As of April 1, Opel Vauxhall Finance, the automotive finance organisation of Opel and Vauxhall, starts its business activities in Spain. Supported by its experienced partners and shareholders, Banque PSA Finance and BNP Paribas Personal Finance, OVF will offer competitive and innovative automotive finance products and mobility solutions to Spanish costumers and contribute to Opel´s performance in the market.
The market entry in Spain was announced in February when OVF launched its Strategic Plan for profitable and sustainable growth. The organisation aims to finance every third Opel vehicle across Europe by 2020 and to expand its geographical footprint to 90 percent of Opel/Vauxhall’s European markets in the long-term.
“Entering the Spanish market is an important milestone for us”, said Alexandre Sorel, CEO of Opel Vauxhall Finance. “As Opel´s captive finance organisation we can substantially support Opel´s growth plans in the country.”
Pascal Brasseur, Deputy CEO of Opel Vauxhall Finance said: “Attractive finance solutions are an important strategic element to sustain and develop the Opel brand in Spain, and we are fully committed to meeting the mobility needs of our Spanish customers.”
Spain is a key market for Opel and one of the fastest-growing automotive markets in Europe. In 2017, new car registration increased by 7.7% compared to 2016. Opel has the fifth position in the Spanish sales ranking – with 6.59% of the market and 94,609 registered vehicles.
Going to market under the Opel Financial Services brand, OVF will offer its classic finance products at very competitive rates to Spanish customers as well as credit insurance, total loss solutions, and maintenance and guarantee programmes. In addition, the organisation introduces new services, e.g. the FlexiOpel Plan, which is a balloon product and the flagship of the Spanish entity.
