premium brands, Jaguar and Land Rover, to Indian conglomerate Tata
in a deal worth $2.3bn (£1.1bn).
Ford said in a statement that its finance arm Ford Motor Credit
would continue to provide financing for Jaguar and Land Rover
dealers and customers for a transitional period of “up to 12
months”.
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Referring to this arrangement, as well as to agreements between
Tata and Ford for the latter to continue to provide components,
technologies, R&D, IT, accounting and engineering support to
its former brands for “differing periods”, Ford added: “The parties
believe these arrangements will support Jaguar Land Rover’s current
product plans, while providing Jaguar Land Rover freedom to develop
its own stand-alone capabilities in the future that will best serve
its premium manufacturer requirements.”
Ratan Tata, chairman of Tata Sons and Tata Motors commented: “We
are very pleased at the prospec t of Jaguar and Land Rover
being a significant part of our automotive business. We have
enormous respect for the two brands and will endeavour to preserve
and build on their heritage and competitiveness, keeping their
identities intact.
“We aim to support their growth, while holding true to our
principles of allowing the management and employees to bring their
experience and expertise to bear on the growth of the
business.”
Simon Warr, director of communications and PR at Jaguar Land
Rover, told Motor Finance: “There will be a transition period
during which Ford Motor Credit Co will continue to provide
financing. There will be a move to alternative providers over
time.
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By GlobalData“Existing customers will remain on their previous loan
agreements and returning customers will not notice a significant
difference as the new financial products will still be brand Jaguar
or Land Rover respectively as they are today, and they will
continue to offer terms that we feel are competitive at the
time.”
Motor Finance Issue: 42 – April 08
by Jo Tacon ,
Published for the web: April 23 08 11:7
Last Updated: April 24 08 10:47
