News
Daimler Financial Services increased its contract volume by 2% to €58.3 billion in the first quarter of 2008. In the first quarter of 2008, 15 subsidiaries were fully consolidated for the first time (mainly in Eastern Europe and Asia). Adjusted for these consolidation effects and for exchange-rate effects, the increase was 7%. New business of €6.7 billion was 2% below the prior-year level. After adjusting for the two aforementioned factors, there was also a decrease of 2%.
DaimlerChrysler Bank Rus officially opened on November 7, 2007. The bank’s headquarters are in Moscow. Established by Daimler AG, the financial institute offers loans to private and commercial customers for new and used vehicles, which is enabling Daimler dealers in Russia to offer their customers a broader range of financial services than before.
With the establishment of its own bank, Daimler Financial Services, the financial services provider of Daimler AG, will be moving into the fast-growing vehicle and consumer credit markets in Russia.
The business development of Daimler Financial Services in the third quarter was impacted by the separation from the operations of the Chrysler financial services business in North America, which had become necessary due to the transfer of a majority interest in Chrysler.
DaimlerChrysler Financial Services, the financial services division of the Daimler Group, will operate under the new name Daimler Financial Services AG in the future. The company, which has its headquarters in Berlin, will be following its parent company, which was renamed Daimler AG in accordance with the resolution passed by the Extraordinary Shareholders’ Meeting on October 4. The new name will go into force once the names Daimler AG and Daimler Financial Services AG have been entered into the respective commercial registers.
Berlin — DaimlerChrysler Financial Services provides tailor-made leasing and financing solutions to promote the vehicle sales of the DaimlerChrysler Group’s brands worldwide. With a comprehensive product portfolio including financing, leasing, insurance concepts and fleet-management services, DaimlerChrysler Financial Services manages a contract volume of €58.1 billion after the sale of the North American Chrysler business.
The business development of DaimlerChrysler Financial Services was generally stable in the second quarter of 2007. The Financial Services division posted EBIT of €220 million (Q2 2006: €220 million). Despite rising interest rates in Europe, earnings were of the same magnitude as the high level of the prior-year period, partially due to the release of certain valuation allowances in the non-automotive financial services business.
Mercedes-Benz Financial (MBF) in the United States could not have gotten off to a better start as they begin their journey under the new Daimler Financial Services. On August 24, J.D. Power and Associates announced that Mercedes-Benz Financial was named number one in Overall Satisfaction amongst all captives.
