Volvo Cars & Retailers Finalize Stake in Volvofinans Bank
Volvofinans Bank acquisition by Volvo Car Corp and AB Volverkinvest Swedish authorized retailers plays vital role provide financial services to customers in car ownership
Volvo Car Corporation (“Volvo Cars”) and the sixth AP Fund signed an agreement on December 28th 2015 to acquire the Fund’s 40% stake in Volvofinans Bank AB (“Volvofinans”), the leading bank in Sweden in car financing.
With this acquisition, worth 1.8 billion SEK, Volvofinans is now owned 50% by Volvo Cars and 50% by the Swedish authorized retailers through the company AB Volverkinvest.
“Volvofinans is an important part of the overall offer to Volvo Cars’ customers in Sweden, together with among others the authorized retailers, Volvia insurance, Hertz rent-a-car and Sunfleet car sharing. We see that our customers are not only interested in the actual car purchase but the whole car ownership experience, of which financing is an important corner stone. Through this acquisition, we show a long-term sustained commitment to Volvofinans,” says Håkan Samuelsson, President and CEO of Volvo Cars.
“The acquisition means that Volvofinans will continue to offer attractive finance solutions, both to private and corporate customers. This shared, equal ownership with the Swedish retailers enables us to secure both parties equal influence in the Volvofinans business,” says Kristian Elvefors, Managing Director of Volvo Car Sweden, the Swedish sales company.
Volvo Cars’ brand essence ‘Designed around you’ has also been a strong driving force for Volvo Cars Financial Services in pursuing customer and retailer simplicity and convenience at purchase and during the ownership of a Volvo car.
“Together with the Volvofinans joint venture, a unique set-up in the USA with VCFS US LLC and the joint ventures in Germany for car finance (VCFS Germany GmbH) and insurance (VCIS Germany GmbH) secure us a further growth in key strategic markets,” says Pascal Bellemans, Vice President Volvo Car Financial Services. – Published on AutomotiveWorld