Sunbit: Transforming Auto Service Financing Since 2017
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In 2017, Sunbit was still in its infancy. Our small yet mighty team was confident in the potential of our product and was on the lookout for the ideal product-market fit. We explored various industries early on, including designer sneaker retailers, women’s apparel, independent car services, eyewear, vet care, elective healthcare, car audio stores, and electric bikes. Some were not a good fit for us at the time, and others we are still seeing success with today.
While visiting my local car dealership in Los Angeles, I asked a Service Advisor a simple question “What do you tell customers who ask for help in financing a repair?” he answered, “I tell them: we are not a bank.” I followed up and asked, “But do customers ask?” he said, “Every day, all day…” It was obvious to me that auto service and repairs are costly for the average American, and almost every adult in the US owns a vehicle. Moreover, this space had limited financing options, and those that existed looked like “my grandfather’s financing.” The service advisor referred me to George Boktor, the Service Director at the dealership at the time. George took 20 minutes to ask questions and dive into the offering, and despite clearly understanding that he would be the first dealership on the program, he decided to sign up. Culver City Toyota became the first service drive to embrace Sunbit technology.
Reflecting on that pivotal day, we were all excited about the advisor’s reaction but couldn’t have anticipated the growth that was to follow and Sunbit becoming the industry leader. Fast forward six years, and we are now the de facto market leader in point-of-sale lending for auto dealership service drives. Our expansion has been phenomenal; we are consistently growing, and over the last few years, we have added hundreds of dealerships every month. We are endorsed by 15 Original Equipment Manufacturers (OEMs). Moreover, 23 out of the top 25 auto groups in the US use our services. At this growth rate, we anticipate securing a 50% market share in the first quarter of 2024 — that will mean that half of the people walking into a dealership to fix their car will experience Sunbit’s technology.
Why Sunbit Matters For Consumers and Dealerships
At Sunbit, we foster a virtuous circle that benefits all stakeholders. Our commitment to personal relationships is at the core of our philosophy — we are for the people, by the people. Our approach transcends anonymous transactions, aiming to enhance dealership service teams’ value and enable consumers to manage their expenses stress-free.
Sunbit makes purchases more manageable for consumers and fosters customer engagement and loyalty. Our pay-over-time options make high-value transactions more manageable. We take pride in our U.S.-based customer care team that handles all customer inquiries and concerns. Significantly, we don’t charge late fees, penalty fees, or origination fees, and most dealerships offer a true no-interest program, granting approved customers a 3-month 0% interest payment plan.
Sunbit empowers service advisors and managers to excel for dealerships. With fewer declined CPROs and customer satisfaction as key performance indicators, Sunbit has proven to elevate performance. We’ve certified nearly 50,000 dealership service advisors, affectionately known as Sunbeasts, to offer Sunbit’s technology. This vibrant community drives our success, and we acknowledge and reward our Sunbeasts daily.
And We Are Far From Done
Dealership General Managers approached us for a Finance and Insurance (F&I) solution. After dedicating time to development, we successfully launched an F&I financing product this year. We have also collaborated with other technology providers in dealership operations to integrate Sunbit’s solution into every customer touchpoint. Through partnerships with Xtime, DealerTire, UpdatePromise, Tekion, Quik, TruVideo, and Everyware, we have combined our financing technology with platforms used daily in fixed operations departments.
Unlike other consumer financing companies that only served this industry in the good times, Sunbit has shown resilience in economically challenging times and kept delivering best-in-class terms to every approved consumer without increasing the cost to the dealerships or the customers.
Today, with over 7,000 dealerships offering Sunbit’s technology on their service drive, OEM endorsements, and technology integration partnerships, we couldn’t be more excited about the future and are nearing the day when most dealerships in the US will offer Sunbit’s technology, helping ensure that people can afford driving with safe vehicles. George Boktor, who was the first Service Director to sign up in 2017, has since been promoted to GM of the dealership. I’m guessing his ability to identify game-changing technologies early on was a symptom of great things.
