Automotive News: 2024 Automotive News All-Stars

2024 Automotive News All-Stars - Service and Parts Vendor, Ujj Nath, CEO at myKaarma

Car repairs increased six times the rate of inflation last year, according to a Consumer Price Index data analysis — the result of higher interest rates, expensive-to-repair technology, higher vehicle age and other factors. Several sources say the average car repair bill is now between $500 and $600 per visit.

But one initiative introduced this year by Ujj Nath, 66, aims to help consumers get their vehicles repaired without causing the financial hardships that can come with large, unplanned bills. It could also boost service department revenue.

The myKaarma service drive and communication platform earlier rolled out a buy now, pay later financing program in a partnership with Sunbit, a financial technology solution provider.

If a recommended repair exceeds a customer’s ability to pay, he or she can choose to finance the transaction. The process takes just a few minutes and can be done while the customer is at the dealership via cellphone. The dealership gets paid immediately and the customer repays the loan to Sunbit.

The financing deal is complimentary with another myKaarma initiative that started this year. The company partnered with UVeye to bring real-time visual vehicle condition data to dealership service customers’ cellphones. The inspection data builds trust because the process is transparent.

This article first appeared on Automotive News.