BMW Business Unit Alphera Reaches $1 Billion in Serviced Assets
The portfolio of serviced assets belonging to Alphera Financial Services, a business unit of BMW Group Financial Services, has reached the $1 billion mark.
The portfolio of serviced assets belonging to Alphera Financial Services, a business unit of BMW Group Financial Services, has reached the $1 billion mark. The business unit offers a number of dealer-direct retail loans and commercial finance products.
Alphera Financial Services was launched in October 2006 to provide BMW's award-winning customer service to other franchises owned by its dealers. Alphera has broadened its service beyond BMW dealer-owned franchises to encompass new-car franchised dealerships of all makes and models.
Alphera is backed by the same infrastructure that has helped BMW Financial Services earn the top ranking in dealer satisfaction for retail leasing in the J.D. Power and Associates Dealer Financing Satisfaction Study for four consecutive years.
"In less than two years’ time, Alphera has seen amazing growth for its innovative and competitive offerings, and it represents a crucial piece of our strategy of building on and complementing our traditional captive finance business," said Fred Isele, president of Alphera Financial Services. "By the end of this year, our business will be serving dealers in 19 markets as we continue to roll out our business across the U.S."
Last fall, BMW Group Financial Services' U.S. portfolio of serviced assets crossed the $25 billion threshold, reaching this significant milestone on the strength of the company's traditional financial services products and the introduction of new business lines Alphera and up2drive.com, a unique direct-to-consumer automotive lending service. The BMW Group Financial Services portfolio of serviced assets now exceeds $28 billion.
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