CONTRACT HIRE PRODUCT LAUNCH FOR VAUXHALL FINANCE
6 April 2018
Vauxhall Finance launches two new finance products this week, Personal Contract Hire (PCH) and Business Contract Hire (BCH). Personal Contract Hire is available on new Vauxhall cars and Business Contract Hire will be available on Light Commercial Vehicles (LCVs) and new Vauxhall cars at all Vauxhall Retailers.
Vauxhall Finance recognised that some customers, particularly SME business customers, choose to return or upgrade their vehicle at the end of term. For these customers, Contract Hire means they simply return the car when the contract expires*, removing any concerns over depreciation or the admin of resale.
Customers can choose to pay an advanced rental payment to reduce their monthly payments, or to split the total rental cost evenly throughout the contract term, typically between 24 - 48 months, with no deposit required.
Managing Director of Vauxhall Finance, Simon Kington says:
“This product launch is a further step for Vauxhall Finance to become a full captive for Vauxhall, which is part of our new Strategic Plan for profitable and sustainable growth. Increasing our product portfolio means we are able to deliver more of the finance products that Vauxhall customer’s want, which will improve the experience at Vauxhall Retailers.”
Personal Contract Hire (PCH) and Business Contract Hire (BCH) customers will be given the option to include a Service, Maintenance and Repair (SMR) package as part of their contract.
* Damage and/or excess mileage charges may apply.
FINALISATION OF THE ACQUISITION OF OPEL AND VAUXHALL FINANCIAL OPERATIONS BY GROUPE PSA AND BNP PARIBAS
1 November 2017
Creation of a new automotive finance organisation for Opel and Vauxhall
The new organisation will benefit from the experience of Banque PSA Finance and BNP Paribas Personal Finance's expertise in the field of finance offers through an exclusive partnership with the Opel and Vauxhall brands
New organisation led by Alexandre Sorel, (Banque PSA Finance), CEO supported by deputy CEO Pascal Brasseur (BNP Paribas Personal Finance) and Erhard Paulat (Opel Bank)
Strategic plan to generate profitable, agile growth will be presented in 100 days
From left to right Erhard Paulat, Deputy CEO, Pascal Brasseur,
Deputy CEO and Alexandre Sorel, CEO of the new organisation
Groupe PSA and BNP Paribas today announced the closing of their joint acquisition of the financial operations of Opel and Vauxhall, announced on March 6th.
The new organisation combining the existing brands Opel Bank, Opel Financial Services and Vauxhall Finance is created. It will benefit from the combined expertise of financial captive Banque PSA Finance and automotive finance specialist, BNP Paribas Personal Finance to more effectively serve Opel and Vauxhall dealers and customers.
Opel and Vauxhall's financing operations are an essential element of the commercial performance of 1,800 dealers in 11 European countries. They provide a comprehensive range of auto financing products, including consumer loans, leasing and service contracts as well as dealer financing and insurance. Together, they represented around €9.6 billion in total financing at end-2016.
Alexandre Sorel, Chief Executive Officer, Pascal Brasseur and Erhard Paulat, both Deputy CEO, will take over the management of the new organisation.
This new management will present in 100 days its strategic plan with the support of Banque PSA Finance and BNP Paribas Personal Finance. The objective of the plan is to accelerate the development of the entity, and to offer the most competitive offers to customers of Opel and Vauxhall.
Commenting on the transaction, Chief Executive Officer Alexandre Sorel said: "We are now thoroughly committed, alongside all of the teams, to building the strategic plan with the clear purpose of improving the performance of the company's businesses and the competitiveness of our financial solutions for Opel and Vauxhall customers. Everyone's involvement across the company is critical at this stage."
"The development of this automotive finance company is essential to the growth of the Opel and Vauxhall car brands. We are proud to be joining forces to create the conditions for growth and to work with the teams to write another chapter in the company's history. Our complementary areas of expertise are a key asset for making this partnership a success." concluded Alain Van Groenendael, Chairman of BNP Paribas Personal Finance and Rémy Bayle, Chief Executive Officer of Banque PSA Finance
Further information about the new executive team
Alexandre Sorel (46) is the CEO of the new organisation, board member of Opel Bank SA and member of Banque PSA Finance Executive Committee.
Through several experiences within Groupe PSA from 1994 to 2017, Alexandre Sorel has a deep knowledge of the automotive industry as well as of the banking sector. He was previously CFO of Banque PSA Finance. Prior to that position, he held several positions in Groupe PSA, on the OEM side as in the auto finance business.
Alexandre Sorel holds a MBA from Neoma Business School, Reims (France).
Pascal BRASSEUR (49) has been Head of the Retail Business Line at BNP Paribas Personal Finance since September 2012. Pascal served as Commercial Director beginning in 2009 for Northern Europe (UK, Germany, Belgium, Netherlands, Switzerland, and Norway). Prior he was General Manager of BNP Paribas subsidiaries in France specialized in Mortgages and Debt Consolidation. Prior to that, he held leadership roles in the financing area. He joined BNP Paribas Group in 1992, and began his career in Spain.
Pascal holds an MBA from ESCP Europe.
Erhard (ED) Paulat (48) has been Executive Vice President, U.K., Germany, Austria, Switzerland and Sweden at GM Financial International Operations since April 2013. In the same year, he was named Managing Director of Opel Bank in Germany, which he had been overseeing as Chief Operating Officer together with Austria and Switzerland, beginning in 2012. Ed Paulat served as Managing Director U.K. beginning in 2007, and assumed responsibility for Sweden in 2010. Prior to that, he held leadership roles on three continents and in various areas, including audit and commercial credit. He joined the company in 1992.
Ed Paulat holds an MBA from Henley Management College, U.K.
PSA GROUP AND BNP PARIBAS ANNOUNCE A LONG-TERM STRATEGIC PARTNERSHIP IN AUTOMOTIVE FINANCE
6 March 2017
As part of the broader alliance announced today between PSA Group and GM's Opel subsidiary, PSA and BNP Paribas have agreed to jointly acquire Opel / Vauxhall's captive financing activities and have entered into a long-term strategic partnership around the Opel and Vauxhall brands.
Banque PSA Finance and BNP Paribas Personal Finance will each acquire 50% of the share capital of Opel / Vauxhall's financing activities for a total of €0.9 Bn, representing a multiple of 0.8x the combined pro-forma Book Value of €1.2 Bn at year-end 2016. As per this partnership agreement, BNP Paribas will fully consolidate the entity.
Opel / Vauxhall's financing operations cover 11 European countries, serving nearly 1,800 dealers and have outstanding earning assets of ca. €9.6 Bn at year-end 2016, of which ca. €5.8 Bn are financed by deposits or securitizations. Opel / Vauxhall's financing operations offer a full range of automotive financing products, including consumer loans, leases, dealer financing and insurance products, with a constant focus on optimizing customer experience.
The operations will benefit from combined Banque PSA Finance's and BNP Paribas Personal Finance's expertise in automotive financing to better serve Opel and Vauxhall's dealers and customers and support Opel and Vauxhall development. The transaction will be financed from existing resources of PSA and BNP Paribas and will have an impact of close to 10 bps on BNP Paribas Common Equity Tier 1 Ratio.
Both Boards of Directors unanimously approved this partnership agreement.
The transaction is expected to close in the fourth quarter of 2017 and is subject to customary anti-trust and other regulatory approvals.
"Opel / Vauxhall's financing operations are critical to the development of the Opel and Vauxhall brands. We are proud to join our forces with BNP Paribas, a leading European banking partner, and are confident our complementary expertise will make this new partnership a success." Carlos Tavares, Chairman of the Managing Board, said.
"This partnership represents a great opportunity to further grow BNP Paribas Personal Finance's footprint on the attractive automotive financing business and is fully in line with our strategic goals for 2020. We have been a longstanding banking partner of PSA Group and are delighted with this value-enhancing partnership around Opel / Vauxhall. We will capitalize on our highly complementary capabilities to best serve Opel and Vauxhall's dealers and customers and support the Opel and Vauxhall brands." stated Jean-Laurent Bonnafé, Chief Executive Officer of BNP Paribas.
"We are very pleased with this new venture and warmly welcome the employees of Opel / Vauxhall's financing activities within our partnership," declared Laurent David, CEO of BNP Paribas Personal Finance together with Remy Bayle, CEO of Banque PSA Finance.
ERHARD PAULAT HONORED AS MOTOR FINANCE INDUSTRY AMBASSADOR OF THE YEAR 2016
15 April 2016
Erhard "Ed" Paulat, Executive Vice President for GM Financial in the United Kingdom and Sweden, Germany, Austria and Switzerland and chairman of the board of Vauxhall Finance, was named as Industry Ambassador of the Year. With this award, the industry jury of last week's Motor Finance Europe Conference in Frankfurt, Germany, honoured his commitment to the steadily evolving motor finance industry. Paulat has been contributing to the success of GM Financial for more than two decades.
Erhard Paulat: "I am delighted that my work for the sector has been recognized in this way. GM/Vauxhall and GM Financial/Vauxhall Finance are making impressive progress in Europe. I also see this accolade as expressing appreciation of what we have already achieved."
The Motor Finance Europe Awards were conferred for the second time under the aegis of the Motor Finance Europe Conference. The title "Industry Ambassador of the Year" is awarded to an individual who has been instrumental in shaping the automotive finance industry during the course of their career.
The Motor Finance Europe Conference 2016 addressed the key issues facing the automotive industry now and in the future in the face of a dramatically changing landscape. Around 150 senior executives from the European motor finance sector participated in the event. The award-winners were chosen by a five-strong jury comprising experts from the automotive and mobility sectors of the finance industry.
SECOND CARDIFF BUSINESS SCHOOL STUDENT RECEIVES VAUXHALL FINANCE AWARD OF EXCELLENCE
04 November 2015
Award for exceptional academic and business potential goes to Maximilian Schulz Wenning Award part of efforts to develop the financial sector in Wales
Maximilian Schulze Wenning, now a second year student in Economics & Finance at Cardiff Business School, has become the second recipient of the Vauxhall Finance Award of Excellence, given by Vauxhall Finance. Maximilian will receive an annual bursary of £1,000 for the two remaining years of his degree with Cardiff Business School and be offered the opportunity to undertake a work placement with Vauxhall Finance.
On receiving the award, Maximilian said: "I could not have been more pleased when I heard I had won the award. As well as the bursary, I am really excited about the experience of working with GMAC. I am expecting it to be really helpful in beginning my career."
As one of the largest financial services companies in Cardiff, GMAC has a keen interest in helping retain and develop skilled talent in the region. The Vauxhall Finance Award of Excellence seeks to recognise exceptional academic and business potential. The scholarship is awarded annually based on first year exam performance and a brief question-based assessment.
"Supporting the scholarships of highly regarded Cardiff Business School students represents a perfect collaboration between business and education to further develop the financial sector in Wales", said Ed Paulat, Managing Director of Vauxhall Finance. "For us, the award is an important part of our work as a significant employer in South Wales."
Roy Chandler, Professor in Accounting at Cardiff Business School, said: "Cardiff may be a compact city but it is home to an expanding financial business community with real scale and influence. Vauxhall Finance is very much a part of that growth and the School is pleased to continue our association with the company. Maximilian is a deserving recipient of this award and I have no doubt this will be a valuable experience which will be an enormous benefit to his future career."
As a key part of the expanding financial business community in Cardiff, Vauxhall Finance has established excellent relationships with universities and colleges. The Vauxhall Finance Award of Excellence goes alongside other initiatives including the Welsh Financial Services Graduate Scheme, supported by the Welsh European Funding Office and the International Accelerated Development Programme, a Vauxhall Finance European trainee programme to develop future managers internally. The organisation is one of only 7% of companies nationwide to be recognized as a gold standard Investor in People.
VAUXHALL FINANCE NAMED "CAPTIVE FINANCE COMPANY OF THE YEAR"
April 27, 2015
Vauxhall Finance in the UK, has been named "Captive Finance Company of the Year". The recognition was presented last week at the Motor Finance Europe Awards in Munich, Germany, where industry news service Motor Finance acknowledged the achievements of the European motor finance industry in 2014. The "Captive Finance Company of the Year" award recognises the increasing importance of finance companies to the manufacturers in supporting overall car sale volumes and is based on the judgment of a panel of independent industry experts. Judges took into account the business performance in terms of finance penetration within the manufacturer brand, support of the sales of the manufacturer parent company, as well as business development and innovation. And were impressed with what they found at Vauxhall Finance.
Jonathan Minter, Editor, Motor Finance commented: "The judges felt that Vauxhall Finance was the worthy winner in this category, given the challenges presented by the ownership changes the company has gone through over the recent years, they were particularly impressed that it was able to report strong growth and remain more than a competitive lender in the market."
Following the acquisition by GM Financial two years ago, the company, operating in the UK under the Vauxhall Finance and GMAC brands, had the opportunity to reinvent itself as a new, more agile auto finance company and started off on a transformational path towards becoming more supplier of choice than simply the in-house captive.
Ed Paulat, Managing Director and Executive Vice President, Vauxhall Finance, said: "We are very proud of this recognition for our performance. Being named outstanding in the captive industry is a great honour. We obviously are on the right path and will keep our sharp focus on helping Vauxhall and our business partners in the UK sell more cars."
CARDIFF BUSINESS SCHOOL STUDENT RECEIVES VAUXHALL FINANCE AWARD OF EXCELLENCE
13 November 2014
Inaugural award for exceptional academic and business potential goes to Tamara Beach Award part of efforts to develop the financial sector in Wales
Tamara Beach, a second-year undergraduate student in Accounting and Finance at Cardiff Business School, is the proud recipient of the first-ever Vauxhall Finance Award of Excellence, from automotive finance company Vauxhall Finance.
Tamara, a student from Truro, will receive an annual bursary of £1,000 for the two remaining years of her degree with Cardiff Business School. She will also have the opportunity to undertake a placement with Vauxhall Finance.
The newly-created Vauxhall Finance Award of Excellence seeks to recognise exceptional academic and business potential. The scholarship will be awarded annually based on first-year exam performance and a brief question-based assessment.
On receiving the award, Tamara said: "Receiving the Vauxhall Finance Award of Excellence is a huge honour, and I couldn't believe it when I first found out I had won the competition! I am really looking forward to finding out more about Vauxhall FInance and can't wait to experience working life there in a future placement."
"As one of the largest financial services companies in Cardiff, we have a keen interest in helping retain and develop skilled talent in the region. Supporting these scholarships of highly regarded Cardiff Business School represents a perfect collaboration between business and education to further develop the financial sector in Wales", said Ed Paulat, Managing Director of Vauxhall Finance. Professor Roy Chandler, Professor in Accounting at Cardiff Business School, said: "This is a fantastic opportunity for our undergraduate students to gain important work experience in a well-regarded company, and secure a grant to help with the costs of a university education. Having strong partners like Vauxhall Finance is a big benefit for our region and for our university."
Vauxhall Finance is keen to see the South Wales region boost its financial professional services capabilities. As a key part of the expanding financial business community in Cardiff, the company has established excellent relationships with universities and colleges. The Vauxhall Finance Award of Excellence represents a new ongoing relationship, which will sit alongside Vauxhall Finances's other HR initiatives like the participation in the Welsh Financial Graduate Programme and the International Accelerated Development Programme, a GM Financial global trainee programme to develop future managers internally.