Following the establishment of Hyundai Capital UK, the joint venture between Hyundai and Santander Consumer Finance, the South Korean brand hopes to push its finance penetration rate in UK retail sales up toward 50%.
The joint venture, which will trade under the brand Hyundai Motor Finance, serving both Hyundai and Kia, was launched in March and went live at the start of July, providing a full range of motor finance products including PCP, HP and leasing.
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Speaking to Motor Finance, a spokesperson for Hyundai Motor UK said the company was steadily growing its range of finance offers for customers with a view to increasing to a point where 40% to 50% of retail sales are made up of finance deals. All of this business will be available for Hyundai Motor Finance to fund.
Such figures represent a marginal increase in ambition from 2011 and the first news of the joint venture when Tony Whitehorn, then managing director of Hyundai UK, now president and chief executive, hoped to increase finance penetration from 17% to 40%.
Further comment from Tony Whitehorn and analysis of the Hyundai-Santander deal will be published in the August issue of Motor Finance magazine.
richard.brown@vrlfinancialnews.com
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