The Association of Progressive Rental Organizations rent to own industry's annual statistical survey showed growth in revenue, customers and store count. The growth in all areas reflects the rent to own industry's modernization of products and stores, flexible payment choices, no-debt transaction, market competition and improved image has paid off.
Austin, TX (PRWEB) March 27, 2008 -- The Association of Progressive Rental Organizations (APRO) rent to own industry's annual statistical survey showed growth in revenue, customers and store count. The growth in all areas reflects the rent to own industry's modernization of products and stores, flexible payment choices, no-debt transaction, market competition and improved image has paid off.
The rent to own industry is now a $6.8 billion industry continuing its 12-year revenue growth. The rent to own industry serves 3 million customers showing a 200,000 increase from the previous year and an increase of 200 rent to own stores nationwide increasing total store count to 8500 stores.
"The increase in customers for a second year in a row shows we are finally explaining the true value of the rent to own transaction and our image is improving," reflects APRO President and Rent One Owner, Larry Carrico from St. Louis, MO. "The availability of credit is still so easy, yet our increase in customers and stores show Americans are realizing that rent to own is a better option than traditional credit. Our customers are in full control of the rent to own transaction and with that control you can rent to own your home furnishings cheaper than a credit card yet your credit is never threatened or in jeopardy."
Carrico refers to latest pricing and payment trends the rent to own industry offers in lowering cash prices, "90 days same as cash," lifetime reinstatement rights, early purchase options, lowered monthly rates and the longtime fact that the customer can return the product at any time for any reason at no penalty are attracting new customers wanting to use the flexible and no-debt rent to own transaction. Industry statistics show that only 25% of rent to own customers actually rent to own to full term but either return the product or exercise the early purchase option. The industry wide "lifetime reinstatement" of your rent to own payment history also means returning the product is easier and more convenient as you can pick up your payments right where you left them for your lifetime.
"Rent to own customers have always known how convenient, flexible and affordable rent to own can be with its many payment options but most of America has not and our studies have shown it," comments APRO Executive Director Bill Keese. Keese is referring to the Rent to own Market Research Surveys the association conducts to gauge the image of rent to own in America. "Now, rent to own companies, especially the public companies Rent-A-Center and Aarons, are advertising much better the flexible payment options, no obligation transaction and the full service as an entire consumer package rather than broadcasting low weekly rates. Also, the rent to own industry being so highly competitive has pushed the industry to improve its prices, service, products, payment options and customer service. The increase in customers, store count and revenues in the past two years shows it is working."
The rent to own industry is in its fourth decade of existence and the industry through APRO has spent the past forty years passing 47 state rent to own regulations and improving business practices to become one of the fastest growing and vibrant industries both on Wall St. and with private small business. The flexible, no-obligation rent to own transaction is attracting many other businesses to be successful with rent to own and attracting new customers as well such as musical instruments, wheels & tires and computers. According to the recent survey, rent to own computers have increased by 4% in total rent to own product selection in just one year.
Since 1995 APRO has commissioned Industry Insights, Inc. survey research firm headquartered in Columbus, Ohio to conduct the rent to own industry's annual statistical survey. The Association of Progressive Rental Organizations (APRO) is the national, nonprofit trade association advocating and representing the rent to own industry before the U.S. Congress, state legislatures, courts, media and the public. For more information, visit www.RTOHQ.org.
###
Trackback URL: http://www.prweb.com/pingpr.php/U3VtbS1Mb3ZlLU1hZ24tU3F1YS1TdW1tLVplcm8=
|
