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Synchrony (SYF) Joins Forces With Big Brand Tire & Service
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Synchrony Financial (SYF - Free Report) recently announced that it has welcomed Big Brand Tire & Service to its Car Care network, to offer tailored financing options for customers at all U.S. locations and over a million affiliated spots. This strategic partnership enhances customer financing flexibility for seamless automotive services.
The financing options include deferred interest promotions. Using this, the customers will not have to pay any charges if the full amount is paid within the promotional period. The partnership will utilize digital tools, like Synchrony's prequalification and dApply application technology. The cardholders of Big Brand Tire & Service will have options to pay for different types of services as well as insurance.
The move is expected to boost traffic in SYF’s network. Its Home & Auto sales platform’s loan receivables continue to rise thanks to such partnerships. It will strategically expand Synchrony's market reach in automotive financing, leveraging Big Brand Tire & Service's extensive network. In the third quarter of 2023, the unit’s period-end loan receivables climbed 9.1% year over year to $31.6 billion.
The high benchmark rates, along with the growth in loan receivables, will help the unit to gather higher interest and fees on loans. The metric jumped 13% year over year to $1.4 billion in the last reported quarter. The partnership is also expected to enable Big Brand Tire & Service to improve its customer experience.
Price Performances
Shares of Synchrony Financial have declined 7.8% in the year-to-date period against the industry’s 3.2% rise.
The consensus mark for Blue Owl Capital’s current year earnings is pegged at $1.90 per share, indicating 34.8% year-over-year growth. Furthermore, the consensus estimate for OBDC’s revenues in 2023 suggests 30.1% year-over-year growth.
The Zacks Consensus Estimate for StoneX’s current year earnings indicates 10.6% growth from the prior-year period. It beat earnings estimates thrice in the past four quarters and missed once, with an average surprise of 19.7%. Also, the consensus mark for SNEX’s revenues in 2023 suggests 43.8% year-over-year growth.
The Zacks Consensus Estimate for Globe Life’s current year earnings is pegged at $10.60 per share, which indicates 30.1% year-over-year growth. It has witnessed six upward estimate revisions against none in the opposite direction in the past month. It beat earnings estimates in each of the past four quarters, with an average surprise of 2.3%.
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Synchrony (SYF) Joins Forces With Big Brand Tire & Service
Synchrony Financial (SYF - Free Report) recently announced that it has welcomed Big Brand Tire & Service to its Car Care network, to offer tailored financing options for customers at all U.S. locations and over a million affiliated spots. This strategic partnership enhances customer financing flexibility for seamless automotive services.
The financing options include deferred interest promotions. Using this, the customers will not have to pay any charges if the full amount is paid within the promotional period. The partnership will utilize digital tools, like Synchrony's prequalification and dApply application technology. The cardholders of Big Brand Tire & Service will have options to pay for different types of services as well as insurance.
The move is expected to boost traffic in SYF’s network. Its Home & Auto sales platform’s loan receivables continue to rise thanks to such partnerships. It will strategically expand Synchrony's market reach in automotive financing, leveraging Big Brand Tire & Service's extensive network. In the third quarter of 2023, the unit’s period-end loan receivables climbed 9.1% year over year to $31.6 billion.
The high benchmark rates, along with the growth in loan receivables, will help the unit to gather higher interest and fees on loans. The metric jumped 13% year over year to $1.4 billion in the last reported quarter. The partnership is also expected to enable Big Brand Tire & Service to improve its customer experience.
Price Performances
Shares of Synchrony Financial have declined 7.8% in the year-to-date period against the industry’s 3.2% rise.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Synchrony Financial currently carries a Zacks Rank #3 (Hold). Investors interested in the broader Finance space can consider better-ranked companies like Blue Owl Capital Corporation (OBDC - Free Report) , StoneX Group Inc. (SNEX - Free Report) , and Globe Life Inc. (GL - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The consensus mark for Blue Owl Capital’s current year earnings is pegged at $1.90 per share, indicating 34.8% year-over-year growth. Furthermore, the consensus estimate for OBDC’s revenues in 2023 suggests 30.1% year-over-year growth.
The Zacks Consensus Estimate for StoneX’s current year earnings indicates 10.6% growth from the prior-year period. It beat earnings estimates thrice in the past four quarters and missed once, with an average surprise of 19.7%. Also, the consensus mark for SNEX’s revenues in 2023 suggests 43.8% year-over-year growth.
The Zacks Consensus Estimate for Globe Life’s current year earnings is pegged at $10.60 per share, which indicates 30.1% year-over-year growth. It has witnessed six upward estimate revisions against none in the opposite direction in the past month. It beat earnings estimates in each of the past four quarters, with an average surprise of 2.3%.