Volkswagen of America is expanding its partnership with Sunbit, the company building financial technology for everyday expenses after the relationship continually exceeded revenue expectations since its inception in early 2021.
On average, participating Volkswagen dealerships have seen an average ROS of $1,144 when using Sunbit technology -- four times higher than average 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 $20 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."