BMW Group Financial Services has once again outperformed the automotive finance industry by earning three-out-of-three top awards as recognized by the 2010 J.D. Power and Associates Awards for excellence in dealer financing satisfaction. With a total of 21 J.D. Power and Associates Awards earned since 1997, BMW Group Financial Services has received more J.D. Power Awards for dealer and consumer financing satisfaction than any luxury automaker. In addition to earning the highest ranking position for Retail Leasing for the 7th consecutive year, the company also ranked highest in the Floor Planning category, as well as earned the highest ranking for Prime Retail Credit through its Alphera division, the company’s non-captive organization which provides financial services to dealers beyond the BMW Group franchised network.
According to Ed Robinson, President and Chief Executive Officer, BMW Group Financial Services, the company is enormously energized by the phenomenal success these awards reflect on all its associates. “To receive such accolades during a year which presented a multitude of challenges within the financial landscape, shows the dedication our entire team provides,” says Robinson. “Of equal importance is that our dealers clearly understand and value our total commitment to servicing their financial needs.”
Robinson also noted that the commitment between BMW Financial Services and its dealer network remains mutual, as evidenced through the company’s continued commercial growth, despite recent economic difficulties. In spite of the challenging business environment, we were able to increase the number of floor plan dealers in 2009, while providing uninterrupted funding for our existing dealer base. These dealers are in addition to the more than 50 percent of BMW Group dealers already on board with floor planning.
Robinson stated that dealer satisfaction for BMW Financial Services has remained consistently high as the brand is always seeking continued efficiencies to support its dealer partnerships. “eContracting is but one program in which we’ve invested several million dollars on behalf of our dealers,” says Robinson. “We’ve helped our dealers simplify the buying process for their customers, while providing significant time and cost savings.” The eContracting initiative, a fully functional solution for electronic contract validation within dealerships, is currently up and running for dealers in seven states and is targeted to reach dealers in a total of 17 states by the close of 2011.
“The J.D. Power and Associates Award recognition earned by Alphera takes special notice,” Robinson said, “This is the first time a non-captive has received the Prime Retail Award in more than a decade. Alphera Financial Services was founded by BMW Group Financial Services in 2006 on the basis of premium customer service and focuses on building a strong and profitable relationship through the delivery of financial services products to more than 700 dealers in North America.”
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 $30 billion in serviced assets and 900,000 automotive lending customers, BMW Group Financial Services finances about half of the BMWs sold or leased in the United States and Canada.
BMW Group Financial Services employs nearly 1,000 people, including consultants and temporary workers, most of whom are located in the Hilliard, Regional 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. Alphera Financial Services was established in 2006 to provide financial services to dealers who are not part of the BMW and MINI networks.
BMW Group Financial Services also offers 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. BMW Insurance Agency, Inc., a property and casualty producer, is also part of BMW Group Financial Services.
