Renault Bank, the car maker's own in-house finance and car loans arm, has rebranded as Mobilize Financial Services. Excuse the American spelling, but that's the official name as it's written down.
Customers' future needs
Mobilize is Renault's new brand which is intended to cover not just conventional car ownership but also mobility solutions such as car sharing, ride hailing, micro-rentals and more. Renault says that the rebrand's objective is: "to provide financial solutions that will cater for all mobility needs, including the arrival of more electric and connected vehicles. Mobilize Financial Services will finance more vehicles over longer periods, while creating more value to meet the needs of customers' evolving lifestyles." Or in other words, the way people buy cars is changing from ownership to leasing and rental.
Renault Bank, as was, has been operating in Ireland for more than ten years, and in that time, it has handed out €1.7 billion to Irish car buyers in the form of loans and PCP deals. That's enough finance for more than 100,000 Renault and Dacia models in that time.
PCP success
The PCP, or personal contract purchase, has been instrumental in the success of what is now Mobilize Finance. Among Irish car buyers, PCP is now the dominant form of finance, accounting for two in every three car sales. Mobilize will retain Renault Bank's offices in Baldonnell, Co. Dublin and its 35 staff for now.
Paddy Magee, Country Operations Director, Renault Group Ireland "This is an exciting time for the automotive industry as there many innovative products arriving in the coming weeks and months. The transition to electric is already here, but we will also see a transition in the coming years to new payment methods and a shift to more "pay per usage" models. Mobilize Financial Services is investing heavily in this and will help deliver the overall group strategy in the coming years which will focus on providing more digital journeys to customers and transitioning from selling cars to selling kilometres."
Digital experiences
Laurent Fillion is the new incoming Managing Director of Mobilize Financial Services in Ireland and has been with the company for almost 20 years. He said: "Mobilize Financial Services will offer more innovative services and digital experiences which will allow customers to reduce their usage costs while accessing a more environmentally friendly mobility. Mobilize Financial Services Ireland will continue to provide and enhance its products and services available to all customers through the 31 Irish branches in dealerships."
Mobilize already has a zero per cent interest finance offer in place for some vehicles in the 222 period, along with longer loans of up to 48 months. It also offers electric car-specific finance packages, including the cost of the home charging wallbox and its installation.