Expanded flexible financing options allow dealers to offer access to buy now, pay over time payment plans that work for more than 90% of Sunbit consumers*
MISSION, Kan., Nov. 11, 2020 /PRNewswire/ -- Xtime, the automotive industry's leading end-to-end software service solution, today announces its collaboration with Sunbit, the technology company improving the buying and selling experience for everyday things through flexible monthly payment plans. Together, they will provide access to additional payment options for dealerships to offer consumers directly from Xtime.
Xtime helps dealerships build loyalty, increase customer satisfaction, and drive revenue in the service department, all by providing the tools and technology to create a superior customer experience. As Sunbit has become a major player in fixed ops financing with a footprint in 19 of the top 25 largest auto groups and more than 3,500 auto dealerships in the U.S. served, including Sunbit integration with Xtime's FlexPay was a natural next step.
With the new Sunbit relationship, consumers can see payment plan options and pre-qualify, all from the quote provided to them through Xtime. This option can easily be enabled and put into action for any dealership using both Sunbit and Xtime.
"Especially in light of a challenging economy, dealerships are seeing growing demand for financing options," said Matt Schwartz, senior director of business development for Xtime. "With flexible payment options available, the customer experience only improves by making comprehensive automotive repairs more affordable and lessening the impact on consumers' budgets. Sunbit is integrated seamlessly, making the process easy and contactless for both consumers and service employees."
Sunbit helps deliver a premium customer experience by providing customers access to financing with a 90% approval rate and an application that doesn't impact a consumer's credit score. Sunbit leverages machine learning technology to personalize underwriting solutions that result in more transparent and fairer rates for more people. Now found in one out of every six U.S. dealership service centers, Sunbit technology has helped service departments complete more than 200,000 repair orders, ringing up more than $142M in revenue for these auto dealerships.
"Xtime has a great reputation in the industry and is used by over 7,500 dealerships," said Tal Riesenfeld, head of sales at Sunbit. "We're pleased to be working with them to ensure that dealerships minimize losses from unsold services, and that consumers have the best experience possible while getting the repairs that they need to be on the road safely. We think that's a win all around."
For more information about Xtime and Sunbit integration, visit http://choose.xtime.com/flexpay-sunbit/.
Xtime increases customer retention for automotive dealer service departments by using technology to transform the ownership experience. Improving customer satisfaction and retention drives dealer revenue and profitability. Xtime is committed to delivering the experience consumers demand – an experience which emphasizes value, convenience and trust. In 2019, Xtime booked 55 million service appointments and processed more than 100 million repair orders annually. Forty-four global OEMs have chosen Xtime to drive that same type of success for their businesses, converting more than $23 billion in service revenue last year for more than 7,500 dealerships.
About Cox Automotive
Cox Automotive Inc. makes buying, selling, owning and using cars easier for everyone. The global company's more than 27,000 team members and family of brands, including Autotrader®, Clutch Technologies, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with annual revenues of $21 billion. www.coxautoinc.com
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 4,500 retail locations in 45 states, including 1 in 5 auto dealerships, veterinary care, eye care, dental and specialty health care service industries.
*Visit http://www.sunbit.com/rates_and_terms for more details. Loans are made by Transportation Alliance Bank, Inc., dba TAB Bank, which determines qualifications for and terms of credit.
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