Industry News
Jaguar Land Rover Selects FGAFS as exclusive European financing partner
30th July 2008
Jaguar Land Rover has selected Fiat Group Automobiles Financial Services (FGAFS) to be its exclusive partner in the main European markets, providing a full range of automotive financial services for its dealers and customers. FGAFS will provide funding capabilities at competitive costs while at the same time giving Jaguar Land Rover the required geographical coverage and specialised automotive expertise. The agreement will gradually replace the arrangement with Ford, whose financial arm provided support during the Ford ownership of Jaguar Land Rover.
Under the arrangement, FGAFS, which is a 50%-50% joint venture between the bank, Crédit Agricole Group and Fiat Group Automobiles, will start taking on all Jaguar Land Rover’s financing activities in the 10 Europe affiliates from February next year, with the transition being completed by June 2009.
Jaguar Land Rover chose FGAFS after a competitive process that attracted a number of bidders. FGAFS will be able to offer Jaguar or Land Rover branded products with competitive terms to customers and dealers. Crédit Agricole, which will provide the funding to FGAFS, is an internationally renowned bank with a strong credit rating.
Notes for editors:
Jaguar Land Rover is a business built around two great British car brands that design, engineer and manufacture in the UK. Jaguar Cars Limited, founded in 1922, is one of the world’s premier manufacturers of luxury saloons and sports cars. Since 1948 Land Rover has been manufacturing authentic 4x4s that define 'breadth of capability' in their segments. The Jaguar XF, XJ and XK models are manufactured at the company's Castle Bromwich plant in Birmingham, while the Jaguar X-TYPE is produced alongside the Land Rover Freelander 2 at the Halewood plant in Liverpool. Land Rover's Defender, Discovery 3, Range Rover Sport and Range Rover models are all built at the Solihull plant. The Jaguar Land Rover business employs some 16,000 people, predominately in the UK, including some 3,500 engineers at two product development centres in Whitley, Coventry and Gaydon, Warwickshire. The business is a major wealth generator for the UK with 78 percent of Land Rovers exported to 164 countries and 70 percent of Jaguars exported to 63 countries, with sales to customers conducted principally through franchised dealers and importers.
Fiat Group Automobiles Financial Services was created in December 2006, continuing financial services activities to all brands of Fiat Group Automobiles, which were originally established in 1925. It finances the dealers and more than 30% of the total retail sales. It is present in 13 countries in Europe and manages, with 1,800 employees, a total portfolio of more than €15 billion.
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