- Pictured from left: Ben South, BNP Paribas Corporate and Institutional Banking; Elliott Woodhead, Arval UK; Tao De, Chery International; and Stephen Hunt, BNP Paribas Personal Finance.
BNP Paribas Personal Finance UK and Arval UK will provide the vehicle finance – personal and fleet – for new-to-UK Chinese brands Omoda and Jaecoo.
The agreement was announced today (01 July 2024) following formal signing of the agreement between BNP Paribas, Arval and Chery International which operates the two brands.
Chery International is China’s largest OEM for automotive exports with its new brands Jaecoo and Omoda likely to accelerate further growth.
BNP Paribas said it had developed strong relationships with OEMs across the world and the development of this new partnership in the UK underpinned its strategy of supporting OEMs across multiple markets.
Initially, Omoda will launch the SUV 5 and E5 models (pictured above left), which will be available this month at 62 retailers across the UK; Jaecoo’s first model – the Jaecoo 7, also an SUV (above right undergoing testing in the desert) – will come later in 2024.
“With this expansion of our motor finance solutions into the new car sales segment, this partnership with a fast-growing OEM is the first of its kind for the UK and forms part of BNP Paribas Personal Finance’s wider ambitions to further establish itself as a leading provider of finance solutions in the automotive market in the UK and across all major European markets.”
Arval in the UK provides business leasing on more than 194,000 vehicles of which almost 48,000 are electric. Managing Director, Lakshmi Moorthy, added:
“We’re delighted to have been chosen as the partner for Omoda and Jaecoo UK to provide contract hire for their customers and support their dealer network. These are two exciting new brands and we look forward to assisting their growth in the UK. It is further evidence of the appeal of the combined capabilities of BNP Paribas Personal Finance and Arval in providing the full range of products to support manufacturers in the UK and across Europe.”
“We have big ambitions for Europe and have worked hard to try to bring the best products. However, we know that in the oldest automotive market in the world, we need to have the best partners to offer our customers the best experience throughout their journey with us.”
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Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
