GE Capital's Retail Finance business, the Stamford, Conn.-based operating entity that "provides financial solutions to retailers and dealers to help grow their customer sales," will continue to manage the Pep Boys relationship and service the account, Pep Boys said in a press release.
The automotive aftermarket retailer's CarCareONE credit card program, which began in 1996, provides customers with payment options and benefits for full-service vehicle maintenance and repair purchases. The company said cardholders can qualify for discounts off their first purchase, promotional financing terms, exclusive savings, e-bill and e-payment, and other options.
"Vehicle maintenance is vital to performance and safety, yet in uncertain economic times, many car and truck owners may postpone necessary repairs," said Bernie McElroy, Pep Boys' treasurer and vice president of finance. "Our relationship with GE Capital has helped us provide a higher quality customer experience, greater value and more flexible ways to pay for products and services that keep them safely on the road."
Pep Boys operates 736 stores and approximately 7,000 service bays in 35 states and Puerto Rico.
GE Capital said its retail finance business "has provided billions of dollars in consumer financing through major retailers and more than 200,000 small- and mid-sized businesses" throughout the U.S, and is a leading provider of consumer credit in the automotive industry.