Santander Consumer (UK) Plc, Hyundai Capital Services, Hyundai Motor UK, and Kia Motors UK have incorporated a new joint venture business resulting in the creation of a new company, Hyundai Capital UK Ltd.
Hyundai Capital UK Ltd will become the captive finance provider to the 152 Hyundai and 170 Kia dealerships throughout the UK. The joint venture is due to start trading in mid 2012.
Commenting, Manroop Singh Khela, Managing Director of Hyundai Capital UK Ltd, said:“This agreement is another step in developing the long-term partnership between Santander Consumer and the Hyundai Motor Group, not only in the UK, but across the Santander Group.”
Sam Suh, Senior Vice President of Hyundai Capital Services, said: “Our extensive know-how in auto financing, combined with the deep local expertise of Santander Consumer UK, will present a powerful proposition to Hyundai and Kia customers and dealers. This will benefit Hyundai Motor Group in its future efforts to gain market share in the European car market. Establishing the first financial company outside of Korea marks a significant step for our international growth.”
Tony Whitehorn, President & CEO of Hyundai Motor UK Ltd, said: “The agreement with Santander Consumer is part of Hyundai UK’s development and represents a strong commitment to the UK market place. Santander Consumer belongs to one of the largest banks in Europe and this joint venture will provide our dealer partners and customers with peace of mind, and provides us, as a business, with a tremendous opportunity to offer customers lower cost finance and better products.”
Michael Cole, Managing Director of Kia Motors UK Ltd, said: “Our relationship with both Hyundai Capital and Santander Consumer has been excellent and I am confident this step will only further cement those working partnerships for the benefit of our customers and our dealers.”