June 21, 2023
Tenet and Solera Auto Finance Partner to Bring Financing to Prime EV Customers
Participating dealerships can now offer their customers direct access to more affordable, EV-specific financing
NEW YORK, New York and IRVING, Texas – (June 21, 2023) – Tenet Energy Inc. (“Tenet”), a leading climate-financing platform, announced today that it has partnered with integrated vehicle financing solutions provider Solera Auto Finance (SAF) to offer prime electric vehicle (EV) financing on its dealership platform. This is the first time that Tenet is offering its unique EV financing experience and benefits to dealerships via the indirect lending model. Participating dealerships throughout California, Colorado, Oregon, Texas, and Washington can now offer more flexible financing options to prime EV borrowers with SAF, powered by Tenet.
“EV consumers demand a car shopping experience distinct from what dealerships have traditionally offered, and dealers need better resources to confidently answer their customers’ EV-related questions,” said Alex Liegl, CEO of Tenet. “In just the past year, EV adoption reached the 5 percent tipping point that analysts say indicates mainstream demand; at the same time, the market for used EVs grew 45 percent. Above all else, consumers want a simple solution that offers affordable financing options for EVs and home chargers, and that takes into account all eligible tax credits. By equipping dealerships with the right financial tools, our partnership with Solera Auto Finance helps dealers navigate this changing landscape and offer differentiated, more attractive lending options designed specifically to better meet the needs of their EV customers.”
Through this partnership, participating dealerships will be able to offer customers access to Tenet’s unique EV financing options, which take into consideration attributes such as government tax credits, software updates, and battery residual value at the point of sale. Better, more affordable financing rates open the door to a greater number of potential EV buyers, helping overcome restrictive cost-related barriers and confusing government incentives that limit the pace of EV adoption.
Dealers can also now offer home charger purchase and installation as a back-end product, financing it as a part of the auto loan. Car buyers that finance with Tenet also gain access to its “EV Insights” dashboard, which provides customers with information related to cost-of-ownership savings, carbon emissions reductions, and other EV-only benefits.
“The demand for greater access to EVs has been steadily growing from both our dealers and their customers,” said Kenn Wardle, CEO of Solera Auto Finance. “With the help of Tenet’s platform, we are able to equip our dealerships with the competitive advantage of offering EV-specific financing that takes into full account the unique value these vehicles bring. We’re thrilled at the opportunity to simplify the process for customers to buy the cars they want, with the confidence that they have access to attractive rates.”
Steve Simpkins, Finance Director of Peak Kia Colorado Springs, a Solera Auto Finance customer, agrees: “A dedicated EV program that makes the monthly payments affordable to more borrowers is exactly what the market needs.”
California, Colorado, Oregon, Texas, and Washington maintain some of the highest EV adoption rates in the United States, ranging from nearly 40,000 EV registrations in Colorado to more than 550,000 in California. Tenet’s partnership with SAF will provide a greater number of car dealerships in these states with the necessary financing options needed to attract more buyers, sell more EVs, and help to advance their state’s climate goals.
Tenet makes it easier than ever to finance renewable energy products, starting with EVs. Through its innovative, climate-focused financial ecosystem designed to accelerate the mainstream adoption of electrification technologies, Tenet leverages the unique attributes of EVs, chargers, and battery storage, among other technologies, to offer lower monthly payments for consumers and businesses. Tenet connects EV drivers and fleet owners with better loan terms from sustainability-focused financial institutions, conveniently through the company’s website or dashboard, as well as through its partners’ platforms. For more information, visit www.tenet.com. Join the conversation on: Twitter, Facebook, LinkedIn, Instagram, and TikTok.
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About Solera Auto Finance
Solera Auto Finance offers franchise and independent dealers a competitive edge with its AI-driven platform, optimizing the funding process and quickly providing financing for new and used car buyers. Using Solera’s powerful data-driven approach, Solera Auto Finance helps grow back-end gross profit, increase deal speed, and reduce risk for dealers. Launched in 2022, Solera Auto Finance works with franchise and independent dealers in over 30 states, with plans to be operational throughout the United States by 2023. For more information, visit https://www.soleraautofinance.com.