Dov Kotler, CEO of Bank Hapoalim (unsplash photo, Yitzhak Gadi Dagon)
Mecca for direct financing, Bank Hapoalim – the largest bank in the country in talks to establish a joint venture with Allied and Hand 2 to finance the purchase of vehicles. The venture is supposed to make it easier for buyers to get financing through the bank instead of direct financing that controls the industry.
As part of the contacts, Bank Hapoalim will provide the necessary funding, while Allied will allow the venture to enter the sales halls and plots it owns, and Yad2 will close the circle with the significant platform it owns.
More in-
It will be recalled that Allied is the importer of one of the best-known brands in Israel – Volkswagen, which also includes Audi and Skoda, Yad2 is the operator of the second-hand vehicles sales boards in Israel, while Bank Hapoalim is the largest bank in Israel with endless access to money.
The joint venture is set to shock the financing industry for a vehicle that is unquestionably controlled by direct financing. In principle, Direct Financing has representatives in the sales halls and lots operated by Champion Motors (owned by Allied) and the Auto Deal chain, which is considered a significant player in the field, but now it seems that the venture will enter direct financing shoes and if not take over the industry.
It should be noted that Bank Hapoalim has marked the financing of consumer purchases as a strategic goal for it and therefore it is connected to a series of initiatives to finance small and medium-sized transactions. For example, a bank member of Blender in a joint venture that will provide financing for purchases in businesses, and now he is connected to Allied and Hand 2 to increase its share in one of the most popular areas in Israel – vehicles.
Comments on the article(0):
Your response has been received and will be published subject to system policies.
Thanks.
For a new response
Your response was not sent due to a communication problem, please try again.
Return to comment