Synchrony and Discount Tire Extend Long-Standing Partnership, Providing Drivers Nationwide with Financing Flexibility and Convenience
- 25+ year successful partnership extension indicates strong business relationship
- Wide acceptance network with 1,200+ retail stores in 39 states and 1M+ additional locations
- Exclusive digital integration with Apple Wallet for Apple Pay, unique among Synchrony's auto retailers
- Multiple financing options including deferred interest promotions to help customer affordability
- None.
Insights
Synchrony's 25+ year partnership extension with Discount Tire strengthens its car care financing network, providing revenue stability in the automotive sector.
The renewal of Synchrony's long-standing partnership with Discount Tire represents a significant win for the financial services company's specialized retail financing strategy. This extension preserves an important revenue channel in Synchrony's diversified portfolio, specifically within their Home & Auto division led by EVP & CEO Curtis Howse.
What makes this partnership particularly valuable is its extensive reach - with Discount Tire's 1,200+ retail locations across 39 states plus their online presence, complemented by Synchrony's broader Car Care network of over one million acceptance locations. This creates a formidable ecosystem that helps Synchrony maintain strong market positioning in the automotive financing sector.
The timing is strategically advantageous given current market conditions. With aging vehicle fleets and rising maintenance costs, consumers face increased necessity-based spending on automotive care. Synchrony's financing solutions, including deferred interest promotions, address this consumer pain point while generating interest income for the company.
From a competitive standpoint, Synchrony has secured a technological edge by enabling Discount Tire as their only auto retailer whose credit card integrates with Apple Wallet for Apple Pay transactions. This digital integration enhances user experience while potentially increasing transaction volume and customer retention.
For investors, this partnership extension signals revenue stability in Synchrony's retail card segment. While the press release doesn't disclose specific financial terms, the multi-decade relationship suggests a profitable arrangement for both parties. The deal reinforces Synchrony's business model of creating specialized financing solutions for major retailers, with the added benefit of cross-network acceptance that drives additional transaction volume.
According to J.D. Power, tires last an average of six years or 50,000 miles and replacing tires can cost anywhere from hundreds to more than a thousand dollars, depending on type and size. The Discount Tire credit card, backed by the Synchrony Car Care network, gives customers access to exclusive financing offers to pay for tires and service, including deferred interest promotions based on their purchase amounts and special promotions. Additional cardholder perks include no annual fee and zero-dollar liability for fraud transactions. Customers can quickly see if they prequalify for the Discount Tire credit card with no impact to their credit score online.
"As the age of vehicles on the road increase and maintenance costs rise, our financing solutions help drivers stay safe while managing their budgets effectively," said Curtis Howse, EVP & CEO of Synchrony Home & Auto. "Extending our partnership with Discount Tire reinforces our commitment to making tire and wheel purchases and other necessary auto purchases more accessible and affordable for millions of drivers."
As a cornerstone of the Synchrony Car Care network, Discount Tire provides millions of cardholders with trusted service and financing options tailored to their needs. Cardholders also have access to a number of innovative digital payment solutions, streamlining the application and account management process. Discount Tire is currently Synchrony's only auto retailer whose credit card can be added to Apple Wallet® for seamless in-store purchases via Apple Pay®.
"Our continued partnership with Synchrony is a testament to our shared commitment to making tire and wheel purchases easy, inviting, and safe for customers," said Christian Roe, Chief Revenue Officer at Discount Tire. "By expanding access to financing through Synchrony's Car Care network, we're giving customers greater flexibility to manage their vehicle expenses."
About Discount Tire
Discount Tire is a leading independent retailer of tires, wheels, and windshield wipers. Founded in 1960 by Bruce T. Halle, the company serves customers at more than 1,200 stores in 39 states. The company does business as Discount Tire in most of the
About Synchrony
Synchrony (NYSE: SYF) is a leading consumer financing company at the heart of American commerce and opportunity. From health to home, auto to retail, our Synchrony products have been serving the needs of people and businesses for nearly 100 years. We provide responsible access to credit and banking products to support healthier financial lives for tens of millions of people, enabling them to access the things that matter to them. Additionally, through our innovative products and experiences, we support the growth and operations of some of the country's most respected brands, as well as more than 400,000 small and midsize businesses and health and wellness providers that Americans rely on. Synchrony is proud to be ranked as the country's #2 Best Company to Work For® by Fortune magazine and Great Place to Work®. For more information, visit www.synchrony.com.
Media Contacts:
Lauren Devilbiss
Synchrony
lauren.devilbiss@syf.com
Mary-Ward Freydberg
Discount Tire
pressemails@discounttire.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/synchrony-and-discount-tire-extend-long-standing-partnership-providing-drivers-nationwide-with-financing-flexibility-and-convenience-302460551.html
SOURCE Synchrony
FAQ
What financing options does the Synchrony Discount Tire credit card offer?
Where can the Discount Tire credit card be used?
How long has Synchrony (SYF) been partnered with Discount Tire?
What digital payment features does the Discount Tire credit card offer?
How long do tires typically last according to J.D. Power?
