Send me real-time posts from this site at my email
Zacks

Synchrony Financial's (SYF) CarCare Hits Major Miliestones

Synchrony Financial SYF recently announced the milestones achieved by its Synchrony Car Care financial services program.

After the company rebranded CarCareONE as Synchrony Car Care in 2017, its business has witnessed the rising acceptance to more than 1,000,000 merchant locations across the nation ever since.

The company has constantly made efforts to boost this business, like it introduced the no-annual-fee, zero-fraud liability credit card. It turned out to be a customer favorite by substantially widening its in-store and online automotive merchants network. Synchrony CarCare attained pathbreaking records in its fourth year in the market.

Cardholders can now use the card to make payments for vehicle insurance premiums and deductibles over a span of time. This further strengthens Synchrony Car Care’s solid utility. Apart from buying parts and services, gas, tires and oil changes, customers can use Synchrony Car Care for parking, car washes, public transportation, car rentals, rideshare, tolls, etc.

Excluding fuel expenses, customers receive six months of promotional financing on purchases worth more than $199.

The company recently expanded the user base of Synchrony Car Care by giving more than one million current oil and gas customers an access to this plan.

These calculative moves are appreciated at a time when people are slowly increasing their travel spend and related costs. Synchrony Financial comes up with solutions for planned and unplanned car costs. It continues to collaborate with Discover Global Network to offer more acceptance within the automotive segment.

In 2019, the company announced the extension of acceptance network of merchants to include more auto-related categories and locations.  

This product belongs to the Payments Solutions business, which contributed to 17% of total interest and fees on loans for 2020. All these initiatives will likely boost the company’s business going forward.

Other factors, such as solid capital position, restriction initiatives, strategic measures and a strong Retail Card platform should help fuel overall growth.

Zacks Rank and Price Performance

Shares of this currently Zacks Rank #2 (Buy) company have gained 168.5% in the past year, outperforming its industry’s growth of 25.8%.



Other companies in the same space, such as Jefferies Financial Group Inc. JEF, Discover Financial Services DFS and Orix Corp Ads IX have also soared 170.1%, 193.3% and 49.1% in the same time frame. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities

In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.

Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.

Click here to download this report FREE >>
 


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Jefferies Financial Group Inc. (JEF): Free Stock Analysis Report
 
Discover Financial Services (DFS): Free Stock Analysis Report
 
Orix Corp Ads (IX): Free Stock Analysis Report
 
Synchrony Financial (SYF): Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue