Sunbit Technology Powers Consumer Financing in the Global Automotive Industry, Driving Nearly $1B in Automotive Services | So Good News
Sunbit is the preferred partner of 14 OEMs offered in more than 6,000 dealerships and 1,500 independent shops, and has partnered with 22 of the top 25 automotive groups in the country.
Los Angeles (PRWEB)
October 31, 2022
Sunbit, a company that is developing financial technology for everyday things, announced today that it has expanded its automotive solutions, and continues to lead the entire automotive aftermarket ecosystem with its customer support tool. Today Sunbit is a preferred partner of 14 OEMs with over 6,000 stores and 1,500 independent stores, and has partnered with 22 of the top 25 automotive groups in the country. In addition, Sunbit’s technology is fully integrated into leading customer service platforms, including Xtime, Quik, and Update Promise, making payments an integral part of the customer journey. With the announcement of its latest partnership with Everyware, a contactless payment solution and customer engagement platform, Sunbit’s integrated car solutions have the largest market share.
“As consumers use their cars longer and the global economy becomes more cloud-based, keeping their existing vehicles running smoothly is becoming increasingly difficult for American consumers,” said Tal Riesenfeld, cofounder and CRO, Sunbit. “Enabling consumers to get the parts, service, and care they need is a top priority for businesses around the world. Sunbit provides fast, fair financing options to every customer. With Sunbit, everyone wins.”
In 2016, Sunbit saw an opportunity to bring new ways to finance the business market. Today, the depth and breadth of the company’s relationships across the complex auto ecosystem speaks to the strength of its technology and the strength of its relationships. Currently, Sunbit has already driven nearly $1B in sales in the automotive sector by serving over 930K customers.
Growth through Partnership Integrations
In line with the growth of the retail market where Sunbit expects to cross the 50% share line in the next 18 months, Sunbit has already entered more than 1,500 shops. The company hopes to accelerate store adoption by deploying its technology in high-value applications as consumer financing systems become a must-have for service providers.
Gunnar Winckler, Executive Director, Automotive Platform Partnerships, said: “In the last few years, the automotive sector has been experiencing a digital transformation. As with many industries, the automotive sector is focused on providing better customer service. , new programs have been developed, are dramatically improving outcomes for businesses and customers alike. Today, Sunbit’s payment technology is seamlessly integrated into these complex platforms while becoming an integral part of customer management.”
Xtime, Quik, UpdatePromise, and now Everyware have recently chosen Sunbit for its integration capabilities, ease of use, and strong market reputation.
“Working together with Sunbit also expands our short-term payment options, which are part of our payment solutions that we offer to merchants. Sunbit’s fast and easy system, as well as acceptable prices, make it a good fit for our Pay By Text,” he said. Larry Talley, CEO and Founder, Everyware.
Participating Dealerships, Auto Parts, and OEMs
Since 2016, Sunbit’s technology has helped regular customers to finance maintenance or repairs over time. It has already established about 35% of the market, the spread of Sunbit to install in more than 6,000 stores throughout the country. On average, participating businesses have seen an average of $1,000 in repairs when using Sunbit’s technology, with over 930K customers choosing to pay for repairs over time using Sunbit’s technology.
“Now represented by 60% of Kia’s sales, Sunbit is on track to generate more than $36MM in parts and service revenue in 2022. Sunbit not only builds revenue and helps customers find what they need, but also helps increase customer loyalty,” said Brian Sciumbato, National Manager, Service & Parts Marketing, Kia America
With 22 of the top 25 teams using Sunbit fully in all of their operations, Sunbit has become a must-have for many leading teams.
“Before Sunbit, we had another way of selling money. When we saw the progress of the airline industry, we decided to roll out Sunbit through our service team, adding more than 250 sales to the program so far. Sunbit has become an important tool. In our support vehicles, helping many customers getting the services they need and keeping them in the dealership. Since its launch, Sunbit has approved more than 93% of our customers and generated $44MM,” said Ken Erlan, Fixed Operations Director, Lithia Motors.
All approved applicants get a three-month, 0% down payment option for participating merchants. Sunbit’s technology enables a simple 30-second application process, all with acceptance rates of over 90%. The technology can be accessed in-store via a tablet app or remotely via customer-connected devices and is integrated into the online payment system.
Sunbit builds real-life financial technology. Our technology reduces the stress of paying for life’s essentials by giving people more choices about how and when they pay. Sunbit offers a next-generation, debit card that can be managed through a powerful mobile app, and a payment solution available at more than 16,000 locations, including car dealerships, vision systems, dental offices, veterinary clinics, and special medical services. Loans are made by Transportation Alliance Bank, Inc., dba TAB Bank, which verifies creditworthiness. Sunbit Card is issued by TAB Bank, under license from Visa USA Inc. Use of the card is subject to the cardholder’s agreement.