Audi to launch in-house finance division in India by March 2011

Tuesday 18 January 2011, 00:00 AM by Vikas Yogi

The Indian unit of Germany based leading luxury car maker said on Monday that it would enter the car finance business in the country by March 2011. The company plans to float its own finance arm – Audi Finance – in the Indian market to provide easy finance to its customers.

Speaking to the reporters on Monday, Audi India Director Michael Perschke said, "By the first quarter (of 2011) you will also see the finance arm." It is to be mentioned here that Audi’s parent Volkswagen has also launched its Finance division – Volkswagen Finance – which has already got registered in the Indian market.

In calendar year 2010, the company sold a total of 3,003 units of its cars in India. Audi aims to sell 4,500 units of its cars in the Indian market in this calendar year. "After phenomenal growth last year, we are looking at a number of 4,500 units this year. That's the minimum we expect," said Mr. Perschke.

Moreover, the company also plans to increase its dealership network to 20 outlets from existing 14 outlets by the end of year 2011. "This year, we will have a presence in Surat, Ludhiana, Nagpur and Indore.We want to take advantage of the strong brand image we have", he said.