The small car market in India may not be in its best phase but the premium and luxury car market in India is on a strong growth path. India’s leading luxury car maker, BMW has announced that the BMW Group has increased its investment in BMW Financial Services India to 5.3 billion Indian Rupees (US $ 106 million) in 2012 from 2.3 billion Indian Rupees (US $ 50 million) in 2010. This is an increase of about 130% over the investment made previous year !
BMW Financial Services is a part of the BMW group and it launched its services in India in October 2010 from Gurgaon, Haryana. It is registered as a Non-Banking Finance Company (NBFC) from the Reserve Bank of India. BMW Financial Services offers solutions for retail automobile financing for BMW customers and multi make customers, financing for fleet owners and commercial financing for BMW dealerships and multi make dealerships. Commercial finance solutions offered to BMW India dealerships further strengthen operations in the country and reinforce the BMW brand. BMW Financial Services India also offers BMW Lease for individuals and corporate customers. BMW Financial Services provides insurance solutions to its customers through its cooperation partner in India.
image – Dan DeChristopher, MD and CEO, BMW Financial Services India with Dr Andreas Schaaf, President, BMW India
The increased investment will see new employment opportunities as an additional 80 employees will be staffed for the expansion of its operations in Gurgaon and an in-house Customer Interaction Centre has also been launched to assist existing and prospective BMW customers. At BMW customer interaction center, trained executives provide expert information regarding financing and leasing, insurance, asset management, dealer financing and company car pools.
Mr. Dan DeChristopher, Managing Director and Chief Executive Officer, BMW Financial Services India said:
“In less than two years, BMW Financial Services India has successfully established itself as the leading provider of customized financing solutions, individually tailored leasing plans and unrivalled services. BMW Financial Services India has made significant contribution to BMW Group’s success in India. This investment will help us enhance our product and service offering in India to further augment BMW India’s market leadership.”
Dr. Andreas Schaaf, President, BMW India said”:
“BMW India continues to be the leader in the Indian luxury car segment. An integral part of our winning story in India is BMW Financial Services, which provides complete peace of mind to BMW customers with financially attractive offers and professional services to make the transition from showroom to the highway, pleasurable and memorable. The investment clearly reinforces BMW Group’s commitment to India.”