All financial operations of Opel and Vauxhall are now controlled by the French automaker.
Opel and its British subsidiary Vauxhall will finally reveal their plans for the foreseeable future during a special press conference on November 9. Opel/Vauxhall CEO Michael Lohscheller and the Chairman of the Managing Board of PSA Group, Carlos Tavares, will disclose the contests of the strategic plan, aiming to “ensure a sustainable return to profitability.”
The two brands are part of the French manufacturer, now Europe’s second-largest automaker, since August 1. The German and British marques are expected to switch to entirely French platforms and engines, as the motors developed in Rüsselsheim are not considered efficient enough. Also, PSA Group wants to “dispense with any payments for licensing fees as quickly as possible.”
PSA will most likely reorganize Opel’s production activities as well, as it is believed the French company has more efficient plants. The gaps “are quite big," according to Tavarez, and the automaker’s six factories in Europe could be facing some layoffs.
Meanwhile, PSA has also established a new financial division responsible for Opel and Vauxhall. It combines the existing units Opel Bank, Opel Financial Services, and Vauxhall Finance, and will benefit from the experience of Banque PSA Finance and BNP Paribas Personal Finance’s.
The new department will work to “provide a comprehensive range of auto financing products, including consumer loans, leasing and service contracts, as well as dealer financing and insurance” and will be an essential element of the commercial performance of 1,800 dealers in 11 European countries. The new division will present a new strategic plan in 100 days.
"The development of this automotive finance company is essential to the growth of the Opel and Vauxhall car brands,” Alain Van Groenendael, Chairman of BNP Paribas Personal Finance, said. “We are proud to be joining forces to create the conditions for growth and to work with the teams to write another chapter in the company's history.”
- Live: Opel/Vauxhall CEO Michael Lohscheller and Chairman of the Managing Board of Groupe PSA Carlos Tavares explain plan for future
- Media service: All information consolidated at single website
Rüsselsheim. Opel/Vauxhall will present its plan for the future on Thursday, November 9. The press conference will be broadcast via internet livestream at 9.15 a.m. Opel/Vauxhall CEO Michael Lohscheller, accompanied by the Chairman of the Managing Board of Groupe PSA Carlos Tavares, will present the contents of the plan. The objective is to ensure a sustainable return to profitability. All additional information can be found at this website,where the presentation can also be followed online.
Live news and video sequences with the key messages of the press conference can be followed via Twitter at @OpelNewsroom. In addition, the press conference will also be online on the Opel-Blog and on the Opel YouTube channel. All corresponding information about the presentation of the plan for the future, together with TV and radio statements from Opel/Vauxhall CEO Michael Lohscheller, can be found on the Opel media website. It is also possible here to submit questions using the Q+A form under the livestream and dial into the presentation by telephone.
Opel/Vauxhall has been part of Groupe PSA since August 1. Both companies have been working together since 2012. To date, cooperation includes four vehicles from Opel. Two new crossover models, the Opel Crossland X and the new Opel Grandland X SUV are already at Opel dealerships. The successor of the Opel Combo light commercial vehicle will come onto the market in 2018 and the next generation of the best-selling Opel Corsa will be presented in 2019.
- Creation of a new automotive finance organisation for Opel and Vauxhall.
- The new organisation will benefit from the experience of Banque PSA Finance and BNP Paribas Personal Finance’s expertise in the field of finance offers through an exclusive partnership with the Opel and Vauxhall brands.
- New organisation led by Alexandre Sorel, (Banque PSA Finance), CEO supported by deputy CEO Pascal Brasseur (BNP Paribas Personal Finance) and Erhard Paulat (Opel Bank).
- Strategic plan to generate profitable, agile growth will be presented in 100 days.
Groupe PSA and BNP Paribas today announced the closing of their joint acquisition of the financial operations of Opel and Vauxhall, announced on March 6th.
The new organisation combining the existing brands Opel Bank, Opel Financial Services and Vauxhall Finance is created. It will benefit from the combined expertise of financial captive Banque PSA Finance and automotive finance specialist, BNP Paribas Personal Finance to more effectively serve Opel and Vauxhall dealers and customers.
Opel and Vauxhall's financing operations are an essential element of the commercial performance of 1,800 dealers in 11 European countries. They provide a comprehensive range of auto financing products, including consumer loans, leasing and service contracts as well as dealer financing and insurance. Together, they represented around €9.6 billion in total financing at end-2016.
Alexandre Sorel, Chief Executive Officer, Pascal Brasseur and Erhard Paulat, both Deputy CEO, will take over the management of the new organisation.
This new management will present in 100 days its strategic plan with the support of Banque PSA Finance and BNP Paribas Personal Finance. The objective of the plan is to accelerate the development of the entity, and to offer the most competitive offers to customers of Opel and Vauxhall.
Commenting on the transaction, Chief Executive Officer Alexandre Sorel said: "We are now thoroughly committed, alongside all of the teams, to building the strategic plan with the clear purpose of improving the performance of the company's businesses and the competitiveness of our financial solutions for Opel and Vauxhall customers. Everyone's involvement across the company is critical at this stage."
"The development of this automotive finance company is essential to the growth of the Opel and Vauxhall car brands. We are proud to be joining forces to create the conditions for growth and to work with the teams to write another chapter in the company's history. Our complementary areas of expertise are a key asset for making this partnership a success." concluded Alain Van Groenendael, Chairman of BNP Paribas Personal Finance and Rémy Bayle, Chief Executive Officer of Banque PSA Finance
For further information about the new executive team
Alexandre Sorel (46) is the CEO of the new organisation, board member of Opel Bank SA and member of Banque PSA Finance Executive Committee.
Through several experiences within Groupe PSA from 1994 to 2017, Alexandre Sorel has a deep knowledge of the automotive industry as well as of the banking sector. He was previously CFO of Banque PSA Finance. Prior to that position, he held several positions in Groupe PSA, on the OEM side as in the auto finance business.
Alexandre Sorel holds a MBA from Neoma Business School, Reims (France).
Pascal BRASSEUR (49) has been Head of the Retail Business Line at BNP Paribas Personal Finance since September 2012. Pascal served as Commercial Director beginning in 2009 for Northern Europe (UK, Germany, Belgium, Netherlands, Switzerland, and Norway). Prior he was General Manager of BNP Paribas subsidiaries in France specialized in Mortgages and Debt Consolidation. Prior to that, he held leadership roles in the financing area. He joined BNP Paribas Group in 1992, and began his career in Spain.
Pascal holds an MBA from ESCP Europe.
Erhard (ED) Paulat (48) has been Executive Vice President, U.K., Germany, Austria, Switzerland and Sweden at GM Financial International Operations since April 2013. In the same year, he was named Managing Director of Opel Bank in Germany, which he had been overseeing as Chief Operating Officer together with Austria and Switzerland, beginning in 2012. Ed Paulat served as Managing Director U.K. beginning in 2007, and assumed responsibility for Sweden in 2010. Prior to that, he held leadership roles on three continents and in various areas, including audit and commercial credit. He joined the company in 1992.
Ed Paulat holds an MBA from Henley Management College, U.K.