American Suzuki Launches Captive Auto Finance Company: American Suzuki Financial Services (ASFS)
Launch of Private-Label Finance Arm Will Help Suzuki Meet the Needs of Its Growing Number of Customers and Dealers
BREA, Calif., April 8 -- American Suzuki Motor Corporation (ASMC) announces the launch of a private-label auto finance company formed to achieve the goal of tripling its sales to 200,000 vehicles by 2007 by better meeting the needs of its rapidly growing customer and dealer base.
The new company -- called American Suzuki Financial Services (ASFS) -- represents the next evolutionary step in Suzuki's relationship with Nuvell Financial Services Corp., initiated in 2003 to increase sales, dealer profitability, and customer and dealer satisfaction. The launch of ASFS equips dealers with an expanded range of financing tools in addition to manufacturer-supported rates. Suzuki dealers can now offer customers prime, non-prime and, in many states, lease or balloon products.
"We know that private auto manufacturer finance companies score the highest in dealer satisfaction, owner loyalty and repeat purchases," said Koichi Suzuki, president of ASMC Automotive Operations. "American Suzuki Financial Services was formed for Suzuki's fast-growing dealer body to make it even easier for customers -- even those with less-than-perfect credit scores -- to get into a new Suzuki car or SUV."
As part of its five-year growth plan, American Suzuki has just reached its goal to have 500 U.S. dealers, and will now work to have 600 dealers by 2006.
Working from new service facilities in Little Rock, Ark. and Anaheim, Calif., the latter situated several miles from ASMC's corporate headquarters in Brea, ASFS will directly support Suzuki product with dedicated credit, service and field staff. Through ASFS, Suzuki dealers will be able to offer customers financing across the full credit spectrum with products that recognize the value and increasing popularity of Suzuki vehicles. ASFS also plans to expand the availability of leasing programs to Suzuki dealers.
"We're excited about helping Suzuki take the next logical step in its ongoing transformation into a major, customer-focused manufacturer at the center of the U.S. automotive mainstream," added Managing Director Don Gottwald of American Suzuki Financial Services. "The launch of ASFS signals to buyers that American Suzuki is committed to working with them to develop a satisfying, long-term relationship."
The launch of ASFS comes as Suzuki launches nine new models as the cornerstone of its five-year growth plan. The first two vehicles, the Verona midsize sedan and Forenza premium compact sedan, launched in late 2003 and will be followed by the Reno five-door crossover vehicle and Forenza Wagon. 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 General Motors Acceptance Corporation, (GMAC), Nuvell is one of the nation's premier providers of comprehensive motor vehicle financing services. In addition to its Little Rock, Ark. headquarters, the company maintains offices in Anaheim, Calif.; Dallas; and Jacksonville, Fla. For more information on the GMAC family of companies, visit www.gmacfs.com.
About ASMC
The Automotive Operations of American Suzuki Motor Corporation, Brea, Calif., was founded in 1985 by Suzuki Motor Corporation. ASMC markets automobiles in the United States through a network of 500 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.