Sunbit, a technology company focused on improving the buying and selling experience for everyday purchases, announced that its services are now available in one out of every 10 auto dealerships around the country. Recognizing that auto repairs are often unexpected expenses, auto parts and service departments have rapidly adopted the technology, which is used to offer customers the best ability to split a purchase into affordable monthly installments.
Ongoing maintenance and major repairs become bigger expenses as a car ages, and an average American household with two vehicles can expect to spend about $817 a year on car repairs. Auto dealerships are finding that their customers appreciate the option to have a bit more flexibility on payment.
Sunbit is now available in more than 2,500 retail locations in 42 states, with 1,500 new dealerships joining the program in 2019. It counts large auto groups like Luther Automotive, Lithia Motors, Inc., Ken Garff, Group 1, Norm Reeves, ORR Auto, Hudson Automotive, Browning Auto Group and Greenway Automotive amongst its customers.
“We implemented Sunbit in 2017 and have seen revenue grow quarter over quarter since our launch in nine dealerships,” Matt Browning, executive vice president at Browning Auto Group said. “Sunbit’s technology has generated more than $324,000 in parts and services revenue in Q4 2019 alone. That is more than $12,000 per month, per dealership in revenue. We estimate that 80% of customers that use Sunbit wouldn’t have otherwise done the service, and 30% of Sunbit customers use Sunbit again within six months. This is a great revenue and retention tool.”
“It’s really important to us to provide a great customer experience,” said Todd Heitz, national corporate fixed ops director at Greenway Automotive Group. “Having Sunbit across our group means that we can offer every single approved customer an opportunity to pay over time with personalized rates and payment options that best fit their needs. That was previously unheard of and has become a basic offering for Greenway Automotive.”
In 2019 Sunbit announced partnerships with multiple OEMs including Kia, Honda and Nissan. These partnerships further accelerated the adoption rate.
Sunbit’s Vice President of Sales, Tal Riesenfeld, notes that Sunbit’s adoption has been so widespread that they have seen an average of 150 new dealerships join the program per month for the last six consecutive months. By the end of 2020, he expects that customers will be able to use its services in one out of every 5 dealerships across the U.S.
Sunbit leverages machine learning technology to create personalized solutions that result in transparent and fair rates for people across the credit spectrum. Customers can choose to pay over three, six, or twelve months, giving them more choice and control over their personal finances.