RCI Bank and Services breaks record as auto finance exceeds €20bn

RCI Bank and Services financed more than 1.7 million vehicles last year as demand leapt 13.2% compared to 2016. It wrote 1,771,000 new financing contracts worth €20.6 billion for new and used vehicles during the year, with an average penetration rate of 42.6%. Group pre-tax income rose 18.1% year-on-year to €1.077 billion, supported by reduced operating costs. RCI Bank and Services is the commercial identity of RCI Banque.

RCI Bank and Services breaks record as auto finance exceeds €20bn

Feb 21, 2018

RCI Bank and Services financed more than 1.7 million vehicles last year as demand leapt 13.2% compared to 2016. It wrote 1,771,000 new financing contracts worth €20.6 billion for new and used vehicles during the year, with an average penetration rate of 42.6%. Group pre-tax income rose 18.1% year-on-year to €1.077 billion, supported by reduced operating costs. RCI Bank and Services is the commercial identity of RCI Banque.

Opel Vauxhall Finance targets market share increase of 50% in two years

Opel Vauxhall Finance has launched its strategic plan for growth following its acquisition by BNP Paribas and Groupe PSA. Under the plan, the captive finance organisation aims to finance every third Opel vehicle by 2020, a 50% increase compared to 2017. Opel Vauxhall Finance (OVF), the automotive finance organisation of Opel and Vauxhall, trades under brands including Opel Bank, Opel Financial Services and Vauxhall Finance. It will focus on launching new automotive finance solutions across Europe as well as expanding into new customer segments and markets.

Opel Vauxhall Finance targets market share increase of 50% in two years

Feb 21, 2018

Opel Vauxhall Finance has launched its strategic plan for growth following its acquisition by BNP Paribas and Groupe PSA. Under the plan, the captive finance organisation aims to finance every third Opel vehicle by 2020, a 50% increase compared to 2017. Opel Vauxhall Finance (OVF), the automotive finance organisation of Opel and Vauxhall, trades under brands including Opel Bank, Opel Financial Services and Vauxhall Finance. It will focus on launching new automotive finance solutions across Europe as well as expanding into new customer segments and markets.

Iveco and BNP Paribas Leasing Solutions launch green finance scheme

Commercial vehicle giant Iveco and BNP Paribas Leasing Solutions have joined forces to launch a green finance scheme that encourages the introduction of more environmentally-friendly vehicles. Under the scheme, preferential financing conditions will be offered to purchasers of Iveco vehicles that feature its Natural Power technology. This includes models that run on compressed natural gas, liquefied natural gas, bio-methane, electric vehicles or advanced diesels that are compliant with the most stringent Euro 6 RDE 2020 regulations.

Iveco and BNP Paribas Leasing Solutions launch green finance scheme

Feb 09, 2018

Commercial vehicle giant Iveco and BNP Paribas Leasing Solutions have joined forces to launch a green finance scheme that encourages the introduction of more environmentally-friendly vehicles. Under the scheme, preferential financing conditions will be offered to purchasers of Iveco vehicles that feature its Natural Power technology. This includes models that run on compressed natural gas, liquefied natural gas, bio-methane, electric vehicles or advanced diesels that are compliant with the most stringent Euro 6 RDE 2020 regulations.

EMEA

New car ownership in reverse as leasing overtakes hire purchase

Feb 08, 2018

Consumers in the UK are turning their back on hire purchase in increasing numbers as they opt for personal leasing instead, according to new research. Vehicle marketplace ContractHireAndLeasing.com found the value of hire purchase agreements fell 9.8% in the 12 months to November 2017. Its annual personal leasing report found that personal contract hire demand grew 12.7% over the same period, meaning it overtook hire purchase as the second most popular form of new car finance with a market share of 9.2% in 2017.

Americas

Santander Consumer invests in AutoFi

Feb 20, 2018

Santander Consumer USA has poined the panel of lenders for automotive fintech startup AutoFi. In addition, Santander’s fintech venture fund is to invest in the digital business, which connects dealers, consumers and lenders, allowing buyers to lease or purchase a new or used car through a dealership's website whether they shop online, in the dealership or both. AutoFi's network of lenders provides consumers with a range of real-time financing options and allows the customization of their financing terms.