Audi, Daimler to Start Captives in India
With expectations for the luxury car market in India to increase 300% by 2017, German carmakers Audi and Daimler and looking to get in on the action. Both plan to open captive finance companies this year.
“Lending to potential buyers might help the company boost sales 50% from last year to 4,500 vehicles in 2011,” said Michael Perschke, head of Audi’s India operations.
Daimler, meanwhile, plans to start offering car loans around midyear.
India’s luxury car market is on track to hit 60,000 units in 2017, from 15,000 in 2010. BMW started a captive in October 2010 and overtook Daimler in India luxury car sales last year.
“Lending to potential buyers might help the company boost sales 50% from last year to 4,500 vehicles in 2011,” said Michael Perschke, head of Audi’s India operations.
Daimler, meanwhile, plans to start offering car loans around midyear.
India’s luxury car market is on track to hit 60,000 units in 2017, from 15,000 in 2010. BMW started a captive in October 2010 and overtook Daimler in India luxury car sales last year.
Tags: audi, bmw, captive, daimler, india, luxury
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