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Luxury car major Mercedes-Benz India will extend its financial arm, Daimler Financial Services to India. A few approvals were needed from the authorities before it could begin operations, said Wilfried Aulbur, managing director and CEO, Mercedes-Benz India, in Pune today.
Generally, DFS provides finance and leasing, dealer financing, fleet management, insurance and banking services. In India, the emphasis will be on finance and leasing, dealer financing and insurance to private customers, dealers and groups. DFS will be a separate Daimler entity in India.
DFS is a major captive service provider for passenger cars and supports Daimler's vehicle sales in more than 40 countries.
Said Albur, "We are in a preparation phase of Daimler Financial Services' operation in India to support all Daimler commercial vehicles and passenger car brands. Largely, the DFS business includes finance for vehicle inventories, demonstration cars, service vehicles and financing for real estate (for dealership and property), granting loans for operating materials and provision of business loans.
More and more customers want to pay a fixed rate that covers all vehicle-related services like insurance, leasing or financing, tyre service, gap and payment protection insurance and maintenance and repair."
The company has also become active in the pre-owned car market segment. It sold more than 400 pre-owned cars in the past four months. In the first phase, it started pre-owned car sales operations in Mumbai, Delhi, Chennai and Ahmedabad. In the second phase, it is launching in Pune, Hyderabad, Bangalore, Kolkata and Jalandhar.
Said Albur, "Mercedes is always been value for money. In the pre-owned car market, we provide quality assurance, manufacturer-backed warranty and support new car sales through exchange and a one-stop-shop for the consumer."
Mercedes sold 663 cars in September, 60 per cent more than last year. The year's sales till date are 4,158, which is 80 per cent more than last year.
