"To our knowledge, we are the first applicant for a Chinese automotive finance company license with a main focus on providing commercial transport solutions," says Gordon Chan, President of Region Asia for Volvo Financial Services. "Offering financing in China is of strategic importance to Volvo, given the Volvo Group's increasing investment in China."
Volvo Financial Services will be the latest business area within the Volvo Group to establish operations in China. Today Volvo Trucks, Volvo Buses, Volvo Penta and Volvo Construction Equipment all have production facilities and dealer and service networks in China. Renault Trucks is also expanding its dealer and service networks in China. Total sales last year amounted to USD 386 M.
"It's a good time to enter the market, and we plan to roll out our financing programs gradually," Gordon Chan said. "We plan to use Volvo Financial Services' proprietary systems for underwriting and operations, and to work closely with local financial institutions." The new finance company will be managed by Volvo Financial Services, the Volvo Group's captive finance company.
August 17, 2005
For further information, please contact David Freilich, Volvo Financial Services, +1 201 802 7706