News and Announcements
LAA Signs MotorCredit Agreement with Credito Real
- Published July 24, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
LatAm Autos Limited (ASX: LAA) has announced the agreement with Credito Real to launch the LatAm Auto’s MotorCredit product in Mexico, after an initial trial period.
KEY TAKEAWAYS:
- Launch of MotorCredit product in Mexico, exclusively with Credito Real.
- Credito Real is a publicly listed financial institution in Mexico focused on consumer lending with a diversified business platform and loan book.
- Under the agreement Credito Real will provide funding for the loans that have originated through LatAm Autos’ proprietary online platform and dealer network.
LatAm Autos’ Executive Chairman, Mr Timothy Handley said, “The roll-out of MotorCredit into Mexico is a key milestone for LatAm Autos and represents our first transactional revenue stream in the key Mexican market. The opportunity for our used car financing product in Mexico is significant with an estimated 4.5m annual used cars sold and a population of 127m. After an initial trial, the execution of the agreement with Credito Real was the final step to launching MotorCredit in Mexico and makes seminuevos.com the first auto classifieds platform to partner with a financial institution to access this revenue stream. As a comparison, both the leading auto classifieds websitesin Brazil are majority owned by banks, demonstrating how lucrative auto finance in Latin America can be”.
Credito Real’s Head of M&A, Luis Berrondo Barroso said, “Credito Real is very happy to be working with LatAm Autos, who are the leader in auto classifieds in Mexico, as a key partner in developing a significant market opportunity with us. The used car financing market in Mexico is hugely under penetrated, and we believe that Credito Real’s product is one of the best alternatives available for this market segment. We envisage a long term relationship with LatAm Autos and we are excited about the potential growth that this partnership can bring.”
Separately, late last week LatAm Autos also signed an agreement with a global top 5 OEM to bring an additional 100+ new and used car dealers onto its seminuevos.com platform, providing further evidence of its market leading position in the Mexican market.
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