Cincinnati Transmission Specialists, Inc. was selected as one of 5 winners out of over 1100 applicants in the Synchrony Financial “Working Forward” Small Business awards. Synchrony Financial is a financing and loan company who provides a variety of solutions for consumers to help afford large-ticket products and services with affordable financing options. Some of Synchrony’s financing products are things like charge cards for buying mattresses, CareCredit for financing medical and veterinary bills, and as offered through Cincinnati Transmission Specialists, Inc., auto repair financing.
Not only do Synchrony Financial products provide options for consumers, they are also extremely beneficial to small businesses like Cincinnati Transmission Specialists, Inc. Cincinnati Transmission Specialists, Inc. is a full-service automotive repair facility with two locations. While many of their customers stop by for inexpensive services, such as oil changes and brakes, their specialty is repairing and rebuilding automatic transmissions. For those of you lucky enough to have never faced a transmission rebuild bill, you should know that it can be quite pricey, especially with today’s technology. By pricey, we mean $1500-$4000+ depending on the vehicle. Not everyone has that cash laying around. Cincinnati Transmission Specialists, Inc., in partnership with Synchrony Financial, is able to offer financing options to their customers, resulting in more repaired cars, more happy customers, and more business.
In the spirit of helping grow small businesses, Synchrony Financial created the “Working Forward” Small Business award in 2016. This award is given to help a small business grow, and also assist them in reaching out and making a difference in their community. The award to each of the 5 winners was $20,000. $10,000 is for the growth of the business, and the other $10,000 is for community outreach. This being its first year, Synchrony expected 500-750 applications. In actuality, they received over 1100 applications from businesses describing what set them apart from others, what challenges they faced, how $10,000 would help grow the business, and how they would use $10,000 to benefit their community.
In Cincinnati Transmission Specialists, Inc.’s application, they outlined how they provide unparalleled service to their customers, and the integrity and quality they provide. Cincinnati Transmission Specialists, Inc. is proud to say they are the only shop offering a 3-year, 100,000 mile warranty on any repair, and soon will be rolling out 5-year warranty programs as well. Needless to say, they are one of a kind. They also wrote about how the rapid pace of technology has become the biggest hurdle, as cars evolve and change at an astounding rate. Keeping up with training, and keeping equipment up to date to work on these vehicles is very costly. Software updates alone for diagnostic scanners can be several thousand dollars a year, and training can cost several thousand dollars per technician. Cincinnati Transmission Specialists, Inc. pledged to use the $10,000 for growth toward maintaining the highest level of technician training and technology in the shops.
The outreach portion of the award is where Cincinnati Transmission Specialists, Inc. really had a unique application. Rick Lamping, founder and president of Cincinnati Transmission Specialists, Inc., and his family, have been life-long philanthropists. Rick and the company have donated to special needs families for years, and recently established a new non-profit foundation, The Lamplight of Hope, to help provide for families affected by disability, illness, and other hardships. The Lamplight of Hope Foundation just provided Thanksgiving Dinner Boxes to over 40 families, and is working to provide medical supplies and equipment, car seats, beds, financial assistance, and many other programs for families who are struggling. The $10,000 for outreach portion of the Synchrony “Working Forward” Award was given to the Lamplight of Hope Foundation to fund programs such as the medical resource closet and other outreaches. The award was received at an open house for The Lamplight of Hope Foundation on November 21, 2016.