BMW Financial Services steps up investment in India

April 30: The BMW Group has increased its investment in BMW Financial Services India to Rs 5.3 billion (US $ 106 million) in 2012 from Rs 2.3 billion (US $ 50 million) in 2010. Dan DeChristopher, MD and CEO, BMW Financial Services India, said: “In less than two years, BMW Financial Services India has successfully established itself as the leading provider of customised financing solutions, individually tailored leasing plans and unrivalled services. BMW Financial Services India has made significant contribution to BMW Group’s success in India. This investment will help us enhance our product and service offering in India to further augment BMW India’s market leadership.” In 2012, BMW Financial Services India will employ more than 80 people at its headquarters in Gurgaon.

Dr Andreas Schaaf, president, BMW India, said: “BMW India continues to be the leader in the Indian luxury car segment. An integral part of our winning story in India is BMW Financial Services, which provides complete peace of mind to BMW customers with financially attractive offers and professional services to make the transition from showroom to the highway, pleasurable and memorable. The investment clearly reinforces BMW Group’s commitment to India.”

The BMW Group has also launched an in-house Customer Interaction Centre introduced at the BMW Financial Services India Centre to assist existing and prospective BMW customers. The Centre has professionally trained executives, who provide expert information regarding financing and leasing, insurance, asset management, dealer financing and company car pools.

Luxury car segment grows 45 percent in 2011-2012

While India’s luxury car segment grew 75 percent in 2010-11, sales in 2011-12 grew by about 45 percent with estimated sales of 25,645 units as against 17,550 units earlier. The last fiscal saw BMW emerge as the new leader with sales of 9,593 units, toppling Mercedes from the top spot. The biggest gainer though was Jaguar Land Rover, claiming 8.9 percent of the luxury market pie, helped by local assembly of the Freelander 2 at the company’s Pune plant. It sold a total of 2,288 cars in 2011-12. Audi too managed to increase its market share with a total of 6,169 units this year, and is inching closer to Mercedes. With the launch of the Q3, don’t be surprised to see Audi leapfrog its rivals in the coming year.

The photograph above shows Dan DeChristopher, MD and CEO, BMW Financial Services India (right) with Dr Andreas Schaaf, president, BMW India.