The Tire Industry Association (TIA) and GE Retail Sales Finance have extended their 20-year private label credit partnership.
The extension enables TIA members to offer extended financing to their customers through the CarCareONE credit card network.
"Our relationship with TIA is particularly special because it was our first national private label credit program," says Glenn Marino, president and general manager, GE Retail Sales Finance, a unit of GE Consumer Finance.
"Over the past 20 years together, we have grown the CarCareONE network to more than 11,000 dealers, 1.3 million cardholders and over 60 affiliate association and manufacturer programs."
The CarCareONE program provides the following:
* extended financing terms from 30 days to one year.
* emergency roadside assistance for one year.
* electronic processing that enables dealers to obtain rapid credit decisions while the customer waits in the store.
Cardholders also can use their CarCareONE card for gasoline purchases at participating Exxon and Mobil stations across the country.
The CarCareONE program also helps TIA members save on transaction costs, according to Marino.
"The merchant discount on 90-day extended financing is often less than what TIA members pay for standard MasterCard, VISA, Discover and American Express transactions. Plus, the average CarCareONE first sale is 150% higher than a traditional credit card purchase."
The CarCareONE program, initially called Money Express, has been one of TIA's most popular membership benefits, according to Roy Littlefield, TIA's executive vice president.
"Our organization recognized that our members needed to be able to offer instant, convenient credit to customers in order to be competitive with large national chains in our industry. GE and our board of directors have worked closely throughout the years to ensure that we serve our members, and this multi-year contract extension reflects our belief that the CarCareONE program will continue to meet their needs in the future."
Individuals interested in learning more about the CarCareONE program and the benefits of TIA membership should contact Wilson Beach, director of sales, at 800-876-8372 ext. 103 or [email protected].
