Scania acquires Italian finance company
Scania has acquired Fiscar SpA, a company which offers Scania’s Italian customers new vehicle finance. The acquisition is part of Scania’s strategy to further strengthen its customer relations by marketing a complete range of financial services.
With nine employees and an office in Milan, Fiscar SpA had a customer finance portfolio of approximately SEK500 million at the beginning of 1999. The company finances about 20% of Scania’s new vehicle sales on the Italian market.
With the acquisition of Fiscar, Scania now owns nine finance companies in European countries, including Germany, France, Britain and the Nordic region.
Customer finance is a fast-growing activity. In the last three years, the credit portfolio of Scania-owned finance companies in Europe has grown by about 30% annually and is now of the order of SEK14 billion.
"With the financial strength which comes from membership of the Scania Group, the aim is to increase Fiscar’s penetration to 30%, the level at which our other European finance companies are operating," comments Scania Customer Finance Manager Sven Antonsson.
Italy is a strategically important market by virtue of its size and geographical location. In 1998, it was Scania’s seventh biggest single truck market with new registrations of about 17,000 units, representing a market share of approximately 13%.
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Scania is one of the world's leading manufacturers of trucks and buses for heavy transport applications, and of industrial and marine engines. With 23,500 employees and production facilities in Europe and Latin America, Scania is one of the most profitable companies in its sector. In 1998, turnover totalled SEK 45,300 million and income after financial items SEK 3,200 million. Scania products are marketed in about 100 countries worldwide and approximately 96 percent of total production is sold outside Sweden.