Volvo to Provide Financial Services in China
The Volvo Group has applied to establish a wholly-owned finance company in China to offer financing solutions for its commercial transport customers and dealers. The new company, to be named "Volvo Group Automotive Finance (China) Ltd.", will be based in Beijing and expects to start operations in 2006.
The Volvo Group has applied to establish a wholly-owned finance company in China to offer financing solutions for its commercial transport customers and dealers. The new company, to be named "Volvo Group Automotive Finance (China) Ltd.", will be based in Beijing and expects to start operations in 2006.
"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."
"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.
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