Sunbit is the preferred partner of 14 OEMs offered in more than 6,000 dealerships and 1,500 independent service stations, and is a partner of 22 of the country’s 25 largest auto companies.
Los Angeles (PRWEB)
October 31, 2022
Sunbit, the company developing financial technology for everyday spending, announced today that it has continued to expand its presence in the automotive space and continues to lead the entire post-sales automotive ecosystem with its consumer finance tool. Today, Sunbit is the preferred partner of 14 OEMs, offered in more than 6,000 dealerships and 1,500 independent service stations, and is a partner of 22 of the country’s 25 largest auto companies. Additionally, Sunbit technology is fully integrated with leading customer experience platforms including Xtime, Quik and Update Promise, making financing an integral part of the customer journey. With the announcement of its recent partnership with Everyware, a leading platform for contactless payments and customer engagement, Sunbit’s total combined car service footprint is the largest in the industry.
“As consumers hold on to their vehicles longer and the national economic climate remains cloudy, it is critical for American consumers to keep their existing cars running smoothly,” said Tal Riesenfeld, co-founder and CRO of Sunbit. “Enabling consumers to get the parts, service and care they need is – across the board – a top priority for companies across the ecosystem. Sunbit offers fast and fair financing options to practically every customer. Everyone wins with Sunbit.”
In 2016, Sunbit saw an opportunity to bring modern financing options to the aftermarket. Today, the depth and breadth of the company’s relationships throughout the complex automotive ecosystem speak to the power of its technology and the strength of its relationships. Sunbit has already generated nearly $1 billion in automotive sales by serving more than 930,000 customers.
Extension via partnership integrations
In parallel with scaling the merchant market, where Sunbit expects to surpass the 50% market share cap in the next 18 months, Sunbit has also already onboarded more than 1,500 independent stores. The company expects to accelerate store adoption by embedding its technology in mission-critical software platforms as consumer financing options quickly become a must-have for reputable vendors.
Gunnar Winckler, Executive Director, Automotive Platform Partnerships, said: “In recent years, the automotive industry has experienced a digital transformation. As with many other industries, the automotive industry is focused on providing an “enhanced customer experience”, new software platforms have emerged that massively improve outcomes for dealers and customers alike. Today, Sunbit’s pay-over-time technology slips easily into these mission-critical platforms, where it is quickly becoming an integral part of improving the customer experience.”
Xtime, Quik, UpdatePromise and now Everyware have recently chosen Sunbit for its sophisticated integration capabilities, ease of use and excellent reputation in the market.
“Partnering with Sunbit further expands our pay-over-time solutions, which are part of the payment options we offer to merchants. Sunbit’s fast and streamlined application process and high approval rates make it a great addition to our pay-by-SMS product,” said Larry Talley, CEO and founder of Everyware.
Participating dealers, car groups and OEMs
Since 2016, Sunbit’s technology has enabled fixed ops consumers to fund service or maintenance costs over time. Sunbit is already established in almost 35% of the market and is widely used in more than 6,000 merchants across the country. On average, participating dealers have recorded an average repair order of more than $1,000 when using Sunbit technology, with more than 930,000 customers choosing to pay for their repairs with Sunbit technology over time.
“Now offered by 60% of Kia dealerships, Sunbit is on track to generate over $36 million in parts and service revenue in 2022. said Brian Sciumbato, National Manager, Service & Parts Marketing, Kia America
With 22 of the top 25 dealer groups fully utilizing Sunbit in all their service trips, Sunbit has become a must-have for most leading groups.
“Before Sunbit, we had a different point-of-sale financing solution. After seeing the performance in our pilot dealerships, we decided to roll out Sunbit across our service organization, ultimately adding over 250 dealerships to the program to date. Sunbit has become an important tool in our service trips to help more customers get the service they need and keep them in dealerships. Since launch, Sunbit has accepted over 93% of our customers and produced over $44 million,” said Ken Erlan, Fixed Operations Director, Lithia Motors.
All approved applicants gain access to 3-month 0% payment plans at participating retailers. Sunbit technology supports the simple 30-second application process with approval rates in excess of 90%. The technology can be accessed in-store via a tablet app or remotely via the customer’s own connected device, and is also integrated into an online checkout process.
Sunbit builds financial technology for real life. Our technology eases the stress of paying for life’s expenses by giving people more choices about how and when they pay. Sunbit offers a next-generation fee-free credit card that can be managed through a powerful mobile app, as well as a point-of-sale payment option available at more than 16,000 service locations including auto dealership service centers, optometrists, dental offices, veterinary clinics and specialty ones health services. Credit is issued by Transportation Alliance Bank, Inc., dba TAB Bank, which sets credit eligibility and credit terms. The Sunbit card is issued by TAB Bank under a license from Visa USA Inc. Use of the card is subject to the cardholder’s agreement.