Finance provided in the first quarter of 2012
by RCI Financial Services (RCIFS), the UK subsidiary of RCI Banque,
was up 12% compared to the same period of 2011.
Although international and domestic figures
have indicated a downturn for RCI Banque’s manufacturer partner the
Renault-Nissan Alliance, RCIFS posted a new record for March based
on the strong performance of funding for Nissan and second-hand
cars.
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Q1 global results for Renault-Nissan showed an
increased proportion of revenue from financing while income
from vehicle sales declined. At the end of last year Renault UK
announced a
reduction of its dealerships from 190 to 135 and discontinued the
sale of some models.
However, speaking to Motor Finance
Malcolm Banfield, commercial director at RCIFS, said financing of
the brand in the UK has not slipped as steeply as sales.
“Despite a decline in Renault new vehicle
sales of 39% in the first quarter of 2012, RCIFS saw Renault new
vehicle financing decrease by only 11%, thanks to a higher finance
penetration through the new ‘4+’ integrated warranty, service and
finance package.
“Moreover, the very strong performance of the
Nissan range, combined with higher used vehicle funding meant
overall RCIFS financing was up 12% year-on-year, including a record
March figure of close to £110 million.”
richard.brown@vrlfinancialnews.com
