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DaimlerChrysler 'banking' on increased sales

Car manufacturer DaimlerChrysler has launched its own bank in Russia to provide loans to buy cars. It is the second following hard on the heels of Toyota, which entered the banking loan sector in September 2007, but it won't be the last.

Analysts say that with growing demand for foreign cars, other automakers – including Volkswagen and BMW – are likely to follow.
Russia is the world’s 8th largest auto market with sales reaching almost $US 2 million this year.
About 40% of Russian consumers are taking loans and with the growing range of lending possibilities from car producers, sales are expected to grow further.
DaimlerChrysler bank will offer auto loans, along with leasing and vehicle insurance. It is aiming to be more convenient for customers with an electronic application system, and the charges for the loans will be comparable to other financial institutions.

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