CA Auto Bank and its mobility company, Drivalia, unveil their growth plans at the Munich Motor Show. Drivalia will commence operations in the German market by the end of 2023 while the Bank aims to achieve €2 billion in retail volumes by 2024 in Germany alone.
In the first three months of activity as an independent player, since it has replaced FCA Bank in April 2023, CA Auto Bank already achieved €3.7 billion in retail volumes at European level, as the total outstanding portfolio reached €24.7 billion, reflecting a 20% increase over the previous year, when the Bank operated as a captive.
By 2024, once it has launched in Austria, Sweden and Switzerland, Drivalia will serve 18 European countries, the same footprint as CA Auto Bank, with both entities working in synergy to develop a pan-European financial and mobility offering.
New partnerships with prestigious OEMs will be announced during the IAA Mobility in Munich.
CA Auto Bank is speeding up its expansion around Europe: by the end of this year, Drivalia – its mobility company – will launch in Germany and Poland, bringing the number of countries where it maintains a presence to 15. The official announcement has been made at IAA Mobility in Munich, one of the biggest automotive trade fairs in the world, where the Group unveiled its growth plans today.
The choice of location is certainly not coincidental: Germany, a country where registrations of electric vehicles are rising to record levels (in the first half of 2023, BEVs were up 31.7% year-on-year)1, is a strategic market for the growth of Drivalia, which considers itself as a pace-setter for green mobility and rental plans. The company aims to build up a fleet of at least 15,000 vehicles here within the next three years, starting with medium and long-term rentals and gradually expanding its services to include all Drivalia’s "Planet Mobility" solutions, such as electric car sharing and innovative car subscriptions.
Drivalia’s expansion is due to continue in 2024, to include Austria, Sweden and Switzerland, reaching a total of 18 countries. The company's European footprint will then align with that of CA Auto Bank, the mobility bank for a better planet, a subsidiary of Crédit Agricole Consumer Finance. CA Auto Bank and Drivalia will work in synergy to develop a pan-European financial and mobility offering, with the aim of becoming leading players in the vehicle financing, leasing and mobility sectors.
After its transformation into an independent player in April 2023 (from its previous existence as the captive of Fiat Chrysler Automobiles), CA Auto Bank has already gained the trust of several new partners, including 45 automotive brands and around 10,000 car retailers, booking €3.7 billion in new retail volumes at European level already in the first quarter of activity and a total outstanding portfolio €24.7 billion, with a 20% increase over the previous year, when it operated as a captive.
Internationally, CA Auto Bank intends to have 80% of its new vehicle portfolio made up of green (i.e. electric and hybrid) models by 2030. No less ambitious are the Bank's development plans for the German market, where it aims to achieve €2 billion in retail production by 2024, an increase of 30%.
Ca Auto Bank’s growth will be based on the development of the dealer network and on new partnerships to be entered into with prestigious international brands. The first of these, now imminent, is with Lucid, a US manufacturer of luxury electric cars.
"With CA Auto Bank, the Crédit Agricole Group now has an innovative tool to serve all players in the mobility market (cars, motorcycles, leisure vehicles, marine, etc.) at a pan-European level, including in white label, with a complete and operational offering. It is an essential pillar to achieve our ambition to become a leader in green mobility in Europe”, commented Stéphane Priami, Chairman of CA Auto Bank, CEO of Crédit Agricole Consumer Finance and Deputy Managing Advisor of Crédit Agricole S.A. in charge of the specialized financial services division.
“We're a new player, looking ahead to the future, but with a great history and significant know-how behind us: these are the foundations on which we want to build our expansion around Europe”, said Giacomo Carelli, CEO of CA Auto Bank and Chairman of Drivalia. “CA Auto Bank is growing rapidly after its transformation into an independent player and Drivalia has already reached 165,000 leased and rented vehicles in 13 countries, to which Germany and Poland will soon be added, bringing us ever closer to our goal of becoming pan-European leaders in the mobility of the future”.
“In a market like Germany, where there’s considerable sensitivity around green mobility, the Bank has found fertile ground in which to develop its solutions, which we will soon be able to implement with Drivalia's mobility offering”, stated Karsten Borkowsky, Country Manager of CA Auto Bank Deutschland. "In Germany, CA Auto Bank and Drivalia will be the driving force behind the popularisation of zero- and low-emission vehicles, to contribute to the continued energy transition in mobility”.
1 ACEA report.