Mercedes, BMW sell car sharing business to Stellantis

Mercedes-Benz and BMW have sold their joint venture car sharing company ShareNow to Stellantis, which has signalled its intention to position itself as a leading global mobility player via its Free2Move brand. The acquisition, for an unclosed sum, adds 14 major European cities and 10,000 vehicles to Free2move’s existing car sharing fleet of 2,500 vehicles. Following the acquisition, Free2move will add more than 3.4 million customers to its 2 million users.

Mercedes, BMW sell car sharing business to Stellantis

May 04, 2022

Mercedes-Benz and BMW have sold their joint venture car sharing company ShareNow to Stellantis, which has signalled its intention to position itself as a leading global mobility player via its Free2Move brand. The acquisition, for an unclosed sum, adds 14 major European cities and 10,000 vehicles to Free2move’s existing car sharing fleet of 2,500 vehicles. Following the acquisition, Free2move will add more than 3.4 million customers to its 2 million users.

Volvo Cars Tech Fund invests in online marketplace Carwow

Volvo Cars has taken a strategic minority stake in online auto marketplace Carwow through the Volvo Cars Tech Fund, its venture capital arm. The manufacturer said its aim was to gain insights in areas such as online sales, customer acquisition and content creation, which will help its shift towards online and direct customer relationships. Its online sales strategy is based on changing consumer behaviours and industry trends, in combination with its ambition to be a leading pure electric car brand by 2030.

Volvo Cars Tech Fund invests in online marketplace Carwow

Apr 29, 2022

Volvo Cars has taken a strategic minority stake in online auto marketplace Carwow through the Volvo Cars Tech Fund, its venture capital arm. The manufacturer said its aim was to gain insights in areas such as online sales, customer acquisition and content creation, which will help its shift towards online and direct customer relationships. Its online sales strategy is based on changing consumer behaviours and industry trends, in combination with its ambition to be a leading pure electric car brand by 2030.

“World first” air mobility as a service trial in Coventry

UK start-up Urban-Air Port is showcasing the future potential of air taxis and autonomous delivery drones in a month-long trial at a specially constructed hub in Coventry. The ground infrastructure developer is working in partnership with Supernal, the company which has evolved from Hyundai Motor Group’s urban air mobility division. Hyundai is developing a family of electric air vehicles and convening public and private stakeholders in a bid to gain a share of the emerging advanced air mobility (AAM) industry, with plans to launch its first commercial flight in 2028.

“World first” air mobility as a service trial in Coventry

Apr 26, 2022

UK start-up Urban-Air Port is showcasing the future potential of air taxis and autonomous delivery drones in a month-long trial at a specially constructed hub in Coventry. The ground infrastructure developer is working in partnership with Supernal, the company which has evolved from Hyundai Motor Group’s urban air mobility division. Hyundai is developing a family of electric air vehicles and convening public and private stakeholders in a bid to gain a share of the emerging advanced air mobility (AAM) industry, with plans to launch its first commercial flight in 2028.

EMEA

Carwow sees consumer demand for lease deals soar

Apr 12, 2022

Carwow has reported a 44% year-on-year increase in leasing enquiries last year, while the company’s lease partners have indicated that there was a 50% increase in the proportion of those enquiries that converted to a sale. The online marketplace said UK lease enquiries as a share of all new car leads grew by 325% between 2018 and 2021. Carwow identifies the rise in lease enquiries is part of a longer-term trend, with leasing enquiries up by 182% since the start of 2018, driving a 500% n increase in revenue for its lease division over the same period.

Americas

Stellantis to set up US auto finance captive with First Investors acquisition

Sep 03, 2021

Dutch-owned Stellantis is to pay approximately $285 million to acquire Houston-based First Investors Financial Services Group as the first step in creating a US-based finance arm. The company, formed at the beginning of the year from the merger of FCA and PSA, is the only major OEM currently operating in the US without a captive auto finance company.

Asia Pacific

Toyota Finance New Zealand partners with Ephesoft on digital transformation initiative

Jan 28, 2020

Toyota Financial Services New Zealand (TFNZ) has partnered with Ephesoft to drive its automotive loan application and settlement processing. TFNZ will use Ephesoft’s Transact software within its loan operations team to automate the classification and processing of key forms and documents. The Transact platform uses artificial intelligence, machine learning and cloud-based services to automate document processing and will integrate with the finance company’s existing loan origination system.