Synchrony Financial and Midas Extend Auto Care Consumer Financing Agreement
March 27 2017 - 9:00AM
Business Wire
Midas Credit Card Program has helped motorists
care for their cars and trucks for more than a decade
For more than a decade, Synchrony Financial (NYSE:SYF) has
provided the Midas Credit Card, allowing motorists to maintain and
repair their cars and trucks for both planned and unexpected
automotive expenses. Today, Synchrony Financial announces a
multi-year extension of its agreement to continue providing a
private label credit card program for Midas, a leading automotive
aftermarket service retailer.
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Through a network of more than 1,200 independent franchised
locations throughout the United States, Midas has offered complete
auto care services for more than 60 years, including oil changes,
brakes, tires and tire repairs, mufflers and exhaust, belts, hoses
and other services.
Qualified cardholders1 enjoy an everyday value proposition of
special financing for purchases of $199 or more. Additionally, as
part of the Synchrony Car CareTM network, cardholders can take
advantage of additional benefits, including using their Midas
Credit Card for convenient fill-ups at more than 185,000 gas
stations nationwide.
“We’re pleased to renew this valuable program with Midas and
continue providing payment options for motorists who trust their
auto care to this iconic repair and service brand,” said Glenn
Marino, executive vice president and CEO, Synchrony Financial
Payment Solutions platform. “The Synchrony Car Care program also
adds more flexibility for motorists, allowing them to fuel up their
vehicles near home, work or while traveling.”
Research conducted with automotive (tires/wheels, service and
parts) cardholders for Synchrony Financial shows the importance of
financing in the automotive sector and in driving customer
satisfaction:2
- Among automotive cardholders surveyed
as part of Synchrony’s Major Purchase Consumer Study,2 one-third
(33%) report they would not have made a major purchase (more than
$500), or would have gone to another retailer if financing were not
available. More than 70% of automotive cardholders say they
“always” seek promotional financing when making a major purchase,
and 88% said promotional financing made their large purchases more
affordable.
- Recent feedback from Synchrony
automotive cardholders confirms 90% are satisfied with the card and
88% are satisfied with the in-store experience when using the
card.3
“Offering financing options to our customers is vital to growing
our business with both new and repeat customers,” said Ron Seagle,
executive vice president and general manager, Midas. “Synchrony
Financial is a valued partner in our ability to help motorists take
care of their vehicles by delivering the Midas Touch® every
day.”
1 Subject to credit approval.
2 Synchrony Financial Fifth Annual Major Purchase Consumer
Study, conducted June-July 2016 by a third party, reflects the
experience of shoppers surveyed making or planning to make a
purchase of $500+.
3 Synchrony Automotive Cardholder Satisfaction Study, February
2017.
About Synchrony Financial
Synchrony Financial (NYSE:SYF) is one of the nation’s premier
consumer financial services companies. Our roots in consumer
finance trace back to 1932, and today we are the largest provider
of private label credit cards in the United States based on
purchase volume and receivables.** We provide a range of credit
products through programs we have established with a diverse group
of national and regional retailers, local merchants, manufacturers,
buying groups, industry associations and healthcare service
providers to help generate growth for our partners and offer
financial flexibility to our customers. Through our partners’ over
365,000 locations across the United States and Canada, and their
websites and mobile applications, we offer our customers a variety
of credit products to finance the purchase of goods and services.
Synchrony Financial offers private label and co-branded Dual Card™
credit cards, promotional financing and installment lending,
loyalty programs and FDIC-insured savings products through
Synchrony Bank. More information can be found at
www.synchronyfinancial.com, facebook.com/SynchronyFinancial,
www.linkedin.com/company/synchrony-financial and
twitter.com/SYFNews.
*Source: The Nilson Report (May 2016, Issue # 1087) – based on
2015 data.
About Midas
Midas is one of the world’s largest providers of automotive
services, offering brake, maintenance, tires, exhaust, steering and
suspension services at more than 2,100 franchised, licensed and
company-owned Midas shops in 13 countries, including nearly 1,300
in the United States and Canada. For more information visit
www.midas.com.
©2017 Synchrony Bank/Synchrony Financial. All rights
reserved.
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