Hyundai Capital invests in a German auto lessorHyundai Capital Bank Europe (HCBE) has agreed to acquire a large stake in a German car leasing company with expertise in digital platforms.
HCBE is a joint venture between Santander Consumer Bank and Hyundai Capital Services which became partners last year. It has signed a share purchase agreement with German rental car company Sixt to acquire 41.9 percent of its Sixt Leasing subsidiary for approximately 203 billion won ($168 million).
Sixt Leasing, headquartered in the German city of Pullach, specializes in car leasing to individual and corporate clients. It is especially known for its digital service, which handles 34 percent of its new business.
HCBE says the latest acquisition will help Hyundai Motor and Kia Motors secure an online platform that takes care of auto leases and the sale of used cars. It expects to learn from Sixt Leasing about managing the full leasing process, including after-sales service, insurance and penalties.
Hyundai Motor Group said it will start its new mobility business in Germany, Switzerland and Austria, where Sixt Leasing is already doing business, and expand further into the European market.
“The competitive edge that Sixt Leasing’s platform has will be a game changer when combined with Hyundai Motor Group’s mobility strategy,” Chi Young-cho, executive vice president of Hyundai Motor Group, said in a release.
Hyundai Capital also expects to expand its global finance business through the latest partnership.
“The latest acquisition will help HCBE’s mobility platform business and portfolio of leasing products in Europe,” said Hwang Yoo-no, CEO of Hyundai Capital.
BY JIN EUN-SOO [firstname.lastname@example.org]