Ford Credit India has received the license from Reserve Bank of India to operate as non-banking financial firm in the country, according to a company statement.
In fact, FCI s planning to begin dealer wholesale inventory financing in the first quarter of 2015, while the consumer retail financing will follow later in the year, according to a company statement.
“We are very pleased to be launching Ford Credit India early in 2015,” said Mark Constable, managing director of Ford Credit India. “Ford Credit has 55 years of global experience in automotive financing.
Through our full-service financing operation, Ford Credit will leverage its experience and expertise in supporting Ford’s growth plans in India.”
India is a key market in Ford Motor Company’s Asia Pacific strategy. As part of its overall commitment to India, Ford is on course to invest $2 billion, nearly half of which is being spent on a new manufacturing facility in Sanand, Gujarat, that will nearly double the company’s installed production capacity in the country to 610,000 engines and 440,000 vehicles a year. Ford plans to serve both the domestic and export markets through its enhanced capacity. The company also is expanding its sales and service network in India.
Ford has 304 sales and service outlets in 164 cities and continues to grow.
“Ford Credit is a great partner and helps us meet customer needs globally. We are excited to have the team establishing operations here to support our growth plans,” said Nigel Harris, president and managing director of Ford India. “With our vehicle introduction plan over the next 18 to 20 months in India, Ford Credit’s support with financing solutions not only will promote sales, but also contribute to satisfaction and loyalty for our brand and dealers.
Ford Credit India Private Limited is a subsidiary of Ford Motor Credit Company, Ford Motor Company’s global financing subsidiary. Ford Credit provides a range of automotive financial products and services to about 5,200 Ford and Lincoln dealers and more than 3.8 million customers around the world. The company has been a consistently strong, profitable contributor to Ford’s business, with a 2013 pre-tax profit of $1.8 billion and $103 billion in managed receivables globally at the end of 2013. In operation since 1959, Ford Credit is focused on supporting sales, satisfaction and loyalty for Ford and Lincoln.