Hyundai has launched Hyundai Finance, a captive motor finance, just months after launching Hyundai Capital Bank Europe (HCBE) in January.
HCBE began offering Hyundai Finance services to its customers and dealerships on April 1 of this year, the portfolio of which includes loans, leasing and insurance products.
The captive offers products for private and commercial customers, and was designed in cooperation with Hyundai Motor Deutschland. In addition, Hyundai Finance includes offerings for wholesale financing and other services linked to Hyundai dealerships.
Markus Shrick, managing director at Hyundai Motor Deutschland, said the launch of Hyundai Finance will increase customer loyalty, and put the brand in a stronger position in Germany.
He said: “Within the German automotive market we have successfully positioned ourselves as a competitor who must be taken seriously.
“Captive financial services, tailored to the needs of customers, are a perfect tool to improve customer loyalty. Together with Hyundai Finance we will continue to move forward on our course of a sound and sustainable growth.”
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The launch of the captive signals a shift away from independent motor finance providers for the South Korean carmaker, which said using HBCE could support sales “in a much more aimed way.”
Schrick added: “This is because the captive bank offers crucial benefits to both customers and dealers. Brand-expertise is one of them, and the rigorous customer focus is another. Unlike non-captive financial service providers we turn our attention explicitly to exclusive financing solutions.”