Daimler AG Launches Finance Service in India

Daimler AG recently announced that launch of their Financial Services facility, which is a 100% owned subsidiary of the company.

The board of management chairman of this finance arm, Klaus Entenmann, said that out of every five cars, the second and fourth car is Mercedes and Daimler vehicle in the world. They hope to copy this success in the Indian auto market as well, as soon as they can. Daimler Financial Services plans to reach contract volumes of around USD 500mn in the Indian auto market by five years time.

This facility is available in 40 different countries in the world. With a 63.7bn Euros contract volume by the end of last year, it is one of the biggest auto finance facilities in the world for passenger cars. It is also the biggest finance provider for vans, buses and trucks. They also provide auto insurance solutions having a 1.8mn contract portfolio. Their newest subsidiary based in India is named the Daimler Financial Services India. It offers a comprehensive lease, insurance and finance solutions to dealers and customers of Mercedes cars in the Indian auto market.

The premium car segment in India is seeing a lot of growth. With around 75% of car customers in Indian opting for vehicle finance, their innovative products and solutions will be catalyst in the process of purchase.

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