BMW finance have brown trousers...
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BMW said:
BMW cuts financing
Friday, 14 November 2008
BMW has cut back its customer, dealer and fleet financing business with non-BMW group brands.
The carmaker said it was limiting its activities to the financing and leasing of BMW products.
Alphera, the group's service that provides finance for BMW dealers on non-BMW products, and Alphabet, the fleet arm of this business, are not taking on any new business.
A spokeswoman said the providers have not ceased operation and will carry on with all current customers.
BMW said the cut-back was a result of the strong rise in financing costs.
The manufacturer said earnings take precedence over volumes and that it will focus on its core brands for the foreseeable future.
The restrictions will remain in effect until the debt capital markets show signs of sustainable recovery, BMW said.
Friday, 14 November 2008
BMW has cut back its customer, dealer and fleet financing business with non-BMW group brands.
The carmaker said it was limiting its activities to the financing and leasing of BMW products.
Alphera, the group's service that provides finance for BMW dealers on non-BMW products, and Alphabet, the fleet arm of this business, are not taking on any new business.
A spokeswoman said the providers have not ceased operation and will carry on with all current customers.
BMW said the cut-back was a result of the strong rise in financing costs.
The manufacturer said earnings take precedence over volumes and that it will focus on its core brands for the foreseeable future.
The restrictions will remain in effect until the debt capital markets show signs of sustainable recovery, BMW said.
Essentially BMW have been marketing their finance arm under the brand Alphera to dealer groups for several years. Current hardships have forced them to pull back from non BMW product due to huge exposure to PCP handbacks.
original article here
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