SunCar Secures $1.93M Contract with China Construction Bank Hunan, Expanding National Banking Partnerships
NEW YORK, Feb. 20, 2025 /PRNewswire/ -- SunCar Technology Group Inc. ("SunCar" or the "Company") (NASDAQ:SDA), an innovative leader in auto e-insurance and cloud-based B2B auto services in China, today announced it has secured an RMB 14 million (US$1.93 million) contract to operate China Construction Bank's (CCB) car wash program in Hunan province. The two-year agreement runs through December 2026 and builds on SunCar's existing CCB partnerships in Fujian and Yunnan provinces.
Under the contract, SunCar will provide exclusive car wash services to CCB Hunan's Long Card members through its network of service locations. The program furthers SunCar's successful implementation in Yunnan province, where the Company has integrated its digital platform with CCB's banking services to streamline the customer experience.
This latest win advances SunCar's transformation from a traditional benefits provider to what it terms an "automotive ecosystem operator" – combining banking services, digital payments, and physical car care locations into a unified platform.
"The Hunan contract demonstrates our ability to scale our banking partnerships nationwide," said Ye Zaichang, CEO of SunCar Technology. "By connecting CCB's massive customer base with our service network, we're creating a new standard for integrated services."
About SunCar Technology Group Inc.
Founded in 2007, SunCar is transforming the customer journey for auto services and auto insurance in China, the largest passenger vehicle market in the world. SunCar develops and operates cloud-based platforms that seamlessly connect drivers with a wide range of auto services and insurance coverage options through a nationwide network of sales partners. As a result, SunCar has established itself as the leader in China in the B2B auto services market and the auto eInsurance market for electric vehicles. The Company's intelligent cloud platform empowers its enterprise clients to access and manage their customer database and offerings optimally, and drivers gain access to hundreds of services from tens of thousands of independent providers in a single application. For more information, please visit: https://suncartech.com.
Forward-Looking Statements
This press release contains information about the Company's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company encourages you to review other factors that may affect its future results in the Company's annual reports and in its other filings with the Securities and Exchange Commission.
Contact Information:
SunCar:
Investor Relations: Ms. Hui Jiang
Email: [email protected]
Legal: Ms. Li Chen
Email: [email protected]
U.S. Investor Relations
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: [email protected]
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SOURCE SunCar Technology Group Inc.