Picture this scenario: an automotive brand has released 15 new or updated cars in the last three years, and plans to launch five new vehicles in 2013, resulting in one of the freshest product portfolios in the market. What should be its next move? To help people put the new cars in their driveways, of course!
Unequivocally, we’re referring to Chevrolet: the way in which it will help consumers bring its fresh lineup of cars home in Europe is by completing its fresh lineup with attractive financing offers — a vital step in the brand’s continued efforts to grow in Europe, according to Chevrolet and Cadillac Europe chief Susan Docherty.
So since the beginning of May, Chevrolet Europe has been collaborating with GM Financial — a wholly-owned subsidiary of General Motors Company — to develop and bring to market more attractive financing offers for Chevrolet customers that will be offered under the Chevrolet Financial Services umbrella. In particular, Chevrolet Europe will be working with GM Financial and Chevrolet dealers on implementing the captive finance operations in the markets of Germany, the U.K., Italy, Belgium, The Netherlands, Luxemburg, Sweden, Switzerland, and Austria.
GM Financial is investing a total of 1.7 billion US dollars in European operations, underlining GM’s ongoing commitment to its business in in the region. The move, which follows a similar initiative for Opel (aptly) named Opel Financial Services, “offers opportunities to enhance product offerings and generate incremental sales for Chevrolet”, according to President of International Operations for GM Financial Mark Bole.
The creation of Chevrolet and Opel Financial services is the result of GM Financial’s acquisition of the top-level holding companies that comprise substantially all of Ally Financial’s automotive finance and financial services businesses in Latin America and Europe. In addition, the international operations in France, Brazil, Portugal and China, which are pending certain regulatory and other approvals, are also part of the purchase agreement.
Once the international acquisitions are complete, GM will be in the position to provide financing to customers and dealers in markets that account for roughly 80 percent of GM sales worldwide — thus taking one step closer to closing the loop on operating its own full-service and full-scale captive finance arm.
The GM Authority Take
This is yet another great move by The General to integrate the buying and subsequent ownership experience of its vehicles, this time for Chevrolet in Europe. If anything, The Bow Tie brand needs any and all sales it can get in the region.
However, we should point out that the establishment of the so-called Chevrolet Financial Services is still in the “planning” stages, and has not been rolled out to the market yet. But when it does launch, we’re sure the new financial offerings will make buying a Chevrolet in Europe more attractive (read: cheaper) than ever.