NEW
YORK, March 7, 2024 /PRNewswire/ -- SunCar
Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), an
innovative leader in digitalized auto
services and auto e-insurance in China, recently presented at the
Citizens JMP Securities Technology Conference, providing an
overview of the Company's progress and strategic direction since
becoming the first China-based
company in the automotive services
industry to be listed on Nasdaq. With 16 years of industry
leadership, SunCar has established itself as the leading digital B2B auto service and auto e-insurance platform in
China. Participating on behalf of Suncar was Mr. Ye
Zaichang, CEO and Chairman of Suncar, Mr Stanley.Yang, Chief
Strategy Officer, and Ms Jennifer
Jiang, Investor Relations Director.
During the presentation, management outlined its impressive
growth trajectory, highlighting its dominant position in a market
with significant size – $120 billion for
auto insurance premiums and $20
billion for B2B auto services in China. SunCar has achieved consistent and fast
growth over the last 9 years with a compound annual growth rate
(CAGR) of 33%. During COVID-19, the Company grew its revenue to
US$317 million with a CAGR of 17%
from 2021 to the trailing twelve months (LTM) ended June 30, 2023. SunCar's growth has rebounded post
COVID and the first half of 2023 has witnessed a 28% year-over-year
(YoY) growth.
SunCar's B2B auto services business has
demonstrated remarkable resilience despite industry challenges. The
revenue has grown by a CAGR of 8% to $208
million from 2021 to LTM June
2023 during COVID-19. The asset-light and scalable
business model, supported by a vast supplier network of over 46,000
suppliers in more than 350 cities, has led to a strong revenue
performance. The Company serves a diverse
base of enterprise clients nationwide, which include top banks and
insurance companies in China.
SunCar's auto e-insurance business has
grown rapidly with total revenue growing at a CAGR of 47% to
US$ 109 million from 2021 to LTM
June 2023. The first half of 2023 has
seen a strong 74% revenue growth year over year. The company offers
auto e-insurance through its 62,000+ sales partners and auto
manufacturer relationships. The company has seen significant growth
in the new cars and new electric vehichles (NEV) insurance segment
over the last two years powered by extensive partnerships with NEV
manufacturers.
The presentation also detailed SunCar's effective business
model and growth strategy. SunCar aims to
expand service offerings, grow regionally and internationally, and
explore potential M&A opportunities to solidify its market
position.
In closing, SunCar reiterated its commitment to leveraging its
technological prowess and strategic partnerships to foster growth
in the evolving auto service and auto
insurance industries. The Company's forward-looking
strategies, innovative platform, and robust market presence
position SunCar for sustained growth and leadership in China's auto services
and auto insurance sectors.
A webcast of the presentation can be accessed at
https://wsw.com/webcast/jmp62/sdaww/1831130.
About SunCar Technology Group Inc.
Originally 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 online platforms that
seamlessly connect drivers with a wide range of auto services and insurance coverage options
through a nationwide network of provider partners. As a result,
SunCar has established itself as the leader in China in the B2B auto
services market and the auto
insurance market for electric vehicles. The Company's
multi-tenant, cloud-based 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.
Contact Information:
SunCar:
Investor
Relations: Ms. Hui Jiang
Email: IR@suncartech.com
Legal: Ms. Li Chen
Email: chenli@suncartech.com
U.S. Investor Relations
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
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SOURCE SunCar Technology Group Inc.