OPENPAY EXPANDS ITS AUTOMOTIVE OFFERING

The buy now, pay later provider has announced an exclusive partnership with Pentana Solutions

With a significant proportion of car owners reported to be under-servicing their vehicles, a new arrangement with one of Australia’s largest dealership networks is helping motorists cover the cost of services and avoid the risk of further damage to their vehicles.
Car servicing and repairs are one of those tasks that many Australians dread due to the impact this may have on their bank account. On average Australians can expect to pay anywhere between $185 and $2,225 for a service, depending on the make and model of their car[1]. Whilst, 29 percent of Australians have automotive tasks on their to do list[2].
Australians can now use buy now, pay later (BNPL) provider Openpay to cover the unexpected and expensive automotive costs that come with owning a car.
Openpay has also now announced an exclusive partnership with Pentana Solutions, which manages a network of more than 1,900 dealerships across Australia. The arrangement will see Openpay offer motorists needing to service their vehicles flexible repayments that can be matched with their cash flow.
“Often motorists are caught in need of servicing or parts that they did not plan for in their cash flows,” Openpay Chief Executive Officer, Michael Eidel, said.
“For that reason, we have seen growing interest in our automotive BNPL plans – people are using Openpay to solve their immediate needs, such as a car service or a set of new tyres, then paying it off over a timeframe that suits their budget.
“Pentana Solutions’ dealers service more than 4.2 million vehicles per year, meaning these vehicle owners now have a more flexible way to manage repayments – one that suits their cash flow needs.”
Under the agreement, Openpay and Pentana Solutions will work together to offer Openpay to over 1,900 dealerships not currently accessing BNPL services. Prior to the announcement, Openpay had direct agreements with around 1,000 dealer Merchants contributing more than 20,000 plans a year and over $16 million per year in plan value.
“After a competitive tender process, we chose Openpay, being at the forefront in the buy now, pay later space for automotive dealerships. Openpay offers a flexible product delivering higher value plans at attractive terms for our dealers and for dealer customers who are asking for BNPL solutions,” Pentana Solutions Chief Executive Officer, Steve Kloss, said.

For more information on Openpay and to view a full list of Openpay automotive merchants, visit www.openpay.com.au

  1. Canstar – Car Servicing Costs: What Should You Be Paying?
  2. Openpay – Doers Report 2019