Alphera Financial Services Reaches $1 Billion In Serviced Assets Milestone

MW Group Business Unit Sees Impressive Growth by Providing Premium Service to Dealers and Customers Outside BMW Brands

Cementing its place as a significant force in the automotive financing arena, Alphera Financial Services’ portfolio of serviced assets has reached the $1 billion mark. A business unit of BMW Group Financial Services, Alphera Financial Services offers a number of dealer-direct retail loans and commercial finance products.

Alphera Financial Services, launched in October 2006 to provide BMW’s award-winning customer service to other franchises owned by its dealers, has broadened its service beyond BMW dealer-owned franchises to encompass new-car franchised dealerships of all makes and models. Alphera is backed by the same infrastructure that has helped BMW Financial Services earn the top ranking in dealer satisfaction for retail leasing in the J.D. Power and Associates Dealer Financing Satisfaction Study (SM) for four consecutive years.

“In less than two years’ time, Alphera has seen amazing growth for its innovative and competitive offerings, and it represents a crucial piece of our strategy of building on and complementing our traditional captive finance business,” said Fred Isele, President of Alphera Financial Services. “By the end of this year, our business will be serving dealers in 19 markets as we continue to roll out our business across the U.S.”

Last fall, BMW Group Financial Services’ U.S. portfolio of serviced assets crossed the $25 billion threshold, reaching this significant milestone on the strength of the company’s traditional financial services products and the introduction of new business lines Alphera and up2drive.com, a unique direct-to-consumer automotive lending service. The BMW Group Financial Services portfolio of serviced assets now exceeds $28 billion.

About BMW Group Financial Services

BMW Group Financial Services was established in the U.S. in 1992 to support the sales and marketing efforts of BMW of North America. Since then, the group has expanded to provide service to markets in multiple countries and continues to evolve beyond its role as a captive finance unit.

BMW Group Financial Services offers a wide range of leasing, retail and commercial financing and banking products tailored to meet the needs of the BMW customer. The group also provides financing to BMW dealers for expanding dealership capabilities and enhancing overall operations. With more than $28 billion in serviced assets and 700,000 automotive lending customers, BMW Group Financial Services finances over half of the BMWs sold or leased in the United States. BMW Group Financial Services employs nearly 1,000 people, including consultants and temporary workers, most of whom are located in the Hilliard, Ohio Customer Service Center.

In 2001, the MINI Financial Services division was established to provide support for the brand’s dealer and customer networks by offering various financing and leasing options. Alphera Financial Services was established in 2006 to provide financial services to dealers who are not part of the BMW and MINI networks.

BMW Group Financial Services also offers credit card products through its subsidiary, the BMW Bank of North America. up2drive.com is a division of BMW Bank of North America, a wholly-owned subsidiary of BMW Financial Services NA, LLC. BMW Insurance Agency, Inc., a property and casualty producer, is also part of BMW Group Financial Services.

For more information about BMW Group Financial Services, please visit: http://fs.bmwusa.com/bmwfspulp/

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This entry was posted on Thursday, July 10th, 2008 at 7:45 am and is filed under Corporate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.