- SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ:SDA), an innovative leader in digitalized automotive after-sales services and online auto insurance intermediation in China, today announced a two-year exclusive vehicle service contract with the Fujian Branch of China Construction Bank, one of the most prestigious financial institutions in China. SunCar expects to derive cumulative revenue from the contract valued at approximately RMB 25 million, or USD 3.5 million.
Following a competitive bidding process, SunCar was selected as the exclusive provider of vehicle services for the customers of China Construction Bank's Fujian Branch. This win underscores SunCar's trusted reputation in the industry and position as the leading choice for after-sales car services in China. SunCar's extensive network of 460 car wash locations across Fujian allows the Company to offer an unparalleled car wash experience to tens of thousands of China Construction Bank customers, ensuring their vehicles are cared for with the utmost professionalism.
SunCar is keen to extend its service offering to more banks and regions, having already reached or renewed agreements with China Minsheng Banking Corp., Ltd., Bank of Communications Limited (BoComm), China CITIC Bank, and Agricultural Bank of China over the past year.
Mr. YE Zaichang, Chairman and CEO of SunCar, commented, "SunCar is excited about this exclusive collaboration with China Construction Bank. This partnership not only reflects our shared values of excellence and customer satisfaction but also opens avenues for future ventures and opportunities. We are eager to provide exceptional automotive services to our valued clients and setting new benchmarks in our industry."