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Synchrony Financial and Pep Boys, a leading automotive chain, have inked a multi-year deal extending their already existing relationship in which Synchrony manages the Pep Boys CarCareONE credit card.
They have been working together since 1998, with Synchrony providing the auto shops customers with access to ways they can finance car repairs, parts and servicing. Their relationship is seen as being a good deal for both companies.
“The availability of financing is important to consumers in the automotive sector,” said Glenn Marino, executive vice president and CEO of Payment Solutions, Synchrony Financial. “With a Pep Boys CarCareONE credit card, consumers are able to get the service they need now, whether it’s an unexpected repair or routine maintenance. The card also delivers added value by providing a convenient way to pay for gas and for use at thousands of CareCareONE dealers nationwide.”
Synchrony Financial commissioned the third annual Major Purchase Consumer Study, a third-party research study in which they asked about consumers’ needs around financing automotive servicing and parts, finding that access to this kind of financing was high on their list.
Just over three-quarters of consumers polled who considered themselves to be automotive shoppers, indicated that they always look for promotional financing. When Synchrony checked in with their own customers 77% said that the availability of this kind of financing was very important to them when looking for a merchant or auto shop.
The Pep Boys credit card can be used at their shops to pay for maintenance or to finance bigger repairs, but they can also be used at 16,000 participating CarCareONE locations across the United States. They have also partnered with Exxon and Mobil so the card can be used at these gas stations as well.
The card offers no interest for repairs or purchases costing over $199 if the entire balance is paid off within six months.
Pep Boys was founded in 1921, and today has 7,500 service bays in more than 800 locations in 35 states across the U.S, and Puerto Rico. They offer customers a wide range of car parts, repairs and services.
Synchrony Financial was originally founded in 1932, as GE Capital Retail Finance. They provide businesses and consumers with private label credit cards in the United States and Canada across a wide range of industries. They also offer promotional financing and installment lending, loyalty programs and FDIC-insured savings products through Synchrony Bank.