USA: American Suzuki moves towards ‘private label’ financing with GMAC unit

American Suzuki Motor Corporation has announced a new agreement with Nuvell Financial Services Corp to develop and implement new financing programmes that will widen the range of financial products available through its dealers. The agreement with Nuvell, a wholly-owned subsidiary of General Motors Acceptance Corporation (GMAC), will give Suzuki dealers greater access to prime and non-prime retail instalment financing for new and used vehicles, as well as incentive and extended-term programmes.

bcusack August 7, 2003

The agreement with Nuvell, a wholly-owned subsidiary of General Motors Acceptance Corporation (GMAC), will give Suzuki dealers greater access to prime and non-prime retail instalment financing for new and used vehicles, as well as incentive and extended-term programmes. ASMC president Rick Suzuki said the new arrangement also serves as the first step in the development of a ‘private label’ finance company to be tentatively known as American Suzuki Financial Services.

“This is important to Suzuki’s long-term growth, since it is the private auto manufacturer finance companies — also known as ‘captives’ — that score the highest in dealer satisfaction, according to the most recent JD Power and Associates study,” Suzuki said.

Suzuki’s new agreement with Nuvell comes as the car maker launches nine new models in five years as the cornerstone of its plan to triple US vehicles sales to 200,000 by 2007, and move further into the automotive mainstream.

The first two vehicles, the Daewoo-built Verona midsize and Forenza premium compact sedans, will be available this autumn as 2004 models. Other elements of Suzuki’s growth plan include intensified marketing and promotions, enhanced customer satisfaction and increased dealer development, including a new retail image programme known as Suzuki Square.

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