To the extent that historical press releases reference BMW Manufacturing Co., LLC as the manufacturer of certain X model vehicles, the referenced vehicles are manufactured in South Carolina with a combination of U.S. origin and imported parts and components.
PressClub USA · Article.
BMW GROUP FINANCIAL SERVICES' U.S. PORTFOLIO OF SERVICED ASSETS CROSSES $25 BILLION THRESHOLD
Mon Oct 29 12:00:00 CET 2007 Press Release
Woodcliff Lake, NJ - October 29, 2007... Underscoring its position as a recognized leader in the automotive financing arena, BMW Group Financial Services this month surpassed the $25 billion threshold for its U.S. portfolio of serviced assets and grew its customer base to more than 700,000 contracts. The announcement was made today by Edward A. Robinson, President and Chief Executive Officer of BMW Group Financial Services.
Press Contact.
Martha McKinley
BMW Group
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Fax: 201-573-8416
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Author.
Martha McKinley
BMW Group
Significant Business Milestone Fueled By Strength Of Company's Traditional
Financial Services Products And Introduction of New Business Lines
Woodcliff Lake, NJ - October 29, 2007... Underscoring its position as a
recognized leader in the automotive financing arena, BMW Group Financial
Services this month surpassed the $25 billion threshold for its U.S. portfolio
of serviced assets and grew its customer base to more than 700,000 contracts.
The announcement was made today by Edward A. Robinson, President and Chief
Executive Officer of BMW Group Financial Services.
Fueled by the success of the company's suite of traditional financial services
products; the credit card and banking products offered through the BMW Bank of
North America and the strong response to Alphera Financial Services - the new
dealer-focused business line launched in October 2006 - the announcement marks
a significant business milestone for the company.
"We are extremely pleased to announce Financial Services' crossing of this
impressive business threshold - one which definitively places Financial
Services into the upper echelon of automotive financial services companies,"
said Mr. Robinson. "This important milestone is a direct result of the
dedicated professionalism of our associates; our eye towards innovation;
venturing into new territories with our business; and, ultimately, the
unmatched strength of the dealer and customer relationships and satisfaction
for which Financial Services and all BMW business units are known."
In the fifteen years since the launch of BMW Group Financial Services, the
company has strategically expanded its business beyond that of a traditional
captive finance company, broadening its reach to dealers and customers to
maintain a competitive edge in a continually changing business environment.
Alphera Financial Services, launched in October 2006 to provide BMW's
award-winning customer service to other franchises owned by its dealers, has
grown its portfolio to $532 million since its inception. Alphera, which offers
retail loans and commercial finance products, is now broadening its service
beyond BMW dealer-owned franchises to all new-car franchised dealerships.
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(SM) for four
consecutive years.
In October 2007, BMW Group Financial Services entered the direct-to-consumer
lending business with the launch of up2drive.com, an automotive financing
website that features convenient loan services designed to empower the consumer
through every step of the car buying and selling process. An important
enhancement to its core business model, the launch of up2drive.com represents a
strategic move by BMW Financial Services to reach the large and growing market
of consumers moving online to conduct automotive financing.
About BMW Group Financial Services
BMW Group Financial Services was established in the U.S. in 1992 to support the
sales and marketing efforts of BMW of North America. Since then, the group
has expanded to provide service to markets in multiple countries and continues
to evolve beyond its role as a captive finance unit.
BMW Group Financial Services offers a wide range of leasing, retail and
commercial financing and banking products tailored to meet the needs of the BMW
customer. The group also provides financing to BMW dealers for expanding
dealership capabilities and enhancing overall operations. With more than $25
billion in serviced assets and 700,000 automotive lending customers, BMW Group
Financial Services finances over half of the BMWs sold or leased in the United
States. BMW Group Financial Services employs more than 900 people, including
consultants and temporary workers, most of whom are located in the Hilliard,
Ohio Customer Service Center.
In 2001, the MINI Financial Services division was established to provide
support for the brand's dealer and customer networks by offering various
financing and leasing options.
BMW Group Financial Services also offers an array of exciting credit card
products through its subsidiary, the BMW Bank of North America. up2drive.com
is a division of BMW Bank of North America, a wholly-owned subsidiary of BMW
Financial Services NA, LLC. BWW Insurance Agency, Inc., a property and
casualty producer, is also part of BMW Group Financial Services.
Information about BMW Group products is available to consumers via the Internet
at:
www.bmwgroupna.com
www.bmwusa.com
www.bmwmotorcycles.com
www.miniusa.com
www.rolls-roycemotorcars.com
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