Service drive payment and communication platform myKaarma has integrated with Sunbit, a financial technology solution provider found at more than half of U.S. franchised dealerships.
The new partnership will allow approved customers to finance service repairs and maintenance, which could spur service department profits and improve customer satisfaction.
The "buy now, pay later" financing option, which doesn't require a hard credit pull, will let customers review their estimated monthly payments and complete transactions through a payment link sent to their mobile phone.
Customers are also informed about payment options at the beginning by automated email and can split payments using various methods such as a credit card, cash, check and financing through Sunbit. Ninety percent of applicants are approved, Sunbit said.
Sunbit handles the payment and collection, and the dealership is paid right away.
"At myKaarma, we are committed to making the service experience better for all," said myKaarma CEO Ujj Nath. "The integration with Sunbit allows us to offer access to a valuable financing solution that helps customers manage their expenses more effectively, ensuring they receive the necessary vehicle repairs while minimizing financial stress."
Oded Valkat, vice president of partnerships at Sunbit, said the integration with myKaarma will benefit the automotive industry.
"MyKaarma's workflows allow customers to explore 'pay over time' solutions early in the customer journey in a consumer-friendly fashion," Valkat said. "This collaboration enhances the dealership service experience by providing customers with a transparent and manageable way to pay for repairs over time, ultimately helping drive more business and satisfaction for our dealer partners."