BMW Financial Services increased its commercial portfolio by $729 million in 2012 , thereby increasing its overall commercial portfolio by 19% to $4.6 billion.
“With the recent rollout of our 75-day free flooring for off-lease cars, coinciding with anticipated increases in dealer pre-owned inventories, we foresee continued growth in 2013,” the company stated in a press release.
The Woodcliff Lake, N.J.-based lender also enhanced loan processing through its e-contracting platform last year. The platform, which now includes 151 BMW dealerships, finalized 46,000 transactions and increased usage by 73%. The Mini brand will be added to the e-contracting mix this year.
BMWFS also enhanced its iPad system, which included a slate of new functionality and tools such as “Dealer Self Inspection.” Nearly 35,000 pre-inspections for customers were done using the tool at more than 200 dealerships.
Parent company BMW Group had a record-breaking 2012, selling 1.85 million units across its BMW, Mini, and Rolls-Royce brands, and the German automaker remains cautiously optimistic for 2013.
“We are aiming to achieve a further rise in unit sales in the current year, and hence a new sales volume record,” said Norbert Reithofer, chairman of the board of management, during the Annual Accounts press conference in Munich today.
The Black Book Editors, experienced in the new and used car market have great tools, a solid and long term data base and a true feel for vehicles in order to project realistic, solid residuals for leasing purposes. These are not projected in order to create a certain lease payment today but with zero $ equity and zero $ undwater at end of term. Now would be a great time to modify the way your leases are established. Black Book resiudals are projected and available as a % or as a $ amount.
Ricky Beggs