BMW to enter auto financing, insurance by mid-2010
The German luxury carmarker today said it will invest $50 million (about Rs 230 crore) to set up a financial services subsidiary to better serve its customers besides industry as a whole. - BMW beats Mercedes in luxury stakes - Mercedes India sales decline over 10% - Putting style - Out at sea - BS Motoring Jury Award 2010: Tata Nano - E-asy rider “By mid-2010 the BMW Group will introduce BMW Financial Services India as a 100 per cent subsidiary, which will be headquartered in Gurgaon," BMW India President Peter Kronschnabl told reporters at the 10th Auto Expo here today. The non-banking financial company would do wholesale and retail of car financing as well as provide insurance solution to BMW car owners, he said. The company also said it is planning to invest around $50 million in the NBFC arm in the next two years, Kronschnabl said, adding the company made an application to the Reserve Bank last month. “We hope to get the regulatory approval in the next couple of months,” Kronschnabl said. As far as insurance partner is concerned, he said Bajaj Allianz General Insurance would continue to remain the insurance partner. BMW Financial Services is currently active in more than 50 countries offering competitive financial solutions for BMW and Mini customers. In 20 countries, it offers services through leading local banking and insurance partners. Besides, Bajaj Allianz General Insurance, BMW India has partnered with ICICI Bank to offer customised financial solutions and Orix Auto Infrastructure Services for leasing services for its customers.12 month loans commented:
The company also said it is planning to invest around $50 million in the NBFC arm in the next two years, Kronschnabl said, adding the company made an application to the Reserve Bank last month.
16.09.2011
quickquid commented:
Good news for customers. Hoping it will be in action soon.Thanks for such post.
21.11.2011
Goa Escorts commented:
Your idea is very good. But, would you please differentiate between these two while posting? Affiliates pay commission per sale whereas ads pay per click
23.12.2011
Wealth Transfer Asia commented:
Nice to know that BMW enters into the market of insurance.Good post as provide great information.I would like to see more of your blogs soon.
04.01.2012
Migration Tax Australia commented:
Thanks for writing this. I really feel as though I know so much more about this than I did before. Your blog really brought some things to light that I never would have thought about before reading it. You should continue this, Im sure most people would agre
07.01.2012
Family Businesses Asia commented:
It is very interesting blog.thank u for sharing.i hope all are reading this blog.
12.01.2012