Daimler Truck Financial Services starts in Germany
Daimler Truck Financial Services further expands its global footprint and starts operations in its home market Germany. The financial services provider, headquartered in Leinfelden-Echterdingen near Stuttgart, started a year ago as a new company with seven countries at the time. Today, Daimler Truck Financial Services is active in 15 countries worldwide and is one of the world’s largest financial service providers in the commercial vehicle sector with a contract volume of 24 billion euros including leasing, financing and insurance.
Moreover it is planned to start business in France in spring 2023. Germany is the eighth country Daimler Truck Financial Services is launching business this year. Business in this country is managed from Berlin.
The national company will work closely with Daimler Truck’s German sales headquarters. Florian Peterl, Managing Director of Daimler Truck Financial Services Deutschland GmbH: “We have completely focused our organization, product development, sales, systems and processes on commercial vehicle customers. Our absolute focus on financial services for the truck and bus business as well as the high level of integration with the vehicle business will bring advantages for our customers and us.”
Stephan Unger, Board Member of Daimler Truck AG for Financial Services and CEO of Daimler Truck Financial Services: “With the launch in Germany, we are continuing to implement our global growth strategy. In 2023, we want to further strengthen our core business with leasing, financing and insurance. In addition, we are launching new service products and complete solutions worldwide that support our customers on their journey to electric and sustainable transportation.
Through connectivity, we will enable new services for commercial vehicle customers.” Bernd Barth, Head of Daimler Truck Financial Services Europe and South America: “With Germany, we are currently active in seven European markets. In spring 2023, we plan to start business in France.
Then we can offer our customers tailor-made financial services for trucks and buses in all major European markets.” Daimler Truck Financial Services is a segment of the Daimler Truck Group. In the third quarter of 2022, the financial service provider increased new business to EUR2.5 billion (Q3 2021: EUR1.5 billion).
The contract volume grew by 51 percent to EUR24 billion (Q3 2021: EUR15.8 billion). Adjusted for special reporting items, earnings before interest and taxes (EBIT adjusted) tripled to EUR50 million (Q3 2021: EUR17 million). Growth opportunities for Daimler Truck Financial Services arise from new service solutions in addition to the existing financing, leasing and insurance business.
This includes usage-based and flexible pay-as-you-drive services such as dynamic leasing or dynamic insurance. “Dynamic Lease” is already available in Japan and the USA. “Dynamic Insurance” was launched with an initial pilot phase in the USA. The transport industry’s path to e-mobility offers additional growth potential with service solutions for charging, e-infrastructure or battery leasing. Further opportunities are opening up in fleet management or through the integration of connectivity services, for example through digital payment systems for truck and bus services and products.
SOURCE: Daimler Truck