Sunbit's consumer financing technology eliminates the #1 reason for service deferrals
LOS ANGELES, June 21, 2023 /PRNewswire-PRWeb/ -- Hyundai Motor America has selected Sunbit, the company building financial technology for everyday expenses, as its preferred financing technology partner for all Hyundai dealerships across the US. To date, Hyundai's eastern region has leveraged Sunbit on the service drive, and the additional six geographies will roll out in the coming months.
Sunbit's technology drives revenue on the service drive by eliminating the number one reason for service deferrals. Participating Hyundai service drives have already realized significant returns, with Hyundai $16M in parts and service revenue with Sunbit in 2022, with 290 Hyundai dealerships deployed[1].
"Not only does the Sunbit consumer financing technology produce tremendous dealer satisfaction, it also offers a very quick and easy process that approves 9 out of 10 Hyundai customers," said Dave VandeLinde, vice president after-sales, Hyundai Motor America. "Because it greatly contributes to better customer service and loyalty, we are very excited about the future of this partnership and the opportunity it provides for our customers and dealerships."
Providing fair, fast financing options to virtually every customer needing service and repair is critical to the success of a dealership's service and repair department. Sunbit's technology offers access to financing for service drive expenses between $50 and $10,000, with 3, 6, 9, 12, and 18-month payment plan options[2]. All qualified applicants get access to a 3-month 0% APR at participating merchants only[3]. Sunbit technology powers the simple 30-second application process with a 90% approval rate which is among the highest in the industry.
"Sunbit has been working with dealerships in their auto service drives since 2016, and every year our momentum in the market is much stronger," said Gunnar Winckler, Head of Automotive OEM and Dealer Platform partnerships, Sunbit. "Dealerships across the country realize that their customer relationships and bottom line can benefit exponentially from the right partnerships. I believe our relationship with Hyundai will help foster better customer experiences, and both the dealerships and customers will win."
Hyundai dealerships that join the Sunbit program can take advantage of an exclusive signup bonus from June 1, 2023, to July 31, 2023.* Sunbit provides all the necessary training, certification, and promotional materials for Hyundai dealership service advisors, so they have the tools to offer Sunbit's flexible consumer financing solution to each customer who visits their service centers, helping more people stay on the road safely and stress-free.
1 Based on 2022 Sunbit financial data.
2 Financing is subject to approval, based on creditworthiness, state of residence, prior history with the products offered using Sunbit technology and merchant location.
3 Down payment required. APR ranges from 0% to 35.99%. Different APR ranges apply for NY, MD, MA and CO residents.
Sunbit
Sunbit builds financial technology for real life. Our technology eases the stress of paying for life's expenses by giving people more options on how and when they pay. Sunbit offers a next-generation, no-fee credit card that can be managed through a powerful mobile app, as well as a point-of-sale payment option available at more than 19,000 service locations, including auto dealership service centers and F&I departments, optical practices, dentist offices, veterinary clinics, and specialty healthcare services. Sunbit was included on the 2022 Inc. 5000 list. The financial technology company has also been named a Most Loved Workplace®, Best Point of Sale Company, A N.A. Deloitte Technology Fast 500 company and a Top Fintech Startup by CB Insights. Loans are made by Transportation Alliance Bank, Inc., dba TAB Bank, which determines qualifications for and terms of credit. The Sunbit Card is issued by TAB Bank, pursuant to a license from Visa U.S.A. Inc. Use of the card is subject to the cardholder agreement.
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Hyundai Motor America
Hyundai Motor America focuses on 'Progress for Humanity' and smart mobility solutions. Hyundai offers U.S. consumers a technology-rich lineup of cars, SUVs, and electrified vehicles. Our 830 dealers sold more than 724,000 vehicles in the U.S. in 2022, and nearly half were built at Hyundai Motor Manufacturing Alabama. For more information, visit http://www.hyundainews.com.
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Media Contact
Bridget Stasonis, for Sunbit, (813) 300-2905, [email protected]
Ira Gabriel, Hyundai Motor America, (657) 568-7471, igabriel@hmausa.com
SOURCE Sunbit
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