The country's leading vehicle and asset financier and division of FirstRand Bank Limited, WesBank, has established an alliance with Jaguar Land Rover South Africa to form a new business that will trade as Jaguar Financial Services and Land Rover Financial Services.
This comes after Ford Motor Company decided to sell Jaguar and Land Rover to Tata Motors in 2008. The decision opened the door for the new entity, Jaguar Land Rover South Africa, to seek a new finance partner after a long relationship with Ford Credit.
Jaguar and Land Rover are both premium brands in the motoring industry and attracted the attention of several local financial institutions. However, after a rigorous evaluation process, WesBank emerged as their preferred partner. Wesbank will be able to offer Jaguar or Land Rover branded products with competitive terms to customers and dealers.
Under the new agreement, WesBank will provide tailored vehicle finance products and services to Jaguar and Land Rover customers, as well as wholesale funding solutions to the two dealer networks.
"Our success is derived from our partnership strategy with leading original equipment manufacturers and automotive retail dealers. The Jaguar and Land Rover brands are highly respected and we see it as an enormous compliment to have been chosen as their financial partner", says Chris de Kock, Executive Head Sales and Marketing, WesBank.
"We feel confident that we can forge a strong working relationship with our new financial partner, and we look forward to a bright and successful future for both Jaguar and Land Rover," commented Andrew Daniel, Managing Director Jaguar Land Rover South Africa.
The signing of the agreement is further demonstration of the value WesBank places on partnering with leaders in the motor industry.
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