- 3 min
Crédit Agricole Consumer Finance and the Verbaere Group announce the creation of a captive via Crédit Agricole Auto Bank to support the development of the Verbaere Group and its DEX franchisees network in France and Belgium
As part of the announced merger of CA Auto Bank France and Sofinco Auto Moto Loisirs, a partner of the Verbaere Group for nearly 20 years, the automotive distribution group is taking advantage of this synergy in France and is joining forces with CA Auto Bank.
The two partners signed an agreement to create a captive which will operate under the name Drive Financial Services. The birth of this structure comes at a key moment for the development in Belgium and France of the DEX company, purchased in 2022 by the Verbaere Group.
DEX, which relies on a network of 19 franchisees in Belgium to sell or rent used vehicles of all brands that it reconditions, aims to duplicate this model in France. The Verbaere Group subsidiary already has two commission agents in the North of France, in Douai and Valenciennes, and plans to bring the Dex franchise to 14,000 units sold in 2028 in France.
This growth plan should generate a forecast of 1,600 vehicles financed from 2024 and 6,000 by 2027-2028. Via the captive, all DEX franchisees will be able to offer their customers all the financial solutions developed by CA Auto Bank - classic credit, LOA or LLD - and also the Crédit Agricole Mobility Services service catalog which will be gradually enriched: delivery, guarantee of extension and maintenance, etc.
« Choosing CA Auto Bank was obvious to us. The creation of this new European structure corresponded in every way to our needs. The opportunity to have a unique brand in several countries is a positive point for our customers and our employees. This structuring project for our group and its subsidiaries gives rise to a real differentiating commercial offer for our clients through the very wide range of services that Drive Financial Services will offer » indicates Jean-Charles Verbaere, Chairman of Verbaere Group.
« The merger of CA Auto Bank and Sofinco Auto Moto Loisirs from January 1, 2024 allows us to offer the best of both worlds to our customers and partners, namely pan-European coverage of their needs and expert solutions thanks to CA Auto Bank, while ensuring proximity synonymous with quality of service, detailed understanding of local issues and stronger adaptation thanks to Sofinco Auto Moto Loisirs. It is this entire ecosystem that we are now putting at the service of the Verbaere Group, a partner for nearly 20 years of Sofinco Auto Moto Loisirs, to support its growth plan in France and Belgium. The captive Drive Financial Services, created directly with CA Auto Bank, will operate at all points of sale » specifies Stéphane Priami, CEO of Crédit Agricole Consumer Finance.
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