The Used Cars product registered a portfolio of Ps. 360.3 million.
In 2014, we acquired 51% equity of “Drive and Cash”, a company that offers financing aid with cars and commercial vehicles as guarantees.
Used cars loans are currently aimed at people who do not have a credit history or have been overlooked by traditional banks and is implemented through two schemes: the traditional scheme through which car loans are granted through alliances signed with 17 distributors specialized in the sale and purchase of automobiles and the new scheme, known as Drive and Cash, which is originated through a network of 35 branches and offers financing through the guarantee of automobiles and commercial vehicles.
In 2014, we began operations in the United States focused on serving the Hispanic market overlooked by traditional banks.
The traditional automobile scheme grants financing
to acquire used and semi-new cars through
17 distributors in 14 states.
Our Used Cars loans are granted through
17 distributor alliances.
Used Cars represent 2.6% of our loan portfolio.
The acquisition of the remaining 51% of Drive and Cash,
allows us to diversify our portfolio.
A new partner, Drive and Cash, was added to the distribution network in 2014, enabling us to begin the year with two branches and end it with 35 branches.