The number of new lease and retail contracts signed with BMW Financial Services surpassed the 100,000 mark for the first time in 2001, reflecting a year of overall growth and expansion.

More than 106,000 total contracts represented a 27 percent increase from 2000 and contributed to a record $5.2 billion in new and used vehicle financing in 2001, according to BMW FS.

"One out of every two BMW vehicles sold in the United States is financed by BMW Financial Services," said Robert Devine, managing director of BMW FS. "This penetration of 50 percent is well above the industry average, and is a level we anticipate exceeding in the future as BMW introduces additional models and new brands to the U.S."

BMW Financial Services has launched a new division - MINI Financial Services - to support the MINI brand's new dealer network and customers as the MINI Cooper and MINI Cooper S go on sale in the U.S. in the coming months.

Some highlights for BMW Financial Services in 2001:

  • Managed assets soared to more than $12 billion.

  • The number of new lease and retail contracts signed reached 106,000. (Up from less than 45,000 in 1993.)

  • Motorcycle financing reached a record level of 7,500 units.

  • The Dublin, Ohio Customer Service facility was expanded to nearly twice its original size with a workforce expected to reach 500 by the end of the year.

    The year 2001 was the most successful business year ever in the history of the BMW Group, with the company reporting record figures in sales, production, deliveries and capital expenditure. The BMW Group delivered a total of 905,653 BMW and MINI cars to customers - an increase of 10.2 percent over the previous year (822,181 units).

    BMW of North America also experienced its best sales year ever. In the United States, sales were up 12.5 percent over 2000 with a total of 213,127 vehicles sold compared to 189,423 vehicles in 2000. This success - coming despite consumer behavior characterized worldwide by the economic slowdown and weak financial markets - is anticipated to translate into continued growth for the financial services division, according to BMW.

    BMW Financial Services

    BMW Financial Services NA, LLC was established in 1993 as a captive finance company to support the sales and marketing efforts of the BMW Group in North and Latin America.

    With more than $12 billion in managed assets and nearly 400,000 customers, BMW FS leases or finances more than half of the new BMW vehicles sold in the U.S. BMW FS employs about 440 people, most of whom are located in the Dublin, Ohio Customer Service Center.

    BMW Financial Services provides a range of leasing, retail, commercial and banking products tailored to BMW customers and dealers in the United States, Canada, Mexico, Argentina and Brazil. All lease servicing, including credit underwriting, funding, customer service, title administration, lease-end and collections are handled at the Dublin customer service center.

    A growing portfolio of banking and credit card offerings is also available through the BMW Bank of North America.

    BMW Group in America

    BMW of North America has been present in the United States since 1975. Since then, the BMW Group in the United States has grown to include marketing, sales and financial service organizations for the BMW and MINI brands; a South Carolina manufacturing operation; DESIGNWORKS/USA, an industrial design firm in California; a technology office in Silicon Valley and various other operations throughout the country.

    The BMW Group is represented in the U.S. through a network of 340 car, 327 sports activity vehicle and 148 motorcycle retailers.

    BMW US Holding Corp., the Group's headquarters for North, Central and South America, is located in Woodcliff Lake, N.J.

    Information about BMW Group products is available to consumers at www.bmwusa.com, www.bmwmotorcycles.com and www.miniusa.com.

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