General Motors Financial Company is set to provide finance to Chevrolet, the US brand owned by GM, in the UK and on the continent under the name Chevrolet Financial Services.

Chevrolet Europe follows fellow GM brands Vauxhall and Opel in taking up finance provision by GM Financial, after GM last year reacquired the financing operation it sold to Ally Financial in 2006.

Susan Docherty, president and managing director of Chevrolet and Cadillac Europe, said the finance offers the arrangement would make available were "a vital step in our continued effort to grow our business in Europe".

Mark Bole, president of International Operations for GM Financial, added: "The strength of our existing relationships with Chevrolet dealers in Europe will be further enhanced as their captive.

"This also offers opportunities to enhance product offerings and generate incremental sales for Chevrolet."

The brand will work with GM Financial and its franchised dealers to implement the captive finance structure in the UK, Italy, Belgium, the Netherlands, Luxemburg, Sweden, Switzerland and Austria.

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By GlobalData

GM Financial has already invested $1.7bn in European operations, and is aiming to double its global portfolio from $16bn to $33bn, with liabilities up from $15bn to $27bn.