SunCar Technology Group Inc. (NASDAQ: SDA)

SunCar Technology Group Inc. is a leading provider of cloud‑based, AI‑powered auto eInsurance services, integrated auto services, and technology solutions in China. The company operates a digital platform that connects enterprise customers, insurance companies, auto service providers, and end‑users to facilitate insurance sales, after‑sales services, and software offerings. Its core activities include intermediating auto insurance policies underwritten by major Chinese insurers, delivering customized service packages to corporate loyalty programs, and monetizing proprietary online tools as a SaaS business. By leveraging a hybrid cloud infrastructure and artificial intelligence, SunCar enables real‑time quotation, policy issuance, and service dispatch across its nationwide network.

The company generates revenue primarily through three streams. First, it earns commissions from insurance companies for each auto insurance policy sold via its platform, with commissions typically calculated as a percentage of the premium paid by the policyholder. Second, it collects service fees from enterprise customers for providing customized auto service solutions, such as maintenance, roadside assistance, and concierge services, delivered through its network of third‑party providers. Third, it derives revenue from its technology business by charging auto service providers and insurance partners for access to its online management tools, CRM systems, and SaaS‑based software subscriptions. For the fiscal year ended December 31 2025, total revenue amounted to $489.3 million, of which $54 million was contributed by the technology services segment.

SunCar Technology Group Inc. operates through the following segments: Auto eInsurance, Auto Services, and Technology.

• Auto eInsurance: This segment intermediates statutory and commercial auto insurance policies offered by 35 major insurance company groups in China, including the top 10 groups that hold over 90 % of the market share, and earns commissions based on a percentage of the premiums paid by policyholders.

• Auto Services: This segment provides customized integrated auto service solutions to enterprise customers, encompassing over 300 service types such as car wash, oil change, tire repair, designated driver, roadside assistance, and VIP lounge services, delivered via a network of more than 48,000 third‑party auto service providers.

• Technology: This segment monetizes the company’s proprietary digital tools, including customer relationship management, order management, finance management, and visual analysis systems, by offering them as paid technology services and SaaS subscriptions to auto service providers, insurance sales partners, and external enterprise clients.

SunCar holds a leading position in China’s fragmented auto eInsurance and integrated auto service markets, distinguished by its extensive distribution network of over 64,000 external sales partners and more than 48,000 service providers, as well as strategic alliances with the top 10 insurance company groups and leading EV manufacturers such as Tesla, Xiaomi, NIO, Li Auto, XPeng, Zeekr, Leapmotor, SAIC, and Huawei. Competitive advantages include its AI‑driven underwriting and recommendation engine, a hybrid cloud platform ensuring data security and scalability, and a plug‑and‑play integration model that reduces implementation time for enterprise clients to under two weeks. While numerous online insurance intermediaries and regional auto service providers exist, SunCar’s scale, technology infrastructure, and OEM partnerships create barriers to entry and reinforce its market leadership.

The company serves a diverse customer base that includes major state‑owned banks such as the Bank of China, Industrial and Commercial Bank of China, China Merchants Bank, China Construction Bank, Agricultural Bank of China, Bank of Communications, China CITIC Bank, and Shanghai Rural Commercial Bank; leading insurance companies including PICC, Ping An, Pacific Insurance (CPIC), Taiping, and Dadi; prominent EV and smart car manufacturers such as Tesla, Xiaomi, NIO, Li Auto, XPeng, Zeekr, Leapmotor, SAIC Motor, Seres, AVATR, and Huawei; as well as corporate partners like Walmart China, Visa, and China UnionPay. In total, SunCar maintained relationships with over 1,520 enterprise customers across various sectors by the end of 2025.