JCB announce European finance joint venture
JCB have entered into a new joint-venture partnership with BNP Paribas Lease Group, the European leader in leasing solutions for business and professional equipment, to offer retail and wholesale financing solutions in JCB’s European markets.
Having grown rapidly in recent years to become the world’s third-largest manufacturer of construction equipment, JCB say they are seeking to continue this growth and want to enhance the support available to customers by providing more innovative and comprehensive financing solutions.
The company also wants to improve the financing support available to its dealers and says the creation of the new JCB Finance joint venture in Europe is an important milestone that will allow it to meet these aims in a number of key markets for JCB products.
The new joint venture will offer a full range of leasing and other retail finance programmes to create new sales opportunities for JCB machines in Europe, as well as providing flexible facilities to support dealer inventory and demonstration equipment requirements.
David Miller, managing director in charge of Financial Solutions at JCB, said: ‘BNP Paribas Lease Group is Europe’s leading specialist in equipment financing with over 50 years’ experience. We have worked with them successfully for over three decades, and I am delighted that we can now bring our two market-leading organizations together to invest in a substantial and exciting new venture in support of JCB customers and dealers.’
In 1994, the two organizations created their first joint venture dedicated to financing JCB’s French sales. Since then, co-operation between JCB and BNP Paribas Lease Group has continued to grow in Europe and, more recently, in India and North America.
The joint venture, 50.1% of which is held by BNP Paribas Lease Group and 49.9% by JCB, will initially offer retail financing solutions for new and used JCB machines in France, Spain, Italy and Germany, with extended services and territorial coverage planned in due course.