Jaguar Land Rover has entered a five-year agreement with Black Horse, the car finance operation of Lloyds Banking Group, to provide UK wholesale and retail funding from February 2014.

The two UK luxury brands, owned by Tata Motors of India, will retain FGA Capital as finance provider until the end of 2013, with the intention of keeping the captive formed by Fiat Group Automobiles and Crédit Agricole as its finance partner on the continent.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The move to Black Horse, the UK’s largest independent motor finance provider, follows a review and competitive tender process by Jaguar Land Rover’s financial services team, considering its roster of funders in key international regions, of which the UK is one.

In a company statement, Jaguar Land Rover said it had "confirmed its intention to diversify its portfolio of global financial service partners and provide local specialist wholesale and retail financing arrangements in each of its five global regions" and "intends to continue its successful partnership with existing financial services provider FGA Capital SpA in mainland Europe."

Jaguar Land Rover’s director of financial services David Betteley said: "Jaguar Land Rover has ambitious plans for growth which require a robust automotive financial services strategy to support dealers and customers in our 178 markets. As such we have decided to concentrate our successful partnership with FGA Capital in Europe and appoint a specialist UK-based automotive financial services partner for the UK."

Last month Chris Sutton, managing director at Black Horse, spoke of the ambition for growth held by the lender, built around a "powerful" and "solid" brand and a 20% year-on-year increase in new business in the first quarter of 2013.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

FGA Capital was formed in 2006 and currently provides finance for Fiat, Chrysler, Jeep, Alfa Romeo and Abarth, as well as Jaguar and Land Rover, in the UK.

richard.brown@timetric.com