US-based auto maker Ford will start automotive financing in India by first quarter of next year with its financing arm, Ford Credit India getting licence from the Reserve Bank to operate as a non-banking financial company.
“We are very pleased to be launching Ford Credit India early in 2015,” Ford Credit India Managing Director Mark Constable said in a statement.
The company said it plans to begin dealer wholesale inventory financing in the first quarter of 2015.
Consumer retail financing will follow later in the year 2015.
“Ford Credit has 55 years of global experience in automotive financing. Through our full-service financing operation, Ford Credit will leverage its experience and expertise in supporting Ford?s growth plans in India,” Constable added.
Ford India President and Managing Director Nigel Harris said: “With our vehicle introduction plan over the next 18 to 20 months in India, Ford Credit’s support with financing solutions not only will promote sales, but also contribute to satisfaction and loyalty for our brand and dealers.”
Ford Credit India is a subsidiary of Ford Motor Credit Company, Ford Motor Company’s global financing subsidiary. Ford Credit provides a range of automotive financial products and services to about 5,200 Ford and Lincoln dealers and more than 3.8 million customers around the world.
Ford has identified India as a key market in its Asia Pacific strategy. It is on course to invest USD 2 billion, nearly half of which is being spent on a new manufacturing facility in Sanand, Gujarat, that will nearly double the company’s installed production capacity in the country to 6.1 lakh engines and 4.4 lakh vehicles a year.
PTI