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.
Alexandre Sorel, CEO of Opel Vauxhall Finance, said: “Our plan provides a clear roadmap to increase efficiency and to contribute to Opel/Vauxhall performance across all channels.
“Our agile and ambitious team is fully committed to meeting the mobility needs of its customers across Europe, while sustaining and developing the Opel and Vauxhall brands through competitive automotive finance solutions.”
To encourage growth in commercial vehicle business, OVF will offer full-service leasing for fleet customers in Germany in 2018 through Opel Bank.
Other markets, including Austria, France Italy and the UK, will also benefit from new B2B finance initiatives.
The move will support the Opel/Vauxhall goal to increase its light commercial vehicle sales by 25% by 2020 compared to 2017, with attractive finance products for commercial customers a key part of meeting its aims.
Mobility packages that combine leasing, insurance and service products are additional strategic growth elements for OVF.
These will help to increase customer loyalty for both the finance company and the automotive brand.
While these product bundles are already available in some countries, the objective is to launch them in all OVF markets, boosting Opel and Vauxhall sales through joint marketing campaigns.
As well as broadening the product portfolio in existing markets, OVF also plans to enter new markets.
This includes Spain, one of fastest growing automotive markets in Europe with more than 1.2 million new car registrations in 2017.
In the long term, OVF plans to expand its geographical footprint to 90% of Opel/Vauxhall’s European markets.
Banque PSA Finance and BNP Paribas Personal Finance will play a key role in supporting the financial growth plan, it said, particularly through stable and competitive costs of funding from BNP Paribas and access to the systems and expertise of both partners.
In total, 150 employees from different functions and countries were involved in the design of the plan.
Michael Lohscheller, CEO of Opel Automobile GmbH, said: “Having a strong and customer-oriented captive organisation like Opel Vauxhall Finance is an important element for our sustainable future. The initiatives presented today will be a valuable performance booster for our brands.”
PSA Group and BNP Paribas completed their joint acquisition of the financial operations of Opel and Vauxhall last year following the acquisition of GM by Groupe PSA.
The new organisation, which represents around €9.6 billion in total financing, will support 1,800 Opel and Vauxhall dealers across 11 European countries, providing auto financing products that include consumer loans, leasing and service contracts, as well as dealer financing and insurance.
Caption: Opel CEO Michael Lohscheller and Alexandre Sorel, CEO of Opel Vauxhall Finance (right)
