Fiat Group
Automobiles Financial Services (FGAFS) and Jaguar Land Rover
announced today they signed an agreement for a cooperation
in auto financing in Europe.
Under the
agreement, FGAFS, which is a 50%-50% joint venture between
Fiat Group Automobiles and Crédit Agricole Group, will
progressively take on all Jaguar Land Rover’s financing
activities in ten Europe affiliates, covering retail auto
financing and dealer financing. It is expected that the
transition period will be finished by June 2009. The
agreement replaces the previous arrangement with Ford, whose
financial arm previously provided support to Jaguar and Land
Rover.
FGAFS was chosen by
Jaguar Land Rover after a rigorous selection process,
involving ten potential providers, for its expertise in
automotive financing and its ability to offer Jaguar and
Land Rover branded products with competitive terms to
customers and dealers. Crédit Agricole Group will provide
the funding to FGAFS.
Fiat Group
Automobiles Financial Services
Fiat Group
Automobiles Financial Services (FGAFS) has been created in
December 2006, continuing financial services activities to
Fiat Group Automobiles’ brands which were originally set up
in 1925. It finances dealers and more than 30% of 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 euros.
Jaguar Land
Rover
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 169 countries and 70 percent of Jaguars exported to 63
countries, with sales to customers conducted principally
through franchised dealers and importers.
