Ford Credit Begins Operations in Hungary
31 July 1997
Ford Credit Begins Operations in Hungary
BUDAPEST, July 31 -- Ford Credit starts financing operations
tomorrow in Hungary, its 34th market. Ford Bank Hungaria Rt., a subsidiary of
Ford Credit Europe, is based in Budapest.
Ford Bank Hungaria will offer a full range of financing to 36 Ford dealers
and their customers. The bank employs 19 people, with plans to recruit more
over the next year as the business grows.
"Through Ford Bank Hungaria, we will offer competitive financing to Ford
dealers and their customers. Our aim is to provide Ford of Hungary with
support to build market share and customer satisfaction," said Willi Voelksen,
general manager of the new financing operations.
"Ford Credit is pleased to enter the automotive financing market in
Hungary," said Ford Credit Chairman and Chief Executive Officer Ken Whipple.
"Europe is an important focus of international growth for us. The opening of
the Hungary operations is another opportunity for us to help support Ford
sales and expand our European finance business at the same time."
Ford Credit has been offering a branded vehicle lease plan called "Ford
Leasing" in conjunction with the Merkantil Bank since late 1994. This plan
accounted for more than 40 percent of Ford sales in Hungary during 1996. Last
year, Ford sold 5,900 cars and commercial vehicles, achieving a market share
of 8.4 percent in Hungary.
In addition to operations in Hungary, Ford Credit established operations
in Poland last year and expects to launch operations in the Czech Republic
later this year. Ford Credit's products and services in Hungary include
wholesale financing for dealers and, at a later date, retail financing for new
and lease vehicles.
Ford Credit is a wholly owned subsidiary of Ford Motor Company
and part of Ford's Financial Services Group. The company's worldwide
financing operations serve about 11,000 Ford, Lincoln-Mercury, Ford Truck and
affiliated dealers, and eight million customers in 34 markets.
SOURCE Ford Credit