventory and payment options, visit www.TireAgent.com.

About FlexShopper
FlexShopper is a leading provider of lease-to-own payment solutions, offering consumers a flexible alternative to traditional credit through its LTO program. With a focus on providing access to durable goods and other essential products, FlexShopper empowers customers with payment plans tailored to fit their budgets.

About Tire Agent
Tire Agent is a rapidly growing online tire retailer offering a wide variety of tire brands at competitive prices. Recognized as a two-time honoree on the Inc. 5000 list of the fastest-growing companies, Tire Agent is committed to delivering a seamless and customer-friendly shopping experience for drivers of all credit types.

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

FAQ

What is the impact of FlexShopper's partnership with Tire Agent for FPAY shareholders?

The partnership expands FPAY's market reach through a $100M+ annual transaction platform and provides access to near-prime credit consumers in the tire retail sector.

How can customers use FlexShopper's payment solution on Tire Agent's platform?

Customers can select PayPair at checkout and choose FlexShopper, or visit flexshopper.tireagent.com directly to access the flexible payment options.

What is the annual transaction volume of Tire Agent for lease-to-own deals?

Tire Agent originates over $100 million in lease-to-own transactions annually.

What recognition has Tire Agent received that benefits FPAY's partnership?

Tire Agent is a two-time honoree on the Inc. 5000 list of fastest-growing companies in 2023 and 2024.

What customer segment does the FPAY-Tire Agent partnership target?

The partnership targets near-prime credit consumers who may not qualify for traditional prime financing but need flexible payment solutions for tire purchases.