Jaguar Land Rover has entered a five-year agreement with Black Horse, the car finance operation of Lloyds Banking Group, to provide UK wholesale and retail funding from February 2014.
The two UK luxury brands, owned by Tata Motors of India, will retain FGA Capital as finance provider until the end of the year, with the intention of keeping the captive formed by Fiat Group Automobiles and Crédit Agricole as its European finance partner.
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The move to Black Horse, the UK’s largest independent motor finance provider, follows a review and competitive tender process by Jaguar Land Rover’s Financial Services team, considering its roster of funders in key international regions, of which the UK is one.
In a company statement, Jaguar Land Rover said it had "confirmed its intention to diversify its portfolio of global financial service partners and provider local specialist wholesale and retail financing arrangements in each of its five global regions" and "intends to continue its successful partnership with existing financial services provider FGA Capital SpA in mainland Europe."
David Betteley, director of Financial Services at Jaguar Land Rover said: "Jaguar Land Rover has ambitious plans for growth which require a robust automotive financial services strategy to support dealers and customers in our 178 markets. As such we have decided to concentrate our successful partnership with FGA Capital in Europe and appoint a specialist UK based automotive financial services partner for the UK."
Further analysis will be published in the May issue of Motor Finance magazine.
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By GlobalDatarichard.brown@timetric.com
