Endorsed by 7 Major Auto OEMs, Sunbit is Driving Parts and Service Sales in One out of Six of Auto Dealerships Nationwide

Sunbit, the technology company improving the buying and selling experience for everyday things, announced today that it has partnered with 3,000 auto dealership parts & service centers-- with more than 1,100 dealerships added in the past six months alone. LOS ANGELES (AUGUST 11, 2020) - Sunbit<http://www.sunbit.com/auto>, the technology company improving the buying and selling experience for everyday things, announced today that it has partnered with 3,000 auto dealership parts & service centers-- with more than 1,100 dealerships added in the past six months alone. Sunbit leverages machine learning to facilitate access to personalized financing options that result in transparent and fair rates for more people. The application takes 30-seconds to complete with over 90% of customers approved, enabling them to split their purchases into monthly payments.* This has made Sunbit the preferred financing technology for 18 of the top 25 largest auto groups and more than 3,000 auto dealerships in the US, making it the de facto standard for Fixed Ops financing.

“American Honda Motor Co., Inc, dealerships generated over $10M with Sunbit technology year-to-date," said Ernie Kelsey, senior manager, parts & service marketing, American Honda Motor Company. “Currently, one of three Honda dealerships (489 dealerships) uses Sunbit technology for financing. We remain impressed by the significant impact on parts and service revenue and improved customer loyalty and satisfaction. With 93% of Honda customers approved for financing, Honda dealerships and customers are extremely satisfied with this powerful tool."

Sunbit has been officially endorsed by Acura, Honda, Infiniti, Kia, Mercedes-Benz, Nissan, and Volkswagen as a preferred solution for financing parts and services. Since 2016, Sunbit technology has helped service drives complete over 200,000 customer pay repair orders, ringing up more than $142M in Fixed Ops revenue for these auto dealerships. Today, more than 25,000 service advisors are certified to offer financing through Sunbit, which is quickly becoming a highly-valued accreditation recognition.

"Sunbit technology brings financing across the credit spectrum: in our experience, 92% of people are approved,” said Ken Erlan, corporate fixed operations director of Lithia Motors, Inc., one of the largest providers of personal transportation solutions in the United States, and among the fastest growing companies in the Fortune 500. “It’s so fast and easy that more than 13,500 transactions have been completed in our dealerships since launch. We use Sunbit at 171 of our dealerships and just this month crossed the $11M in parts and services revenue with Sunbit.”

"Kia Motors America dealerships have generated over $7M in revenue with Sunbit in the first half of this year,” said Greg Silvestri, vice president, service & aftersale operations at Kia Motors America. “Amid the challenges of 2020, we experienced a remarkable increase in the number of Kia dealerships onboarding Sunbit. It is a testament to the value the Sunbit product provides for our parts and service teams. Now, half of Kia’s dealerships (389 locations) offer Sunbit! With 91% of Kia customers approved for financing, our teams are thrilled to provide an amenity that generates revenue and improves customer retention."

“Sunbit’s goal has always been to create access for customers to be able to pay for what they need, and for merchants to help their customers get the products and services they require, like getting their car fixed,“ said Arad Levertov, founder and CEO of Sunbit. “Sunbit technology is available in nearly 4,000 locations nationwide -- signaling the market appreciates using technology to offer access to payment plans that ease the stress of buying the things people need, when they need them. Sunbit is a win for everyone involved.”

Nowadays, 40-50% of people are approved for consumer financing products like credit cards. That means nearly half of the population have a hard time accessing the products or services that they need -- which can be a real problem in today’s economy for both merchants and consumers alike. For some merchants this may result in more customers walking away from a sale because they don’t have the means to make a purchase.

Sunbit’s technology is a fast, streamlined process allowing a shopper to find flexible, 3, 6, or 12-month payments that fits their budget.* With over 90% of applicants approved, across the credit spectrum, Sunbit arms merchants with a customer-friendly financing technology that doesn’t create a bottleneck at the register.

About Sunbit:

Sunbit is a technology company that improves the buying and selling experience for everyday purchases. Sunbit reduces the stress involved at the register by providing fast, fair, and transparent installment financing solutions to people across the credit spectrum. Sunbit is offered in nearly 4,000 retail locations in 45 states, including 1 in 6 auto dealerships, veterinary care, eye care, dental and specialty health care service industries.