Yahoo Finance Synchrony (SYF) Launches Outdoors Credit Card for Powersports
Synchrony Financial’s SYF new Outdoors Credit Card will help powersports enthusiasts to finance aftermarket purchases. The card will be available to more than 5,000 dealers in powersports space in the United States. The launch aims to provide financing to powersports fans for purchasing products like parts, accessories, garments and services in an easy and affordable manner.
As SYF ventures into the aftermarket powersports products space, dealers and consumers benefit from this move. Per recent research by Synchrony, around 66.7% of the total dealers believed that a financing option for aftermarket purchases could help boost their sales. Hence, dealers would experience customer retention through increased loyalty, new customers and higher sales. Customers would also experience a safe and enjoyable riding journey when a promotional finance option is available.
The new Outdoors Credit Card will not only increase lifestyle’s contribution to total interest and fees for SYF, which stood at 5% in 2022, but also increase market penetration and further enhance Synchrony’s value proposition. Synchrony is well prepared to leverage the growing powersports market, which is expected to cross $131 billion by 2028.
The Synchrony Outdoors Credit Card would benefit from the omni-channel technology the company possesses, by which it can offer and deliver instantly using its multiple channels such as in-store, online and mobile.
The new credit card would provide six months of promotional financing on purchases of a minimum of $199. Synchrony’s digital capabilities would also help customers make convenient monthly payments with no annual fee, along with easy handling of their accounts online. Multiple options like With Payments, Deferred Interest and Fix Pay would help meet people’s budgets and requirements.
This initiative would help Synchrony solidify its position in the powersports space. It would further add to Synchrony’s existing offerings, like CareCredit, Synchrony Home and Synchrony Car Care.
Price Performance
Shares of Synchrony Financial have gained 1.1% year to date compared with the industry’srise of 9.5%.
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Zacks Rank & Key Picks
Synchrony Financial currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the same industry are Euronet Worldwide EEFT, Axos Financial AX and StoneX Group SNEX.All these companies carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The bottom line of Euronet Worldwide outpaced estimates in three of the trailing four quarters, while it missed in one, the average surprise being 7.1%.
The Zacks Consensus Estimate for EEFT’s 2023 earnings suggests an improvement of 15.5%, while the same for revenues indicates growth of 9.2% from the corresponding year-ago reported figures. The consensus mark for EEFT’s 2023 earnings has moved 2.5% north in the past 30 days.
Axos Financial’s bottom line outpaced estimates in each of the trailing four quarters. The average of earnings surprises is 8.1%.
The Zacks Consensus Estimate for AX’s 2023 earnings indicates a 15.1% rise, while the same for revenues suggests 22.6% growth from the respective prior-year reported figures.
The bottom line of StoneX Group outpaced the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 45%. The consensus mark for SNEX’s 2023 earnings has moved 16.6% north in the past 30 days.
The Zacks Consensus Estimate for SNEX’s 2023 earnings indicates a 5.7% rise, while the same for revenues suggests 32.7% growth from the respective prior-year reported figures.
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Euronet Worldwide, Inc. (EEFT) : Free Stock Analysis Report
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StoneX Group Inc. (SNEX) : Free Stock Analysis Report
