Taking the fuss out of commercial vehicle finance

Taking the fuss out of commercial vehicle finance

Barclay’s South African subsidiary, Absa Group, is set to become an even bigger player in the transport and logistics sector – announcing the finalisation of a preferred supplier agreement with transport giant Imperial Group. The agreement will see Absa make vehicle and asset finance easily accessible to prospective Imperial customers.

Arrie Rautenbach, Absa head of Retail Banking, says being named as one of the preferred vendors of the Imperial Group marks the beginning of a strategic partnership that sees Absa associated with a major player in the commercial vehicle market.

He adds: “Absa has in-depth understanding of the commercial asset finance industry, having achieved and maintained a healthy and profitable vehicle and commercial asset finance book. This stands as testament to our reputation as an ideal banking partner to support Imperial.”

As part of the deal, Absa will carry the credit risk, while providing finance solutions and the full range of insurance options and products to Imperial’s clients.

Imperial Automotive Retail CEO Philip Michaux says: “This agreement is an extension of the current relationship between Absa and Imperial for the financing of vehicles for South African businesses.”  He adds that the alignment of growth strategies, of both Absa and Imperial, will create multiple business opportunities.

“The dedicated access to finance through Absa will enhance Imperial’s ability to sell more vehicles to quality clients. It will also provide flexible finance options that can be customised to suit our clients’ needs – plus advantageous rates,” explains Michaux – adding that Imperial is thrilled about partnering with a brand as strong as the Absa Group.

Absa says it will also consider providing finance to clients operating in the greater African continent leveraging on its relationship with its global parent – Barclays.

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