France's leading independent automotive distribution group is about to renew its trust in Europe's leading retail credit provider for three years to drive its development
BYmyCAR, France's leading independent automotive distribution group, and BNP Paribas Personal Finance, Europe's leading retail credit provider and specialist in car financing, announce that their partnership, which begun in 2010, will be extended and consolidated for three more years. BNP Paribas Personal Finance will support BYmyCAR’s transformation and help it face the challenges of the future in a rapidly evolving sector.
BNP Paribas Personal Finance (which does business under the Cetelem brand in France), a partner of BYmyCAR since its creation in 2010, will continue to support it for three more years. The two players are even stepping up their partnership both in terms of their offerings to customers - private individuals and professionals - and in terms of financing new and used vehicle inventories in BYmyCAR's dealerships.
In response to the needs of the automotive group, BNP Paribas Personal Finance is providing BYmyCAR with an overall offering that spans the entire automotive distribution value chain, from financial support for carrying stocks to solutions for developing after-sales services, including the omnichannel aspect of the customer journey.
This offering, which is the most comprehensive one on the market, is based on the business expertise of BNP Paribas Personal Finance, whose teams worked with BYmyCAR to co-construct a game-changing innovative model. Operational implementation will be supported by a BNP Paribas Personal Finance team dedicated 100% to the BYmyCAR network.
The consolidation of the current agreement is part of a more global strategic approach by BNP Paribas Personal Finance aimed at promoting value creation and developing its businesses profitably. BYmyCAR is to benefit from comprehensive, sustainable support, empowering it to pursue its strategy with the necessary means to face tomorrow’s automotive distribution challenges.
BYmyCAR Group president Jean-Louis Mosca defines this partnership as "a key step in structuring and further developing BYmyCAR, which will empower us to support growth while meeting the challenges of tomorrow's distribution, through innovative solutions across the value chain.”
"Our aim is to rebalance value sharing and provide long-term support to our partners. This is why we have harnessed all our expertise to develop a unique and innovative mechanism for BYmyCAR, with the ability to generate high-quality production that meets our profitability criteria," says Christophe Michaëli, Head of the French Automotive Market at BNP Paribas Personal Finance.