Citigroup Inc (NYSE:C) has announced that it will renew its consumer financing agreement with motor vehicle manufacturer Ford Motor Company (NYSE:F).
Citi Retail Services is one of the largest and most experienced providers of retail credit in North America. Both companies, which started a consumer financing program in 2001, have recorded exponential growth in customer loyalty and value to Ford’s customers and dealership as well as increase in sales.
Following its renewals, the program will continue offering leading vehicle financing options in the industry, pushing promotions, and the general value so as to offer service sales and drive parts to customer loyalty.
Head of Citi Retail Services, Craig Vallorano said Ford has been a very reliable partner the relationship of the two companies has been fruitful in delivering both business growth and customer value. He added that they are committed at extending their partnership so as to increase its future success by offering innovative financing initiates.
Citigroup Inc, the world’s leading bank in terms of assets and customer base, boosts of nearly 200 million accounts with businesses in over 60 countries and jurisdictions. The bank offers corporations, governments, consumers and institutions with a wide range of financial products and services like credit, consumer banking, Investment and corporate banking ,transaction services, securities brokerage and wealth management.
Ford Motor Company is a multinational manufacturer and seller of automobiles and commercial vehicles. The company sells commercial vehicles branded Ford and luxury cars branded Lincoln. The company, with its headquarters in Dearborn, Michigan also owns Troller, a Brazilian SUV manufacturer and Australian performance car manufacturer FPV.
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Ford posted impressive results of its automobile sales in China as it progressively expands its brand globally. The company announced that its Chinese subsidiary sold 64,641 vehicles in February representing a 2% increase compared to the same period last year. The company’s two ventures in the region posted divergent results with Jiangling Motor Corporation selling 20,794 vehicles representing a 48% increase compared to the same period last year. Changan Ford Automobile on the hand sold 42,695 which translate to a 12% from the same period last year.