On the back of stronger manufacturers’ 2010
profit figures, motor finance providers have also reported
encouraging results compared to 2009. In Europe, for example,
France’s Banque PSA Finance reported improved figures, growing its
2010 profit to £861 million, up from £812 in 2009. And in Germany,
Volkswagen Financial Services lifted its 2010 profit from £343
million in 2009 to £541 million last year. The Italian provider FGA
Capital announced a £126 million profit last year, up from £90
million in 2009.
In North America, the Ford Motor Credit
Company announced improved profit of £1.2 billion last year,
compared to £799 million in 2009. Meanwhile, Ally Financial posted
a £687 million 2010 profit, following its colossal £6.4 billion
loss in 2009. The company reported separately on its North American
and international automotive finance businesses. The stateside
business grew profits from £1 billion in 2009 to almost £1.5
billion last year, while its international operation moved from a
£98 million loss in 2009 to a £142 million profit in 2010.
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