Q2 FY21 Key highlights:
- Openpay’s BNPL solution to be rolled out in partnership with Ford Motor Company of Australia to its dealership network to support customer car servicing needs
- Strengthens Openpay’s leadership in Automotive sector and fits with strategy of focusing on specialist verticals beyond Retail: Automotive, Healthcare, Home Improvement, Education and Memberships
- Continued delivery on objective to drive growth at scale in the Automotive vertical, where pushing upstream into automotive Original Equipment Manufacturers (OEMs) enables strong incremental utilisation amongst dealership groups
- The agreement with Ford adds to Openpay’s portfolio of Merchant agreements with major Australian automotive organisations including ASX-listed Eagers Automotive Limited (ASX: APE) and Pentana Solutions which went live in February 2021.
MELBOURNE Australia, 23 February 2021: ‘Buy now. Pay smarter.’ company, Openpay Group Ltd (ASX: OPY) (Openpay or the Company) is pleased to announce that it has signed a partnership agreement with Ford Motor Company of Australia Limited (Ford Australia), a subsidiary of the global Ford Motor Company, which designs, engineers, and imports award-winning and iconic cars, SUVs and trucks.
Under the partnership, Ford Australia will offer the Openpay Buy Now, Pay Later (BNPL) solution to its dealership network across Australia to support customer car servicing needs (repairs, parts, and accessories). Openpay can now be introduced and available to Ford Australia customers at every point on the customer journey via booking engines, online and instore visibility.
Michael Eidel, Managing Director and CEO of Openpay, commented: “We are proud to have signed with a brand as iconic as Ford Australia. Through this partnership we will be working together to help Ford’s customers ‘go further’ – making greater payment flexibility available for all their car servicing needs. We have previously partnered with many dealership groups but partnering at the OEM level strongly cements our leadership position in the automotive vertical.”
The agreement with Ford Australia is a major milestone in addition to Openpay’s exclusive partnership with Pentana Solutions Pty Ltd, the leading provider of Dealer Management Software (DMS) in Australia, which went live in February 2021. Roughly 2,500 new car franchise dealerships across Australia – or 60% of Australia’s new car franchise dealerships such as Eagers Automotive, Inchcape, and Peter Warren use Pentana’s eraPower DMS which gives dealerships a seamless platform to manage their entire operations.
Openpay will continue to focus on further partnerships with leading OEMs, distributors, and importers in the automotive sector to further entrench itself as a market leading Buy Now, Pay Later provider in the Automotive vertical.
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Openpay Group Ltd (ASX: OPY) is a fast-growing and highly differentiated player in the global ‘Buy now pay later’ (BNPL) payment solutions market. The Company’s strong platform enables it to deliver the most flexible plans in the market with durations of 2–24 months and values of up to $20,000.
Openpay focuses on industries where it can make a true difference: Automotive, Healthcare, Home Improvement, Memberships and Education; and its target customers are finance-savvy and of an older demographic who use Openpay plans as a cashflow management tool.
Openpay also has a unique B2B offering, OpyPro (formerly Openpay for Business), a SaaS-based platform that allows companies to manage trade accounts end-to-end, including applications, credit checks, approvals and account management in the one system.
Openpay provides services to Customers and Merchants in Australia, New Zealand, the UK and entered the US market, under the brand name Opy, in December 2020.