DUBLIN: BMW’s finance arm in Ireland enjoyed a more than 41 percent increase in profits to just over €9m for the year to last December, according to its latest account filing.
Revenues rose by more than €4m during the period to €22.6m, driven in particular by a new form of hire purchase car financing model, known as personal contract plans.
The firm, which effectively acts as an in-house bank, offers loans for the buyers of BMW and minis, within the BMW stable of cars, and to purchasers of other cars models as well.
The current year should prove another bumper period for BMW finance. Car sales generally were nearly 50 percent higher for the seven months to the end of July and could rise to more than 130,000 for the full year as the industry returns to pre-crash levels.
BMW Financial Services expects to fund the purchase of 3,500 BMW’s and minis during 2015.
