Auto.

Buy Now, Pay-over-time with the Kenect Sunbit Integration

Kenect

Kenect dealers are using text-to-pay more than ever. Last month alone dealers were paid nearly $25M through text-to-pay. That means customers of your dealerships–in both the sales and service department–chose to pay you via text. That’s an incredible shift in how customers want to interact and pay their dealers.

We’re thrilled with the growth of text-to-pay and thrilled with how much dealers and their customers love it.

Our data shows that 85% of customers prefer text-to-pay over any other payment method*

But could there be more benefits? Text-to-pay helps more dealers service payments faster and continue to make life easier for customers in service departments.

However, dealers tell us on a daily basis that some customers refuse service repair because it’s too expensive.

Today, 40% of Americans can’t cover a $400.00 emergency expense.**

They want something fixed on their car, boat, RV, or tractor, but they refuse to repair or put it off due to costs. If the customer brings their truck in or their side by side in and the repair is going to be over $400 they will often not repair it or put it off

60% of Americans skip auto repairs for cost reasons***

The dealer must then watch that customer walk out the door and lose out on that revenue. The customer starts to price shop and perhaps the dealer loses that customer for good.

The problem is that the repair is either an all or nothing proposition: they either pay the entire cost and get it fixed…or they don’t get it fixed and they leave.

Until now.

Kenect is now partnering with Sunbit. That means that Buy Now, Pay-over-time is now available for your customers…all via text.

Buy Now, Pay-over-time in Your Service Department

Price is one of the primary reasons your customers decline repairs in the service department. Our new Buy Now, Pay-over-time feature, powered by Sunbit, helps your customers spread their payments over time, making repairs more accessible and easier to budget.

Instead of forcing your customers to pay the entirety of a service repair immediately, or walk out the door if they pay for it all at once, Sunbit will pay you (the dealer) right away, and 0% interest plans are available for all approved customers at participating merchants.****

They get their machine fixed…and you get paid.

Customer Approval and Speed

As for your customers, they’re approved nearly instantly (30 seconds or less) and they’re approved 90%**** of the time.

It’s a game changer for them.

Imagine thinking that you weren’t able to repair your truck, and now, because of an interest-free payment plan option, you can.

Dealer Sign-Up

If you’re a Kenect customer that’s already using text-to-pay, you can just login and sign up instantly. Here’s the sign-up link. Your CSM is also happy to help you.

If you’re not a Kenect customer (or a Kenect customer) that isn’t using text-to-pay yet, you can just do a quick demo and get signed up.

Why did we do this partnership with Sunbit?

We were hearing from our dealers that they want to do more with text-to-pay but sometimes large service tickets are the hurdle. Sometimes customers can’t fork over hundreds of dollars all at once for a repair and so that revenue disappears.

We knew that we needed a pay-over-time option.

Then we found Sunbit. We believe that combining the reliability of a partner like Sunbit with the text-to-pay technology that you know and love from Kenect, is a great solution.

Sources:

*Source: Kenect internal data

**Source:https://www.cnbc.com/2019/07/20/heres-why-so-many-americans-cant-handle-a-400-unexpected-expense.html

***Source:https://xtime.com/wp-content/uploads/sites/2/CoxAutoSIS.pdf?aliId=17918063

****0% APR plans are available at participating merchants only. Subject to approval based on creditworthiness. Payment due at checkout. 0%-35.99% APR. Example: A $885.00 purchase with 28.99% APR, $133.38 down payment and a 6-month term would have monthly payments of $136.09 and a total cost of $949.93. Terms may vary. Not available in VT, WV, or WY. Account openings and payment activity are reported to a major credit bureau. See Rates and Terms for loan requirements and state restrictions. Sunbit Now, LLC is licensed under the CT Laws Relating to Small Loans (lic. # SLC-1760582 & SLC-BCH-1844702); NMLS ID 1760582. Loans are made by Transportation Alliance Bank, Inc., dba TAB Bank, which determines qualifications for and terms of credit.

Related Posts

The Sunbit Card, Veterinary, Dental, Motorsports, Technology, Press, Company Updates, Eyewear, Auto, Partner Success
Sunbit Earns Key Spot on The Financial Times List: The Americas’ Fastest Growing Companies 2024, #3 in Fintech, Financial Services & Insurance
Other recent wins include Best Startup Employers (Forbes) and Best Consumer BNPL Platform (Fintech Breakthrough) LOS ANGELES–(BUSINESS WIRE)–Sunbit, the company (...)
Technology, The Sunbit Card, Dental, Motorsports, Press, Company Updates, Eyewear, Auto
The Future Of Personal Finance: Fintech 50 2024
Forbes Even amid layoffs and a funding drought, financial technology startups continued to worm themselves into the money routines of (...)
Auto, The Sunbit Card, Veterinary, Dental, Motorsports, Technology, Press, Company Updates, Eyewear
Sunbit Closes $310M Debt Warehouse Facility with Citi and Ares Management
Award-winning financial technology company leading transformation in key markets; debt warehouse facility to extend footprint and support ever-growing consumer demand (...)