NEWS: Ford set sights on finance sector

Ford is considering launching as a bank in the UK, renaming its Ford Credit arm Ford Bank and moving beyond car loans into new financial services areas.

Ford is considering launching as a bank in the UK, renaming its Ford

Credit arm Ford Bank and moving beyond car loans into new financial

services areas.



The move will further blur the line between the traditional high street

banks and the new entrants to the financial sector, such as Tesco and

Virgin.



Other car manufacturers, including Volkswagen, are known to be

considering a similar move but Ford is the only motor company in the UK

registered with the Bank of England and able to take deposits from

customers.



A spokesman for Ford Credit said the direction of the finance division

was being considered by senior Ford managers in the US.



‘We will be taking the bank theme further. What we do at the moment is

all motor finance but I would anticipate that we will be branching out

with the portfolio we offer,’ said the spokesman. ‘The amount of

business we do is limited to the number of cars we sell each year, so it

makes sense to go beyond financing cars.’



Ford sold 411,000 cars last year, more than half of them through Ford

Credit finance deals, but the company sees stepping outside motor

finance, to offer products such as loans and insurance, as a way of

generating new revenue.



Ford Credit operates through 1000 Ford dealerships in the UK and already

advertises itself in motoring magazines as a ‘drive-in’ alternative to

the high street banks.



Discussion

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Brand Republic Jobs

subscribe now

Latest

Oasis #springasmile digital campaign gets people doing good deeds
Coca-Cola: 'Don't approach bloggers with a fait accompli'
Tesco CMO Matt Atkinson: 'It is so important not to stereotype mothers'
McDonald's gives Ronald a new look ahead of global 'Fun times' social media push
In pictures: BrewDog opens first craft beer shop BottleDog for 'beer aficionados'
Facebook ad revenue leaps $1bn as it invests in targeting
Malteser or Maltesers? Mars takes Hershey trademark dispute to court
Apple Q2 profits top $10bn as iPhone sales soar
Lynx tells men not to leave love to fate
HBO captures awkwardness of watching sex scenes with parents
Primark to open first US stores with Boston chosen as flagship location
Marketing spend on the up but a reality check is needed before celebrating
Top 10 ads of the week: Jackpotjoy and BT Broadband fend off Kevin Bacon
Lidl beats Tesco to 10m Facebook fans
Center Parcs ad banned for encouraging parents to take kids out of school
Coca-Cola, Cadbury and Amazon named top brands for targeting youth market
Leaked document shows Nokia to be rebranded as Microsoft Mobile
Nike lays-off hardware staff in move that casts doubt on future of FuelBand
Greenpeace says save the bees or humans will die
What brands need to know about changes to VAT and online downloads in 2015
Jimmy Savile victims urged to claim compensation in new ad campaign
UKIP launches biggest  ad campaign and stirs up 'racist' accusations
Apple boss Tim Cook provides voiceover on ad touting firm's renewed green commitments
John Lewis walks consumers through its history to celebrate 150 years of business
Waitrose boosts content strategy with 'Weekend Kitchen with Waitrose' C4 tie-up
Hottest virals: Cute puppies star in Pedigree ad, plus Idris Elba and Fruyo
Amnesty International burns candles to illuminate new hope
Tom of Finland's 'homoerotic' drawings made into stamps
Toyota achieves the impossible by calming angry Roman drivers
YouTube reveals user habits to appeal to 'older' marketers