Mobilize Financial Services Announces Strong Growth in 2024
Mobilize Financial Services Shows Impressive Annual Growth
Mobilize Financial Services has reported a remarkable increase in sales and net banking income for 2024, signaling a strong performance in a dynamic automotive market. The company highlights a 2.4% growth in financing amounts, reflecting the vigorous operational management and commercial strategies aligned with Renault Group’s goals.
Key Sales Achievements
The company’s success is evident in several key figures. The number of financing contracts remained stable, showing minimal change at +0.6% compared to the previous year. New financing volumes have increased, reaching a total that underscores the growing demand within the automotive sector.
Electric Vehicle Adoption
Electric vehicles continue to gain traction, with Mobilize Financial Services reporting a penetration rate of 45% for these vehicles, exceeding those of other engine types by 2.9 points. This reflects a significant shift toward sustainable mobility, aligning with current market trends.
Overall Market Performance
Across all engine types, the penetration rate reached 42.3%, which is a slight decline of 1.1 points from 2023. Despite this minor dip, the performance remains strong in a growing market, especially as Mobilize Lease&Co’s financing portfolio grew by 11% in comparison to the previous year.
Insurance and Service Contracts
Additionally, Mobilize Financial Services sold 3.7 million service and insurance contracts in 2024, although this reflects a 4.4% decline from the prior year. This indicates the company is actively seeking ways to adapt to changing customer needs and market demands.
Solid Financial Performance
On the financial front, Mobilize Financial Services achieved net banking income of 2,180 million euros for 2024, signaling an 11.2% increase compared to 2023. This impressive growth can be attributed to various factors, including enhanced operational efficiencies and the positive impact from the acquisition of MeinAuto.
Improving Operational Efficiency
Operating costs were reported at 1.30% of Average Performing Assets (APA), showcasing an 8 basis points improvement over the previous year. This efficiency is crucial as it supports the company's overall profitability and ability to serve customers effectively.
Pre-Tax Income Growth
Pre-tax income also increased to 1,194 million euros, up from 1,034 million euros, demonstrating the financial resilience and growth potential of Mobilize Financial Services as it continues to adapt and innovate in a competitive landscape.
Commitment to Sustainable Mobility
With a workforce of over 4,000 dedicated employees, Mobilize Financial Services remains committed to supporting the transition to more sustainable forms of mobility. The focus is on delivering innovative financial solutions tailored to the evolving needs of both retail and professional customers.
Strategic Priorities for Future Growth
The company identifies four main priorities moving forward:
- Usage-based Offers: Developing operational leasing options aimed at enhancing customer loyalty while catering to diverse mobility needs.
- Tailored Insurance Services: Introducing insurance products that address emerging mobility challenges and customer demands.
- Advanced Information Systems: Investing in digital transformation to improve service delivery and enhance customer experience.
- Operational Excellence: Streamlining processes to maximize efficiency across all business segments.
About Mobilize Financial Services
Mobilize Financial Services is a subsidiary of Renault Group, dedicated to fostering sustainable mobility through innovative financial solutions. With a rich history of over a century, this French bank specializes in automotive financing for the Renault Group as well as for Nissan and Mitsubishi in various regions.
As of the end of December 2024, the net deposits totaled approximately 30.5 billion euros, indicating a solid financial foundation. The company continues to evolve and expand its reach, demonstrating a firm commitment to meeting the needs of its customers in an ever-changing market.
Frequently Asked Questions
What was the total financing amount for Mobilize Financial Services in 2024?
Mobilize Financial Services reported a total of 21.5 billion euros in new financing for 2024, which reflects a growth of 2.4% compared to 2023.
How many insurance contracts were sold in 2024?
In 2024, Mobilize Financial Services sold approximately 3.7 million service and insurance contracts, although this represents a decrease of 4.4% over the previous year.
What is the penetration rate for electric vehicles?
The penetration rate for electric vehicles reached 45% in 2024, marking a growth of 2.9 points compared to other types of engines.
What was the pre-tax income for Mobilize Financial Services?
The pre-tax income for Mobilize Financial Services in 2024 was reported at 1,194 million euros, an increase from 1,034 million euros in the previous year.
How does Mobilize Financial Services approach sustainable mobility?
Mobilize Financial Services is focused on developing usage-based offers, tailored insurance products, enhancing digital tools, and achieving operational excellence to foster sustainable mobility solutions.
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