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- Openpay Group (OPY) has announced it will become the exclusive buy now, pay later supplier to Pentana Solutions for a three year period
- Pentana specialises in software solutions and IT services for the retail automotive dealer industry
- Currently, it has access to roughly 2500, or 60 per cent of new car franchise dealerships in Australia
- Openpay offers its services to roughly 1000 automotive dealerships who will now be able to roll over to the fully integrated system
- Together, Pentana and Openpay will co-market buy now, pay later to the remaining 1900 Pentana dealerships
- This option has proven useful to customers who have to pay for unexpected car problems
- Openpay is down a slight 0.97 per cent with shares trading for $1.02 cents each
Openpay Group (OPY) will become the exclusive buy now, pay later supplier to Pentana Solutions for a three-year term.
Pentana is a leading info tech company that specialises in delivering software solutions and IT services for the retail automotive dealer network and associated industries.
Roughly 60 per cent, or 2500 new car franchise dealerships such as AP Eagers, AHG, Inchcape and Peter Warren use Pentana’s eraPower dealer management software (DMS).
eraPower DMS is a technology solution that gives dealerships seamless platforms to manage their entire operations.
Previously, Openpay had agreements with about 1000 dealer merchants contributing more than 20,000 plans a year which represented a value of over $16 million per year.
Once Openpay is integrated into eraPower, existing customers can automatically be rolled across to the embedded software.
“Openpay helps customer better manage their cashflow and budget around car servicing. We expect this partnership to increase profitability and customer retention amongst our dealership partners,” Pentana Solutions CEO Steve Kloss said.
The companies will collaborate to offer Openpay services to the more than 1900 dealerships that don’t currently access buy now, pay later services.
Openpay cited there is a demand for this as dealerships do benefit by securing order increases from $450 to $950 per customer.
“Often motorists are caught in need of servicing or parts that they did not plan for in their cashflows,” Openpay CEO Michael Eidel said.
“For that reason, we have seen growing interest in our automotive BNPL plans – people are using Openpay to solve their immediate need, such as a car service or a set of new tyres, then paying it off over a timeframe that suits their budget,” Michael said.
Openpay is down a slight 0.97 per cent with shares trading for $1.02 cents each at 3:59 pm AEDT.
