American Suzuki Targets Future Growth in Announcement of Agreement With Nuvell Financial Services
- Nuvell Financial Services Corp., a subsidiary of GMAC, Will Emphasize a Wider Range of Products and Dealer/Customer Satisfaction, to Help Suzuki Meet Its Goal of Tripling U.S. Vehicle Sales by 2007 -
- American Suzuki's Agreement With Nuvell Financial Services Is First Step in Creation of a 'Captive' Auto Finance Company to Be Known as American Suzuki Financial Services -
BREA, Calif., Aug. 7 -- American Suzuki Motor Corporation (ASMC) today announced a new agreement with Nuvell Financial Services Corp., pursuant to which Nuvell will develop and implement new dealer financing programs that will target a wider range of financial products, increased sales and profitability and enhanced customer and dealer satisfaction consistent with the automaker's goal of tripling its U.S. sales by 2007.
The agreement with Nuvell, a wholly-owned subsidiary of General Motors Acceptance Corporation (GMAC), will give Suzuki dealers greater access to prime and non-prime retail installment financing for new and used vehicles, as well as incentive and extended-term programs. According to ASMC President Rick Suzuki, the new arrangement also serves as the first step in the development of a private-label finance company to be tentatively known as American Suzuki Financial Services.
"Suzuki's agreement with Nuvell enables us to leverage our relationship with GM to offer our customers the widest, most competitive financing products and services in the industry," he explained. "In addition to offering distinct benefits to customers considering a purchase now, the new dealer financing programs that will be developed and implemented pursuant to the agreement with Nuvell sets the stage for the long-term creation of a U.S.- based 'Suzuki' private-label finance company. This is important to Suzuki's long-term growth, since it is the private auto manufacturer finance companies -- also known as 'captives' -- that score the highest in dealer satisfaction, according to the most recent J.D. Power and Associates study."
"We are excited about our comprehensive new relationship with Suzuki," says Tom Pritchard, president of Nuvell. "As Suzuki continues to mature into a mainstream automaker, we are committed to delivering unparalleled financial products and services to its growing customer base."
Suzuki's new agreement with Nuvell comes as the automaker launches nine new models in five years as the cornerstone of its plan to triple U.S. vehicles sales to 200,000 by 2007, and move further into the U.S. automotive mainstream. The first two vehicles, the Verona midsize sedan and Forenza premium compact sedan, will be available this fall as 2004 models. Other elements of Suzuki's growth plan include intensified marketing and promotions; enhanced customer satisfaction; and increased dealer development, including a new retail image program known as Suzuki Square.
About Nuvell Financial Services Corp.
As a wholly-owned subsidiary of GMAC, Nuvell, with assets of over $5 billion, is one of the nation's premier providers of comprehensive motor vehicle financing services. In addition to its Little Rock, Arkansas, headquarters, the company maintains offices in Anaheim, California; Dallas, Texas; Jacksonville, Florida; and Boston, Massachusetts. For more information on the GMAC family of companies, visit www.gmacfs.com
About American Suzuki
The Automotive Division of American Suzuki Motor Corporation (ASMC), Brea, Calif., was founded in 1985 by Suzuki Motor Corporation. ASMC markets automobiles in the United States through a network of more than 450 automotive dealerships in 49 states. ASMC's parent company, Suzuki Motor Corporation (SMC), based in Hamamatsu, Japan, is a diversified worldwide automobile manufacturer. Founded in 1909 and incorporated in 1920, it has 141 distributors in 127 countries.