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Innovative Auto Finance Solutions: Award for smart College Graduate Program in China
- Mercedes-Benz Auto Finance Ltd. (MBAFC) award-winning financing program allows more Chinese students to own car of their dreams
- smart car, perfect for college campus and urban mobility
- Program will be extended to 800 universities, and A-Class and B-Class model
With its compact design, manoeuvrability and fuel-efficiency, smart is the perfect solution to urban mobility. Now it’s an even better option for the college campus, as Daimler Financial Services’ Chinese subsidiary Mercedes-Benz Auto Finance Ltd. (MBAFC) has received the Best Auto Finance Product award for the smart College Graduate financing program. The award is conferred by the leading Chinese finance magazine Moneyweek (Licai Zhoubao, published by Nanfang Media Group) and was handed over at the 2013 China Auto Finance Annual Conference and 2013 China Auto Golden Engine Awards Ceremony in Guangzhou in December.
The creative and innovative financing program was launched in July 2013 at more than 100 universities across China, offering more varied and flexible financing and credit support to college students and recent graduates in purchasing a smart. The program is tailormade for young people without credit records. As the most affordable car in the premium automaker’s range, smart is the ideal choice for students.
Mr. Brian D. Fulton, President & CEO of MBAFC expressed, "This is a tremendous honor which our entire organization truly appreciates. Through our close collaboration with smart we were able to customize a finance product that is uniquely tailored to the university market place. smart as a leading brand in the automotive industry for pioneering innovative sales channels."
In December, MBAFC will extend the scope of the financing program to more than 800 universities, and include the compact A-Class and B-Class models.
The program has also been warmly embraced by dealers and brand partners since the launch in July. Standing out from other auto finance products in China, the prestigious award is yet another testament of MBAFC's adherence to Mercedes-Benz motto of "The best or nothing". With encouragement from the award and the program extension, MBAFC will continue to provide further solid financial services support to increase value to customers across China.
Daimler Financial Services in China
Daimler Financial Services (DFS), the Daimler Group's finance arm, offers financing, leasing, and insurance solutions that are tailored to the Chinese market.
Daimler Financial Services’ Chinese subsidiary Mercedes-Benz Auto Finance Ltd. (MBAFC) has already brought almost 80,000 vehicles – worth some 2.2 billion euros – to China's streets, and the numbers continue to rise. Most recently, about one in five Daimler vehicles in China were financed or leased through DFS. In October 2013, there was a 24 percent year-on-year increase in the number of vehicles financed or leased.
In its communication with customers, Daimler Financial Services is making growing use of cutting edge digital sales channels. At the end of October 2013, the company was the first captive financial services provider in China to launch its own online customer portal. And DFS customers in China also enjoy excellent service beyond the worldwide web: in 2013, Customer World magazine named the company's Beijing call center ‘best in its class’ for the second year in a row.
The company's highly motivated employees shape the foundation of this success. According to a study of "Great Place to Work", an independent institute, Daimler Financial Services is among China's most popular employers.
smart in China
smart is now represented in 46 markets worldwide with the brand most recently introduced in Russia. Alongside Germany and Italy, China is one of the main sales markets for smart, with sales there increasing by 43.8 percent in 2012. By the end of this year, smart plans to have about 100 sales outlets in about 70 Chinese cities by the end of the year 2013.
In November 2013, smart becomes the first European importer to bring an all-electric vehicle to the Chinese market. With the market introduction of the smart electric drive in China, the brand is further extending its leading position in the urban mobility sector. The new generation smart electric drive has been available in Europe, the USA, Canada and Japan since production began in 2012.