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July 17, 2023

Tenet and Solera partner to bring better financing options to EV customers

Tenet Energy Inc. 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% tipping point that analysts say indicates mainstream demand; at the same time, the market for used EVs grew 45%. 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.”

Tenet is on a mission to help customers electrify their lives starting with their vehicles. The company believes that transportation has the biggest impact on the planet. While there has been tremendous innovation in improving vehicle technology, execs believe there is room for improvement in how they are purchased. Traditional auto financing options don’t account for the long-term value that EVs retain, resulting in high monthly payments that create confusion between the smart financial decision and the sustainable one.

Tenet is focused on ushering in a new era that puts carbon-free emissions within reach for almost every new car buyer. Its financing is designed to save customers hundreds of dollars every month, track carbon emission savings and vehicle performance, and help achieve sustainability goals.

“Affordability has become the biggest hurdle to EV adoption,” added Liegl. “We are empowering the climate goals of our customers and making EV ownership more accessible to everyone.”

The SAF partnership enables participating dealerships to offer customers access to Tenet’s EV financing options, which take into consideration attributes such as government tax credits, software updates, and battery residual value at the point of sale. In addition, the 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 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 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.”

California, Colorado, Oregon, Texas, and Washington have some of the highest EV adoption rates in the U.S., ranging from around 37,000 EV registrations in Colorado to more than 560,000 in California. Tenet’s partnership with SAF will provide a greater number of car dealerships in these states with the financing options needed to attract more buyers, sell more EVs, and help to advance their state’s climate goals.

The SAF announcement follows one from Tenet earlier this month regarding the availability of EV business loans for qualifying New York-based businesses on car-sharing platforms such as Getaround. Qualifying businesses or “hosts” can finance up to six EVs with Tenet and take advantage of low monthly rates and a deferred down payment option.

“Typical business loans aren’t designed for individuals using car-sharing platforms as an income source, and many hosts don’t want their personal credit reports showing multiple car loans since it might hurt their credit scores,” said Liegl. “With support from NY Green Bank, we’re pleased to start offering Tenet’s EV-specific loans to New York business owners who want to lower their operating costs while reducing their carbon footprint through fleet electrification.”

Tenet’s financing solutions are designed to accelerate the mainstream adoption of EVs by bringing down the overall cost of ownership. By taking advantage of unique EV attributes and partnering with climate-forward lenders, Tenet is able to offer highly competitive terms, with market rates for business fleet financing ranging from 8.5-16% with maximum term lengths of 84 months. Tenet helps keep monthly payments low by letting hosts defer up to 20% of their down payment until the last month of their terms, allowing them to pay down the remaining balance using the U.S. Inflation Reduction Act tax credit.