Over 50% of US Auto Dealerships Select Sunbit as Partner for Service, Parts and Repairs

More than 1.8M drivers have used Sunbit for service, parts and repairs, resulting in $1.7B in revenue for dealerships

LOS ANGELES--(BUSINESS WIRE)--Sunbit, the company building financial technology for everyday expenses, announced today it had achieved more than 50% market share among authorized automotive dealerships in the US, expanding its BNPL footprint in service and repair drives. Since launching in the auto services sector, Sunbit has facilitated $1.7 billion in revenue while helping more than 1.8M auto dealership customers get back on the road and stay there. Over 90% of people who applied for financing through Sunbit technology were approved, and more than 75% decided to move forward with the financing offer.

Jon Meredith, National Service Operations Manager, Volkswagen, said, “With best-in-class terms that are broadly appealing, no fees, and true transparency, Sunbit technology surfaces options that are not just right for some customers, but for virtually every customer.” He added, “There are two reasons more than 65% of our dealerships are offering Sunbit to their customers, day in and day out. Sunbit helps us deliver excellent customer experiences and it also helps us drive better bottom-line revenue. We have seen a 23% YoY growth rate in 2023 in service revenue with Sunbit and are projecting a higher growth trajectory in 2024. And, our customers love it.”

Auto dealerships remain the primary hub for automotive service and repair in the US. However, customers are increasingly cost-sensitive as in-car technology, parts, and labor costs have increased. Dealership auto service, parts and repair financing is a tool for supporting customers through this shift. Only Sunbit has achieved the ability to appeal to everyone by delivering access to personalized, competitive terms, no fees, and best-in-class service.

Approved applicants get access to three-month, 0% payment plans at participating service drives. Sunbit technology powers the simple lightning fast application process, all with more than 90% approval rates. The BNPL platform can be accessed in-store through a tablet app or remotely through a customer’s connected device. It is also integrated into an online checkout process.

Tal Riesenfeld, Sunbit’s CRO, said, “Our technology solution is helping to build a bridge between the advisor and the customer. Where Sunbit is available, advisors are more comfortable discussing recommended work, and customers feel good about their decision to move forward with service recommendations.” He added, “Today, if you walk into any dealership’s service drive, you are more likely to see Sunbit than not, and we are proud to have helped many customers while assisting service centers in driving $1.7 billion in repair revenue.”

Sunbit technology is available at 24 of the top 25 US auto groups and endorsed by 15 OEMs: Acura, Audi, BMW, Honda, Hyundai, Infiniti, Jaguar, Kia, Land Rover, Mazda, Mercedes Benz, Mini, Mitsubishi, Nissan and Volkswagen.

Sunbit technology is integrated with significant tech providers like Xtime, Tekion, Dealer Tire, TruVideo, MyKarma, and UpdatePromise.

More than 50,000 automotive service advisors have completed Sunbit’s associate credentialing process in person at a merchant location or through Sunbit’s online learning management system (LMS).

About Sunbit

Our financial technology products have helped millions of people ease the stress of paying for life’s expenses by giving them more options on how and when they pay. Sunbit’s technology powers a no-fee credit card, and its BNPL solution is found in nearly 50% of all auto service centers and is the second largest in the dental industry. Sunbit is a two-time Inc. 5000 honoree on both the national and regional level and a 2-time Deloitte Technology Fast 500 company. The financial technology company has also secured top placements for growth in places as varied as LABJ 100 Fastest Growing Private Companies, Forbes Fintech 50, and Financial Times The Fastest Growing Companies in the Americas. 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 USA Inc. Use of the card is subject to the cardholder agreement.