Synchrony Financial (SYF) Extends Relationship With Rollick
Synchrony Financial (SYF) strengthens relationship with Rollick to provide consumer financing options.
Synchrony Financial SYF expanded its partnership with Rollick Inc., the leader in relationship marketing technology for Marine, Powersports, and RV dealers and manufacturers.
In June 2020, both companies launched the Synchrony Loan Rebate Offer pilot program through Rollick's dealer website widget and the GoRollick Marketplace platform.
Consumers were invited to apply for the Synchrony Financial’s installment loan product throughout their purchase journey, resulting in the countrywide expansion on Jul 1, 2021. Also, shoppers that used Synchrony Financial’s services for their purchase were given a gift card. The scheme helped boost the loan activity of Synchrony Financial at eligible and enrolled dealerships during the pilot period.
Management remains pretty impressed with the success of the company’s pilot program with Rollick, which reflects demand for financial products like installment loans in the intitial stage of the the customer shopping journey.
Synchrony Financial is hopeful about expanding the program across the nation. Customers can now get a clear idea about their budgets through instalment loans for powersports vehicles. The nationwide expansion is expected to drive more loans for Synchrony Financial, courtesy of its broad dealer network.
The launch was made in 2020 when demand for powersports reached its peak in April and May. The demand surge was mainly attributed to the pandemic, which required people to explore safer ways to maintain social distancing.
Members of Rollick's affinity and employer partners have access to the GoRollick Marketplace program websites and Rollick's new digital retailing widget RollickDR.
Program users get a $150 Visa Gift Card after they buy a vehicle for $2500 or more with the Synchrony Financial Secured Installment Loan financing and fill in a rebate form.
This is not the first time that Synchrony Financial has provided feasible powersports financing options. Earlier, it tied up with Polaris and Suzuki Motor of America to offer consumer financing options.
The currently Zacks Rank #3 (Hold) company is constantly forging alliances to enhance its portfolio. Synchrony Financial was successful in revising multiple collaborations over the last few quarters as well. It partnered with several biggies, such as PayPal and Venmo, which in turn, continue to transform the payment experience for customers.
The card issuer also renewed its relationships with Mattress Firm, Ashley Home furniture, American Eagle, Ashley HomeStore, etc. Last month, Synchrony Bank issued the new myWalgreens Credit Card program, featuring two industry-first retail health and wellness credit cards for Walgreens.
All these initiatives poise it well for growth.
Shares of the company have gained 98.2% in a year's time, outperforming its industry's growth of 13.2%.
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