Lotus selects Stripe as exclusive payments partner for direct-to-consumer sales strategy
Stripe, a financial infrastructure platform for businesses, today announced that it has been selected by Lotus as an exclusive payments partner for the automaker’s direct-to-consumer sales strategy across mainland Europe.
The partnership will kick off with sales of the Eletre, Lotus’s first mainstream electric vehicle and the world’s first electric hyper-SUV.
The direct-to-consumer sales model allows Lotus to build cars to customers’ specifications, reducing the need for retailers to carry high levels of unsold stock and accrue monthly interest charges. Adopting this strategy allows Lotus to own the complete sales cycle, from order to delivery, and offer a more engaging, holistic customer experience.
In the past, the financial architecture to support direct-to-consumer car sales was limited and fragmented. Now, Lotus is using Stripe’s payments platform and Stripe Identity to make it possible for consumers to configure, order, and pay for cars online, starting with the Eletre, while also choosing their preferred agency from the Lotus network to facilitate the handover. These Lotus Centres will also provide service and after-sales support throughout the ownership lifecycle.
Lotus launched direct sales in the UK with Lotus Emira sports car last year, and attracted significant interest from customers. With orders for the Eletre now open, Lotus expects its online payments volume in 2023 to increase significantly, establishing the company as a significant player in direct-to-consumer automotive retail.
By partnering with Stripe, Lotus will be able to offer customers payment options such as Apple Pay, Google Pay, and bank transfers, with the flexibility to add more payment methods as the company scales its direct-to-consumer sales model.
“Lotus is a truly iconic British brand that is updating its business model to meet changing consumer preferences. We’re incredibly excited to help Lotus build a new way to sell to its customers—starting with its first ever mainstream electric vehicle,” said Eileen O’Mara, head of global sales at Stripe.