Last week Formetco announced a replace your face program to help out of home companies to finance the retrofits of their aging digital signs. Insider talked with Formetco’s Matt Leech about the program.
Who is the program meant for?
This program is geared towards Independent Operators who are looking for a financing solution for their aging digital displays. With one call to Formetco, we will handle the entire replacement process from start to finish. Our trusted network of contractors across the country can handle any size replacement, while the customer focuses on running their business.
Is this specifically for replacing Formetco digitals?
No…. this program is for any digital billboard.
Is this a temporary promotion, or is this a long-term program?
As you can see in the OAAA chart below, there were approximately 3200 digital billboards across the US installed by 2011 and today there are approximately 9600. With this significant growth over the last decade, we are excited about the longevity and strength of this program.
What are some guidelines for when a company should consider replacing a digital billboard?
Several things to consider when it comes to replacing your aging digital are parts availability, monthly parts and labor expenses, credits to customers due to downtime and losing customers due to appearance of the display.
Let’s use a real-life example. I have an older Formetco two sided 14 by 48 digital billboard. What will the monthly payment be if I spend $250,000 to replace the old faces with new faces?
We have a new client who had a single 14×48 face he purchased from another manufacturer just under 10 years ago. He was paying nearly $700 per month in power, over $1,00 per month in parts and labor and lost $650 last month in down time credits and discounts for a client. This added up to $2,400 per month he was spending to maintain this old sign. With The Replace Your Face program we were able to offer him a new FTX 14×48 with 10 years Parts and 5 years of labor including removal of the old display, delivery and install of the new display along with the electrical for a payment of just under $2,800 per month with no money down. His parts, labor and downtime credits will be gone, and his new power bill will be down to about $230 per month.
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