In 2013 we have signed agreements with 9 distributors which give us access to more than 100 points of sale nationally
Recently we launched a new product to finance second hand cars, a market that represents an important growth potential which will allow us to take advantage of our expertise in granting loans to the low and middle income population sectors.
We have signed agreements with 9 distributors, which give us access to more than 100 points of sale nationally. We understand that for every purchase of a new car in Mexico, four used cars are bought; however, currently there is no dominant player in this market because it has been a largely underserved business.
By December 31, 2013, we had a 677 used car portfolio. It is important to consider that during that year we focused on strengthening the origination and collection processes for this product, with the purpose to secure a low risk business model, which can be replicated at a larger scale. To grant financing for used cars, we are focusing on customers within the socioeconomic levels “C” and “D”.
During 2013, Payroll, Group loans and Durable Goods products jointly grown 41.1% in comparison with 2012 results.