| 18.1°C Dublin

BMW financial in growth fast lane

In its first full year of operation, BMW financial services in Ireland has increased its staff from seven to 17 and already advanced €86m to more than 4,500 consumers.

This is part of €225m which the banking operation has loaned in the country -- including large advances to dealers.

Next year BMW Financial Services expects to advance more than €110m to 6,000 retail customers and the company said that 75 per cent of its BMW business was accepted as proposed.

The strong predictions for next year come despite a view that the overall car market will slump to around 70,000 sales.

However, premium brands are expected to buck the trend with BMW saying that it is likely to increase its market share and grow sales from around 3,200 to about 3,600.

Many of the retail sales are likely to go to the 40-plus family person with the greying brigade also likely to figure strongly.

"The gravel driveway with three or four cars has gone," a financial services spokesman said. He added that the company can turn around the deal to buy a car in six hours.

Sunday Independent