SunCar Technology Partners with SAIC Maxus for Enhanced Auto E-Insurance Solutions
SunCar Technology Group Inc. (NASDAQ: SDA) has announced a two-year agreement between its subsidiary, Shengshi Dalian Insurance Agency Co., , and SAIC Maxus Automotive Sales & Service Co., This partnership aims to enhance auto e-insurance services across SAIC Maxus's dealership network in China, marking SunCar's expansion into traditional vehicle dealerships. SAIC Maxus, a subsidiary of SAIC Motor, is a leading commercial vehicle manufacturer in China with over 100 direct sales dealerships.
The collaboration will see SAIC Maxus adopt SunCar's online platform, modernizing its e-insurance processes. The first-year service fee is estimated at 100 million RMB (approximately US$14 million). This partnership is expected to set new industry standards and create opportunities for revenue growth for SunCar, building on its existing relationships with new energy vehicle companies, OEMs, and dealerships.
SunCar Technology Group Inc. (NASDAQ: SDA) ha annunciato un accordo biennale tra la sua sussidiaria, Shengshi Dalian Insurance Agency Co., e SAIC Maxus Automotive Sales & Service Co. Questa collaborazione mira a migliorare i servizi di assicurazione auto online all'interno della rete di concessionarie SAIC Maxus in Cina, segnando l'espansione di SunCar nei concessionari di veicoli tradizionali. SAIC Maxus, una sussidiaria di SAIC Motor, è un importante produttore di veicoli commerciali in Cina con oltre 100 concessionari di vendita diretta.
La collaborazione prevede che SAIC Maxus adotti la piattaforma online di SunCar, modernizzando i suoi processi di assicurazione online. La tariffa di servizio per il primo anno è stimata in 100 milioni di RMB (circa 14 milioni di dollari USA). Si prevede che questa partnership stabilisca nuovi standard di settore e crei opportunità di crescita dei ricavi per SunCar, sulla base delle sue relazioni esistenti con le aziende di veicoli a nuova energia, i produttori di attrezzature originali (OEM) e i concessionari.
SunCar Technology Group Inc. (NASDAQ: SDA) ha anunciado un acuerdo de dos años entre su subsidiaria, Shengshi Dalian Insurance Agency Co., y SAIC Maxus Automotive Sales & Service Co. Esta asociación tiene como objetivo mejorar los servicios de seguros de automóviles en línea en la red de concesionarios de SAIC Maxus en China, marcando la expansión de SunCar en los concesionarios de vehículos tradicionales. SAIC Maxus, una subsidiaria de SAIC Motor, es un destacado fabricante de vehículos comerciales en China con más de 100 concesionarios de ventas directas.
La colaboración verá a SAIC Maxus adoptar la plataforma en línea de SunCar, modernizando sus procesos de seguros en línea. La tarifa de servicio del primer año se estima en 100 millones de RMB (aproximadamente 14 millones de dólares estadounidenses). Se espera que esta asociación establezca nuevos estándares en la industria y cree oportunidades de crecimiento de ingresos para SunCar, basándose en sus relaciones existentes con empresas de vehículos de nueva energía, OEM y concesionarios.
SunCar Technology Group Inc. (NASDAQ: SDA)는 자회사인 Shengshi Dalian Insurance Agency Co.와 SAIC Maxus Automotive Sales & Service Co. 간의 2년 계약을 발표했습니다. 이 파트너십은 중국 SAIC Maxus의 딜러 네트워크에서 자동차 전자 보험 서비스를 개선하는 것을 목표로 하며, SunCar의 전통적인 차량 딜러점으로의 확장을 의미합니다. SAIC Maxus는 SAIC Motor의 자회사로, 중국에서 100개 이상의 직영 판매 딜러를 보유한 선도적인 상업용 차량 제조업체입니다.
협업을 통해 SAIC Maxus는 SunCar의 온라인 플랫폼을 채택하여 전자 보험 프로세스를 현대화할 것입니다. 첫 해 서비스 요금은 1억 RMB(약 1,400만 달러로 추정됩니다). 이 파트너십은 새로운 산업 기준을 설정하고 SunCar의 수익 성장 기회를 창출할 것으로 기대되며, 기존의 신규 에너지 차량 기업, OEM 및 딜러와의 관계를 구축합니다.
SunCar Technology Group Inc. (NASDAQ: SDA) a annoncé un accord de deux ans entre sa filiale, Shengshi Dalian Insurance Agency Co., et SAIC Maxus Automotive Sales & Service Co. Ce partenariat vise à améliorer les services d'assurance automobile en ligne au sein du réseau de concessionnaires de SAIC Maxus en Chine, marquant l'expansion de SunCar vers les concessionnaires de véhicules traditionnels. SAIC Maxus, une filiale de SAIC Motor, est un fabricant de véhicules commerciaux de premier plan en Chine avec plus de 100 concessions de vente directe.
La collaboration verra SAIC Maxus adopter la plateforme en ligne de SunCar, modernisant ses processus d'assurance en ligne. Les frais de service pour la première année sont estimés à 100 millions de RMB (environ 14 millions de dollars américains). Ce partenariat devrait établir de nouvelles normes dans l'industrie et créer des opportunités de croissance des revenus pour SunCar, en s'appuyant sur ses relations existantes avec les entreprises de véhicules à nouvelle énergie, les fabricants d'équipements d'origine (OEM) et les concessionnaires.
SunCar Technology Group Inc. (NASDAQ: SDA) hat eine zweijährige Vereinbarung zwischen seiner Tochtergesellschaft, Shengshi Dalian Insurance Agency Co., und SAIC Maxus Automotive Sales & Service Co. angekündigt. Diese Partnerschaft zielt darauf ab, die Auto-E-Versicherungsdienste im gesamten Händlernetz von SAIC Maxus in China zu verbessern, was SunCars Expansion in traditionelle Fahrzeughändler kennzeichnet. SAIC Maxus, eine Tochtergesellschaft von SAIC Motor, ist ein führender Hersteller von Nutzfahrzeugen in China mit über 100 direkten Verkaufsstätten.
Die Zusammenarbeit wird SAIC Maxus sehen, das SunCars Online-Plattform übernimmt, um die E-Versicherungsprozesse zu modernisieren. Die Servicegebühr für das erste Jahr wird auf 100 Millionen RMB (ca. 14 Millionen USD) geschätzt. Es wird erwartet, dass diese Partnerschaft neue Branchenstandards setzt und Wachstumschancen für den Umsatz von SunCar schafft, basierend auf bestehenden Beziehungen zu Unternehmen für neue Energiefahrzeuge, OEMs und Händlern.
- Two-year agreement with SAIC Maxus, expanding SunCar's reach to traditional vehicle dealerships
- Estimated first-year service fee of 100 million RMB (US$14 million)
- Potential for significant revenue growth through new business model and future collaborations
- None.
Insights
This partnership marks a significant expansion for SunCar Technology, diversifying its client base beyond new energy vehicle manufacturers to include traditional vehicle dealerships. The
However, investors should consider the scalability and sustainability of this business model. While the two-year agreement provides short-term revenue visibility, the long-term success will depend on SunCar's ability to deliver value and potentially expand to other traditional automakers. The move into the traditional vehicle sector could open up a larger market opportunity, but may also face different challenges compared to the new energy vehicle segment.
SunCar's expansion into traditional vehicle dealerships with its cloud-based auto e-insurance platform demonstrates the growing demand for digital solutions in the automotive industry. This move could accelerate the digital transformation of insurance processes in traditional dealerships, potentially leading to improved efficiency and customer experience.
The success of this partnership will likely hinge on the seamless integration of SunCar's technology with SAIC Maxus's existing systems and the adaptability of the platform to meet the specific needs of traditional vehicle insurance. If successful, this could serve as a proof of concept for SunCar to target a broader range of automotive partners, significantly expanding its market reach.
This partnership signals a strategic shift in SunCar's market approach, bridging the gap between new energy and traditional vehicle sectors. By partnering with SAIC Maxus, a subsidiary of SAIC Motor, SunCar gains access to a vast network of over 100 dealerships across China, potentially setting the stage for rapid market penetration.
The collaboration could serve as a catalyst for similar partnerships in the traditional automotive sector, opening up a significantly larger addressable market for SunCar. However, the company may face increased competition from established insurance technology providers already serving this sector. SunCar's success will depend on its ability to demonstrate superior value and adapt its offerings to meet the unique needs of traditional vehicle dealerships and their customers.
Marks Expansion to Traditional Vehicle Dealerships
SAIC Maxus, a wholly-owned subsidiary of SAIC Maxus Automotive Co., Ltd, is one of
Ye Zaichang, Chairman and CEO of SunCar Technology Group commented, "We are excited to collaborate with SAIC Maxus, a leading name in the automotive sector. Our Company has long been committed to expanding our collaboration with traditional fuel vehicle dealerships. The full-scale implementation of our insurance technology services in this partnership represents a significant step forward in digitizing insurance services and enhancing the overall customer experience. We are confident that our innovative solutions will deliver value to SAIC Maxus and its customers, setting new standards in the industry. As this partnership evolves, we expect it to establish a new business model and set a precedent for future collaborations, building on our comprehensive engagement with new energy vehicle companies, OEMs, and dealerships, thereby unlocking substantial opportunities for revenue growth."
About SunCar Technology Group Inc.
Originally founded in 2007, SunCar is transforming the customer journey for auto services and auto insurance in
Contact Information:
SunCar:
Investor Relations: Ms. Hui Jiang
Email: IR@suncartech.com
Legal: Ms. Li Chen
Email: chenli@suncartech.com
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
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SOURCE SunCar Technology Group Inc.
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