GE Capital Retail Bank and Penske Automotive Group (NYSE: PAG), an international automotive retailer, today announced an agreement to provide a private label consumer credit card program to customers of Penske Automotive Group dealerships in the U.S. GE Capital Retail Bank provides financial solutions to retailers to help grow their customer sales and will service the account and manage the credit card program.
"We are pleased to offer the CarCareONE credit card program, providing a convenient payment option to our customers for planned and unexpected automotive maintenance and repair services,” said Rob Kurnick, president of Penske Automotive Group. “GE Capital brings a strong understanding of our industry and deep expertise to our U.S. dealers to assist us in growing customer loyalty in this important, recurring part of our business.”
Qualifying Penske CarCareONE cardholders* can take advantage of promotional financing offers such as six-month deferred interest financing on purchases of $299 or more and 12-month deferred interest financing on purchases of $750 or more. The credit card can be used for full-service vehicle maintenance and repair services and replacement costs at Penske Automotive Group dealerships locations in the U.S. and Puerto Rico. Qualifying cardholders can also enjoy a range of benefits, including exclusive savings and e-bill and online account management options. Applications can be completed in-store or online.
“We look forward to working with Penske Automotive to help build its business and serve the needs of its service customers,” said Orlando Zayas, vice president of sales, Automotive After-Market Group, for GE Capital’s Retail Finance business. “This new relationship underscores GE Capital’s commitment to this important auto dealership market where we have provided consumer financing options for more than three decades.”
For more than 80 years, GE Capital has helped major retailers and more than 200,000 small- and mid-sized businesses throughout the United States build their businesses through consumer financing programs that support merchant growth and customer satisfaction. GE Capital has been a leading provider of consumer credit in the Automotive After-market industry for more than 30 years. The company supports its clients with proprietary online technology such as Business Center, which includes service, marketing and sales tools, as well as Learning Center, providing businesses with access to comprehensive training for their teams on financing for consumers.
*Subject to credit approval and availability.
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About Penske Automotive
Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, operates 344 retail automotive franchises, representing 40 different brands and 30 collision repair centers. Penske Automotive, which sells new and previously owned vehicles, finance and insurance products and replacement parts, and offers maintenance and repair services on all brands it represents, has 173 franchises in 18 states and Puerto Rico and 171 franchises located outside the United States, primarily in the United Kingdom. Penske Automotive is a member of the FORTUNE 500 and Russell 2000 and has approximately 16,700 employees.
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About GE Capital's Retail Finance business
GE Capital’s Retail Finance business is among the country’s most successful retail lenders, with more than 80 years of experience in consumer financing. The business, with its lending entity GE Capital Retail Bank, provides customized credit programs to retailers and consumers in the United States and Canada that help drive sales. This includes private label and bankcard credit programs to major national, regional and independent retailers in the U.S., as well as private label credit programs, promotional and installment lending, bankcards and financial services for consumers through dealers; contractors; manufacturers; healthcare practices; and service providers across nearly 20 industries. We are not just bankers; we help clients build better businesses. More information can be found at www.gogecapital.com and twitter.com/GoGECapital.
GE Capital is one of the world’s largest providers of credit. For over one million businesses, large and small, GE Capital provides financing to purchase, lease and distribute equipment, as well as capital for real estate and corporate acquisitions, refinancings and restructurings. For our 100+ million consumer customers, GE Capital offers credit cards, sales finance programs, home, car and personal loans and credit insurance. For more information, visit www.gecapital.com or follow company news via Twitter @GECapital.
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