SAN DIEGO (March 22, 2022) – Opy USA Inc (Opy), a leading payments fintech announced its launch into the U.S. automotive vertical, offering its flagship OpyPay product at many of the major franchised auto dealerships including Nissan, Volkswagen, and Honda. Opy’s Select Dealer Council (SDC) includes groups introducing OpyPay at locations across the U.S.
“After 9 years in other counties, 90 days ago we went live with our first BNPL 2.0 loans in the United States, initially in Healthcare. Since then, we have had extensive discussions with many auto dealerships across the United States to refine our plans to meet the unique needs and preferences for the U.S. auto industry,” said Brian Shniderman, CEO Opy U.S.A & Global Chief Strategy Officer at Australian parent company Openpay. “Auto dealers have appreciated OPY’s value proposition, and embraced our flagship, flat fee, low-cost embedded finance platform.”
“OpyPay is an attractive payment option for auto owners needing larger repairs at their auto dealers, and those who want the peace of mind that comes with a low cost, flat fee product. OpyPay has no deferred interest traps or excessive late fees that consumers and auto dealers want to avoid,” continued Shniderman.
Research has shown that the automotive repair and service business is an 82.6 billion per year industry, and consumers spend upwards of $2,000 on car repairs annually. Revenue is predicted to rise at least ten percent by 2025.
“The automotive repair and service sector is an industry primed for offering people a smart option for managing the costs of an unexpected or costly repair,” stated Glenn Drake, SVP and Head of the Automotive vertical. “Our flat fee, loan amounts up to $20,000, and the ability to spread payments up to 24 months can provide a way for car owners to spread out the sticker shock of an expensive repair. We are thrilled to partner with these top dealer groups to show the value of OpyPay to both auto owners and dealers.”
Entering the automotive vertical shadows Opy’s extensive growth within meaningful, life-altering industries such as healthcare, including veterinary and dental services, and automotive repair and service. Opy recently announced a relationship in the U.S. with American Express as well as a multi-million-dollar warehouse facility with Goldman Sachs and Atalaya Capital Management.
For more information on Opy and its wide range of innovative products, visit www.opy.com.
Openpay Group Ltd (ASX: OPY) is a leading payments fintech, delivering smart and friendly solutions to pay and get paid. Openpay delivers an omnichannel financing solution that extends beyond traditional Buy Now, Pay Later in the form of their next-generation “BNPL 2.0” product. BNPL 2.0 provides the gateway to complete transactions, up to $20,000 with payback terms of up to 24-months, across underserved BNPL verticals, including Automotive, Healthcare, Home Improvement, Memberships, Education, and Retail. Openpay has fine-tuned its innovative products for both consumers and merchants, providing transparent terms with quick credit decisions and customizable payment plans for consumers, along with a B2B payments offering that facilitates end-to-end trade account management. Openpay operates in Australia and in the United States (operating as Opy) and serves New Zealand and the United Kingdom. For more information, please visit www.opy.com.
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