FORT MILL, S.C. — Continental Tire the Americas Inc. has enhanced the usefulness of the credit card it offers its dealers through a "strategic partnership" with consumer financial services company Synchrony Financial.
The companies recently disclosed they had extended their multi-year partnership, a deal that brought with it expanded terms for the credit card, including the option for dealers to offer rebates on General-brand as well as Continental-brand tires.
Continental also took this opportunity to revamp the look of the credit card to include both brands, and it's supporting this revision with point-of-purchase kits in both brands, the company said.
- This story appears in the July 20 print edition of Tire Business.
During the past five years, Synchrony has helped Continental Tire and its network of dealers grow their business with a financing partnership that focuses on promotional financing, Continental said. This expanded agreement brings benefits to both consumers and dealers, including automatic access to special financing and easier application through Synchrony Car Care.
"Synchrony is a great partner that provides a valuable service for our customers and gives our dealers innovative technology solutions to help drive additional value and loyalty," David DeRonne, senior manager programs and planning, Continental Tire, said.
Continental Tire cardholders also benefit with access to a wider network of retailers, Synchrony said, since customers can make purchases across multiple auto-related categories, including gas purchases, auto parts, car washes, parking and ride sharing.
Cardholders automatically receive six months promotional financing for purchases of $199 or more at over 730,000 locations and the ability to fill up at over 200,000 gas stations throughout the U.S. and in Puerto Rico.
Conti Gold Program dealers are enrolled automatically in the card program and receive the full program offering, Conti said. Since some dealers lean more towards one brand than the other, Conti said the dual-branded credit card ensures that all dealers can tap the full value of the program.
Synchrony also works with dealerships that are not part of the Gold Program to offer the card's competitive financing.
The extended agreement also brings Continental dealers access to Synchrony's mobile-responsive business center technology, which provides enhanced consumer credit decisions and a detailed business dashboard with insights to help dealers manage their applications.
Synchrony's application pre-fill capability makes applying for the card an easier process for both the dealer and the consumer and reduces a common barrier that dealers face when proposing special financing to customers, Synchrony said.
Dealers also have access to "dApply," a digital process that allows customers to apply for credit in three steps and receive a decision within seconds. Synchrony's technology infrastructure enables it to verify identities quickly, thus guarding against fraud and speeding the credit approval process, the company said.
"Tires are a significant investment and having access to special financing enables consumers to more easily fit it into their budget," Steve Roe, senior vice president, payment solutions at Synchrony, said. "Additionally, with the power of the Synchrony Car Care network, we are helping keep Continental top of mind with cardholders throughout the year."