… Targets 2000 Vehicle Unit Sales
By: DOROTHY NIJE
[dropcap]A[/dropcap]s part of efforts to ease ability of actual and prospective customers to purchase BMW, Jaguar, Landrover, Ford and other existing brands under the Coscharis franchise; Coscharis Motors Limited, in partnership with Stanbic IBTC Bank and Access Bank, has concluded plans to launch a Vehicle Finance Scheme (VFS), promo aimed at empowering retail and fleet buyers to purchase their choice vehicles from any Coscharis Motors outlet nationwide through payment by instalment.
Speaking over the weekend at the launch of the scheme held at Coscharis corporate office in Awoyaya, Lagos, Nigeria, Coscharis Group Managing Director, Josiah Samuel said the scheme would allow a repayment pattern spread over a period of four years with the option of a repayment percentage ranging from 10 – 30 percent within the period.
“To the market”, Samuel explained, “this scheme is unique in all ramifications, as it is first in terms of partnering two of the leading banks in Nigeria towards financing a vehicle acquisition scheme in collaboration with a multi-brand dealership that provides the market a bouquet of premium and economy auto brands”.
Explaining further, Samuel said his company found the need for the collaboration to meet the need of Corporate Nigerian workers including – Small and Medium Scale Enterprises, who want new vehicles from Coscharis but have inadequate financial capacity to effect outright payment.
“Most of the SMEs”, he pointed out, “buy fairly used vehicles to run their businesses in order not to drain their working capital with the cost of new vehicles. Coscharis will require massive capital investment and extensive Lead time to implement this initiative alone, hence collaboration with Access Bank and Stanbic IBTC, both of which are well positioned to perform the financing role and have solid history in this regard.”
The scheme, first of such by Coscharis, focuses on delivering customers satisfaction given its very low interest rate, ease of accessibility to the banks, quick turnaround time for credit processing at the banks and availability of myriads auto brands and variants for customers to choose. For the first instance, the collaboration will be operative for the duration of one year but renewable for a further one year term thereafter or agreed otherwise.
The Vehicle Finance Scheme, which is projected to generate 2000 units’ sales across all brands, is also spiced with other key attractions and benefits, namely Free Vehicle Registration, vehicle maintenance and service support,
including vehicle recovery and emergency assistance.
The scheme will be available in all Coscharis networks including all the partnering banks networks nationwide. Coscharis Motors is Nigeria’s representative of global automotive manufacturers, including Ford, Jaguar Landrover, BMW MINI, MG, Rolls Royce and Joylong.
The company is an industry leader in Nigeria and has dealership networks (including sales and services) across the six geopolitical zones in Nigeria.