Daimler Financial Services India Pvt. Ltd. (DFSI), a 100 per cent subsidiary of Daimler AG, is celebrating its third anniversary in India by offering a full range of financing and insurance solutions to dealers and customers of Mercedes-Benz India and Daimler India commercial vehicles. It is the only captive financial services provider offering an operating lease solution to customers in the premium car segment and manages a healthy portfolio of over Rs. 2,500 crores.
DFSI, under its Mercedes-Benz Financial label, is the leading financier of Mercedes-Benz cars in India today and, under its BharatBenz Financial label, finances one out of every three BharatBenz trucks sold in the Indian market. Mercedes-Benz Insurance and Bharat Benz Insurance are the leading insurers of MB cars and BB trucks. During the first three years, over 2,100 claims have been processed worth over Rs. 32 crores. The insurance business is operated as a corporate agency of Bajaj Allianz.
Mr. Sidhartha Nair, DFSI Managing Director, commented: “We went live on July 1, 2011, just 9 months after getting the Daimler Board approval. Today we are a team of over 100 employees supporting all Daimler auto financing needs across India both for passenger cars and commercial vehicles. Nearly all Daimler dealerships use our financing solutions, and our overall retail contract base has grown to over 9,000. I would like to congratulate the DFSI team members on achieving this great milestone and am proud to lead this innovative and enthusiastic group.”
Mr. Sidhartha Nair further observed: “It is thanks to the innovative and customized approach with sheer dedication displayed by the team that DFSI today is the first choice provider of financial services products for our dealers and customers. Nearly 70% of customers are opting for vehicle finance, and thus understanding our customers better and being able to offer them a one-stop customised solution in a quick and efficient manner is what differentiates us from others in the segment. This is evident from the fact that we have been enjoying continued patronage from our customers year after year”.
Mr. Eberhard Kern, Managing Director & CEO, Mercedes-Benz India, said: “Daimler Financial Services has been a key pillar to our India strategy and it played a pivotal role in our growth. Our customers have appreciated the value added by the financial programmes like Star Agility and Star Lease introduced by DFS India, which are one-of-its kind in the luxury car industry. DFS will continue to play a key role in our future strategies as we expect the current market to grow significantly higher in the foreseeable future and vehicle financing forming the backbone of our services for our discerning customers.”
Commenting on the association with DFSI, Mr. Sreeram Venkateswaran, Vice-President – Domestic Sales, Product Management and Network, Daimler India Commercial Vehicles (DICV), said: “We are extremely pleased with the association of DFSI, as they have become an integral part of our sales process. DFSI has always been proactive in offering the best financing solutions for our customers and is one of the preferred financiers of our trucks. Being Daimler’s own captive financing arm, the team has demonstrated great dedication since its inception in India and has won the trust of BharatBenz and its customers. We, at DICV, wish DFSI team the best and look forward to a long-lasting relationship.”