As we look to tell the stories about people and the products that support auto dealerships, Digital Dealer shining the spotlight on companies that help dealers do their job more effectively.
We recently interviewed Fasten Rewards’ Jacob Zachs to hear about his experiences in the industry, why he is excited about the Fasten Rewards Credit Card, which rewards consumers for timely payment of auto loans and all other spend. Points can be redeemed dealership group-wide, for service, maintenance or a down-payment. The Fasten Rewards Credit Card launches this summer.
DIGITAL DEALER: What was your first job in the industry and what did you learn from it that you still use today?
JACOB ZACHS: I come from a payment processing and fintech background, where I have been an early-stage employee at a unicorn and at other companies that have not been as successful. Founding Fasten is my first job in the auto industry. We’re learning from our dealer network every day. The automotive industry is resilient and agile. Dealerships seek partners who can provide creative solutions with tangible benefits. In an industry as competitive as automotive retail, success hinges not only on the quality of an offering, but also on its ability to align with the evolving needs and aspirations of dealerships and car buyers. Our model is built around what we’ve learned from a network of dealers that has generously shared their time, knowledge and experience with the Fasten team.
DIGITAL DEALER: What are your proudest professional accomplishments?
ZACHS: At Fasten, establishing our Dealer Advisory Board and forging partnerships with over 100+ dealerships nationwide are significant achievements, and the development of a scalable platform that lowers barriers to vehicle ownership while strengthening customer-dealer relationships and increasing retention feels like a win-win-win.
DIGITAL DEALER: What advice would you give to someone just entering the field?
ZACHS: Network, ask, listen, and learn. This industry has so much history. Focus on the customer experience, find ways in legacy processes to innovate and add value, look for opportunities to make car buying, selling, and servicing less stressful and more enjoyable for the customer and the dealership. And if you can help dealerships deepen their relationships with customers – bonus points!
DIGITAL DEALER: What are you most excited about for your company in 2024?
ZACHS: Of course, I’m very excited about the launch of the Fasten rewards credit card this summer, which will reward customers for auto loan payments and everyday expenses with bonus rewards for auto-related purchases while serving as a loyalty and retention tool for dealerships.
Our company is growing and evolving quickly, and the potential to innovate product features and benefits that provide significant value to car owners and dealerships is totally rad. For me, it always comes back to people – I am looking forward to all of the new relationships, from hiring new employees to onboarding new dealer partners to meeting new vendors and business partners at industry events.
DIGITAL DEALER: What trends in the automotive industry do you find to be most impactful?
ZACHS: Brand loyalty is at an all time low, whether it is OEM or dealerships. People have more access to information and are swayed by influencer marketing more than ever before.
There’s a huge opportunity to engage with customers, reward them for dealership and non-dealership transactions, build loyalty and earn new and repeat business. We’re really excited to be entering the industry at such a pivotal moment.
DIGITAL DEALER: What are your core offerings and how are they used by your dealership customers?
ZACHS: Fasten is a pioneering credit card and rewards program that allows cardholders to earn points on daily transportation expenses, especially rewarding them for on-time auto loan payments. This is unprecedented in the industry. Cardholders accrue points for everyday transactions, with premium rates for auto-specific spending. Our program is lender and vehicle-brand agnostic, incentivizing users to redeem points within a dealership group for services, parts, future down payments, or auto-loan payments, thereby addressing the needs of car owners and dealerships for benefits and customer loyalty, respectively.
DIGITAL DEALER: What recent innovations in your products/services set you apart in the market?
ZACHS: Fasten is the world’s first credit card to offer rewards for a customer’s second-largest expense: their car. Soon, we plan to offer co-branded cards for dealership groups, allowing the groups to customize the customer experience and rewards program.
Our goal is to increase customer loyalty and retention at the dealership groups, ensuring that existing customers return for service and future purchases while also focusing on new customer acquisition.
DIGITAL DEALER: What do you enjoy most about your role/industry?
ZACHS: I relish seeing the reactions from principals, consumers, salespeople, F&I managers, and others in the industry when they discover the Fasten card.
People are rewarded for nearly every other purchase they make, so why not auto?
DIGITAL DEALER: What values and principles guide your organization?
ZACHS: Our key values are Customer Commitment, Trust, and Creativity. We focus on customer satisfaction and delivering a rewarding program for both dealers and car buyers. As a financial product, maintaining trust is paramount. We are continuously forward-thinking to serve both dealers and consumers effectively.
DIGITAL DEALER: What developments can we expect to see from your company in the future?
ZACHS: Fasten is currently developing a payment solution that will reduce dealer credit card processing fees. We’re also expanding our rewards program, offering employee rewards for our dealer groups, and strengthening brand loyalty while increasing employee satisfaction and retention.
