Volkswagen of America's eConnect Flexible Payment Program in Second Year with Sunbit
LOS ANGELES, Nov.1, 2022 /PRNewswire-PRWeb/ -- Volkswagen of America is expanding its partnership with Sunbit, the company building financial technology for everyday expenses. The relationship has continually exceeded revenue expectations since its inception in early 2021. On average, participating Volkswagen dealerships have seen an average RO of $1,144 when using Sunbit technology (4X higher than AVG ROS), and since early 2021, more than 17,000 VW customers have chosen to pay their repairs over time leveraging Sunbit technology. Currently, 50% of dealerships leverage Sunbit technology through the eConnect Flexible Payment Program. Volkswagen of America is now investing in enrolling even more dealerships in the program.
Volkswagen of America Dealerships Realize Significant Revenue Lift from Sunbit Partnership
LOS ANGELES, Nov.1, 2022 /PRNewswire-PRWeb/ -- Volkswagen of America is expanding its partnership with Sunbit, the company building financial technology for everyday expenses. The relationship has continually exceeded revenue expectations since its inception in early 2021. On average, participating Volkswagen dealerships have seen an average RO of $1,144 when using Sunbit technology (4X higher than AVG ROS), and since early 2021, more than 17,000 VW customers have chosen to pay their repairs over time leveraging Sunbit technology. Currently, 50% of dealerships leverage Sunbit technology through the eConnect Flexible Payment Program. Volkswagen of America is now investing in enrolling even more dealerships in the program.
"Sunbit proved to be a winning financial solution for Volkswagen dealers and customers last year," said Jon Meredith, Dealer Business Development at Volkswagen of America. "We took our partnership to the next level this year and are on track to hit $20M in additional revenue. Our dealers are tremendously satisfied with Sunbit's performance, and the extremely high approval rate of Volkswagen customers ultimately drives higher customer satisfaction and loyalty. We continue to work to get Sunbit technology into more dealerships to serve more customers."
Providing fair, fast financing options to virtually every customer in need of 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-, 15-, and 18-month payment plan options. A three-month 0% APR plan is available to borrowers at participating merchants. Sunbit technology powers the simple 30-second application process, all with a 90% approval rate.
After evaluating several financing providers in 2020, Volkswagen of America endorsed Sunbit in 2021 as its preferred technology partner for offering flexible payment plans to its service and maintenance customers. Based on the success of the program to date, Volkswagen of America has deployed the following programs:
○ Co-branded point-of-sale and digital marketing assets to increase customer awareness of the eConnect Flexible Payment Program with Sunbit
○ A Service Consultant competition to increase consumer awareness of the simplicity and speed of Sunbit, ultimately providing financial benefits to the consultants
○ A VW subsidized three-month 0% interest program for all approved VW customers (three months interest-free without early pay-off penalties or added fees)
"We are honored to be partnered with Volkswagen and its eConnect program," said Chad Beasley, Sunbit's Head of Automotive OEM. "The programs VW has deployed to benefit both their dealers and customers are the best we've seen in the market. We are happy to see that our technology solutions continue to help more VW drivers stay on the road safely and securely.
About Volkswagen of America
Volkswagen Group of America, Inc. (VWGoA) is a wholly owned subsidiary of Volkswagen AG, one of the world's leading automobile manufacturers and the largest carmaker in Europe. VWGoA houses the U.S. operations of a worldwide family of distinguished and exciting brands including Audi, Bentley, Bugatti, Lamborghini, and Volkswagen. Volkswagen Group of America Chattanooga Operations, LLC, a wholly owned subsidiary of VWGoA, operates an assembly plant in Chattanooga, Tennessee. Founded in 1955, VWGoA's headquarters are in Herndon, Va.; the company has approximately 6,000 employees in the United States and sells its vehicles through a network of approximately 1,000 independent dealers.
About 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 16,000 service locations, including auto dealership service centers, optical practices, dentist offices, veterinary clinics, and specialty healthcare services. 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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