BMW Financial Services (BMW FS) increased its global revenues by 1.6% to 4.99bn (£4.19bn) in the third quarter of 2013, helping to bolster the group’s overall revenue for the three months to 18.75bn.
Profitability within the financial services group was however down 6.4% on the period from July to September 2012. Net profits were 398m compared to 425m for the same period last year.
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For the first nine months of the year gross profit within the financial services operation remained positive however, maintaining growth of 2.1% to 14.9bn
Globally, new contracts signed increased by 14.9% to just under 376,000. This helped the nine-month increase reach 12.8%, or just over one million contracts, to the end of September and contracts in place worldwide to reach over four million, up 8.1%, by the end of September.
BMW FS is on target to exceed the new contract growth of 1.34 million for 2012.
Overall group
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By GlobalDataOverall, the BMW Group saw a net profit rise of 3.2% to 1.33bn for the third quarter, despite an increase in costs due to higher headcount and expenditure on new technologies.
The strongest performing vehicle for the car division was the 3 Series, now in its sixth incarnation, sales of which jumped 27% globally in the first nine months of the year.
The 1, 5, 6 and 7 Series vehicles also maintained their positions as the best selling vehicles in their segment.
BMW’s premium brand Rolls-Royce, for which BMW FS in the UK has recently begun a captive finance operation, also saw an increase in sales of its £250,000 flagship Phantom model, jumping 34% to 596 units.
