FR) said on Thursday that the finance unit of its Opel
car brand would look to increase the number of financed and leased Opel
It will benefit from the combined expertise of financial captive Banque PSA Finance and automotive finance specialist, BNP Paribas Personal Finance to more effectively serve Opel
and Vauxhall dealers and customers.
But the PSA CEO could have known about the problems linked to the Opel
purchase because GM boss Mary Barra cited "increasing regulatory and compliance costs" as a key reason to offload Germany's Opel
and its Vauxhall sister brand in Britain.
2 November 2017 - French automaker Groupe PSA (PAR: UG) and financial services group BNP Paribas have closed their joint acquisition of the financial operations of former General Motors (NYSE: GM) auto brands Opel
and Vauxhall, announced on 6 March, the companies said.
The campaign provides customers with a range of exceptional offers on new purchases across the entire Opel
Group GmbH was established effective July 1, 2014 as a sister company of Adam Opel
GM's European operations, consisting mainly of Opel
and its UK sister brand Vauxhall, have lost more than $18 billion since 1999.
This is very positive news for both Opel
and Liberty Automobiles.
Liberty Automobiles, which is also the Cadillac dealership, expects to sell the first Opel
unit to a retail customer on February 23 itself.
Whiel the crisis in Europe's auto industry has seen Ford and Peugeot announce plans this year to each close a car plant, Opel
would be the first carmaker to shutter a plant in Germany in decades.
The thriftiest Opel
Corsa is now even more economical and environmentally friendly.
During the last 10 years, GM's European unit has lost some $14 billion, according to the report, although those losses cannot be attributed solely to Opel
because the unit also includes component manufacturing and the now-defunct and sold Saab.