MG
Rover has bought the 58,000-customer Rover Financial Services contract portfolio
for £340 million from BMW through MGR Capital, a joint venture between HBOS
and the Phoenix Partnership.
MGR Capital will manage the financing arrangements relating to the portfolio,
and with MG Rover Group, the eventual disposal of vehicles at the end of their
finance leases.
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"This is an important step for the business to take," MG Rover Chief
Executive Kevin Howe said. "It puts us in more control of second hand values
which is a significant benefit to our business and our customers. It also creates
many new marketing opportunities for the future."
Rover Financial Services, under BMW ownership, had been the finance provider
for Rover, Mini and Land Rover customers since 1998. Ford bought the Land Rover
assets in October 2001.
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