Synchrony Financial has penned a multi-year extension to its agreement to provide a private label credit card for Midas.
Qualified cardholders receive special financing for purchases of $199 or more. Additionally, as part of the Synchrony Car Care network, cardholders can take advantage of additional benefits, including using their Midas Credit Card for fill-ups at more than 185,000 gas stations nationwide.
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:
* Among automotive cardholders surveyed as part of Synchrony’s Major Purchase Consumer Study, 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.
“Offering financing options to our customers is vital to growing our business with both new and repeat customers,” says 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.”
Midas has a network of more than 1,200 independent franchised locations throughout the United States, It 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.
“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,” says Glenn Marino, executive vice president and CEO, Synchrony Financial Payment Solutions platform.
Synchrony Financial reports it is the largest provider of private label credit cards in the United States based on purchase volume and receivables. For more information, see www.synchronyfinancial.com.