More good news regarding the Australian dealer finance situation has surfaced today, with the announcement that Subaru Australia and Esanda are partnering to form a new retail and wholesale automotive finance partnership.
Esanda steps in as GMAC prepares to pull out of Australia
Subaru?s current agreement with GMAC Finance was terminated earlier this year by GMAC, a casualty of the 2008 credit crisis. The agreement between Subaru Australia and GMAC will finish on April 16, 2009. The new partnership between Subaru Australia and Esanda will be known as Subaru Finance.
Subaru Finance will make its services available to the Subaru network of 108 retailers across Australia.
We are delighted to be forming this partnership with a quality organization like Esanda. To have reached this milestone in just two months is testament to the synergies between the organizations. It is also a reflection of the quality of the Subaru book and the brand?s strength,? said Nick Senior, Managing Director, Subaru Australia
Esanda brings 50 years experience and an opportunity for growth
Esanda is a wholly-owned subsidiary of ANZ, and has been involved in the auto finance industry for more than 50 years. It is one of Australia?s largest providers of retail finance through car dealerships. The partnership with Subaru will solve the immediate problems faced by the withdrawal of GMAC, both from a wholesale and retail finance perspective.
The partnership will also allow Subaru Finance to grow its finance offerings, with the help of competitive interest rates and speedy application processing.
The new agreement will span three years and will be in place before the termination of GMAC?s agreement with Subaru Australia on April 16, 2009.