Company: SDAWW
Filing Date: 2025-02-06
Form Type: 424B5
Source: 0001213900-25-010989
Chunk: 80

Company: SunCar Technology Group Inc.
Filing Date: 2025-02-06
Form: 424B5
Chunk 80
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This summary highlights selected information from this prospectus, including information incorporated by reference in this prospectus, and does not contain all of the information that you need to consider in making your investment decision. You should carefully read this entire prospectus (as supplemented or amended), including its consolidated financial statements, notes to the consolidated financial statements and other information incorporated by reference in this prospectus from SunCar’s other filings with the SEC, before making an investment decision. For additional information, see the section “Where You Can Find More Information”.

Overview

We are a leading cloud-based provider of digitalized
enterprise auto services and auto eInsurance service in China. For the years ended December 31, 2022 and 2023, we generated revenue of
$282.4 million and $363.7 million, respectively. Building on our leading position in both of these segments and the synergies between
them, we offer one-stop, fully digitalized, on-demand automotive service systems to help our enterprise clients build up their customer
base and serve their end customers.

According to the management, there are many small
and local competitors in different places in China but we face four major competitors in our auto insurance business for NEVs as Cheche
Insurance Sales Service Co., Ltd., PengCheng Insurance Agency Co., Ltd, Hebei Meilian Insurance Agent Co., Ltd., and Ant Insurance
Agency Co., Ltd. And we also face four major competitors in our auto business as TUHU Car Inc., Harson Group, Bosch Automotive Aftermarket
(China) Co., Ltd. and Beijing Qiguanghang Information Technology Co., Ltd.

Since our inception in 2007, we have amassed ample
experience in perceiving and serving the expanding needs of China’s automobile owners. Rising with the increasing prevalence of
the mobile internet in China, we introduced online apps for our insurance and auto business in 2014 and 2015, respectively. We have built
comprehensive digital systems for both of our auto service and our auto eInsurance business segments, centered on our multi-tenant, cloud-based
platform which empowers our clients and service providers to optimally access and manage the types of services and insurance they desire.

We operate our auto services business through
offering customized service solutions to our enterprise clients (“auto service partners”), who are major banks, insurance
companies, telecommunication companies, new energy vehicle (or NEV) original equipment manufacturers (OEMs) or any client who have end
customers demanding automotive services.