Renault Bank is celebrating five years in Ireland, and in that time they have lent in excess of 500 million euro to individual and business customers. The captive bank is a wholly owned subsidiary of the Renault Group and since 2011, provides a range of financial services in the Irish market for Renault and Dacia customers. The Bank now employs over 30 staff at its offices in Dundrum and operates through Renault Group’s 28 branches within dealerships around the country offering customers market leading rates, and flexible finance options. The amount lent to customers so far this year (to end October 2016) increased by approximately 49% versus the same period in 2015 as a result of Renault Group’s strong performance this year, particularly with the launch of new models such as the Kadjar and all-new Mégane.
Personal Contract Plans (PCPs) are now the most popular way to purchase a new car in Ireland, with customers opting for the flexibility, affordability and choice this option offers.
Over 60% of Renault Group’s customers chose this finance method to buy their new vehicle last year. In 2015 1 in 3 customers used a PCP to buy their new Renault and year to date in 2016 58% of private car customers have chosen this finance option.
For the Dacia brand 55% of customers opted for PCP in 2015 and this has continued to grow this year with 64% of customers opting for PCP. With Renault Group commanding a 12.7% share of the van market year to date and in the top three selling van brands in the country, finance has played aa key part in the success of van sales. Over €25 million has been lent to van customers so far this year, 60% up on last year which is a good sign of economic recovery and the demand for vehicles for business.
Renault Bank provides both HP and lease options to business customers with 69% opting for HP so far in 2016, mainly as a result of the 0% APR finance offer across the Renault LCV range . Thirty one percent of business customers availed of a lease option through Renault Bank.
Commenting on the announcement Gaelle Humbert, Managing Director of Renault Bank in Ireland said, “Since 2011 Renault Bank has experienced incredible growth. This is as a direct result of the growing Renault product range as well as listening to our customers. Because of this, we can offer our customers market leading rates that are affordable and flexible but most of all simple, allowing them to get into their new car for less money and less hassle. For the future, we are looking forward to further business development thanks to the launch of exciting new Renault and Dacia models and also working to develop new products including new insurance products, used car offers and alternative ways for customers to purchase their cars ”.