Financial Services Richard Palmer - FCA Group
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Financial Services Richard Palmer
Full coverage of global perimeter
Mass-market brands and Maserati
NAFTA:
Partnerships (US with SCUSA)
LATAM:
Owned captives (Brazil wholesale,
Argentina)
Partnerships (Brazil retail with
Itaú Unibanco)
EMEA:
JV (Europe with FGA Capital)
Partnerships
APAC:
Owned captive (China)
• Wide product range: dealer and retail financing, leasing, Partnerships
rental
• Adequate presence in markets covering 95+% of the sales
for each Region Ferrari financial services
Financial ServicesAdaptive model
• Focus resources and capital on building a world class car business and partner with best-in-class financial
partners to run dedicated independent financial services operations on a regional basis
• Key partnerships in 3 Regions signed or renewed through 2021/23 with longstanding relationship banks:
EMEA (Europe, all products) – Crédit Agricole: leading retail bank in Europe and a key player in consumer
finance, partner of the jointly controlled JV FGA Capital (“FGAC”) since 2007. JV renewed in 2013 and
extended until December 2021
LATAM (Brazil, retail financing) – Itaú Unibanco: largest Brazilian private bank and largest private player
in consumer finance in Brazil, partner of a private label agreement since 2003. Commercial Agreement
renewed in 2013 until July 2023
NAFTA (USA, all products) – Banco Santander: largest bank in the Eurozone and one of the leading banks
in the world, rapidly growing in the consumer finance business in US through Santander Consumer USA
(“SCUSA”), partner of FCA since 2013 (replacing Ally). Ten-year commercial agreement signed, until May
2023
• Owned captives completing coverage or managing start-up/development when elsewhere relevant
• Local agreement with specialized bank partners ensuring stable provision of services in all other markets (6-
year average tenor of contracts)
Financial ServicesCompetitive penetration
Different stages of development by Region
Penetration NAFTA (U.S.) Penetration LATAM
2013 (%) 2013 (%)
60% 34%
28%(1)
25%
Average Average
(1) SCUSA only, replacing Ally since May 2013
Penetration EMEA Penetration APAC
2013 (%) 2013 (%)
38%
20%
40% 5%
Average Average
* Figures for FCA refer to owned captives, JV and partnerships. Other competitors as reported
Financial ServicesSummary
• FCA model provides for
deployment of best professional know-how and service level
flexibility and diversified/competitive funding opportunities
clear roles and checks & balances
• Clear rules with large partnerships in main markets: profit objectives, independence, credit
quality
• Growth well supported by partners’ funding and back-stop capabilities
• No additional leverage
• Lowest achievable cost of financing than alternative
• Stability though the cycle proved by experience amidst severe financial crisis in EMEA and
LATAM
Financial ServicesDisclaimer Certain information included in this presentation, including, the Group’s combined business plans; political and civil unrest; without limitation, any forecasts included herein, is forward earthquakes or other natural disasters and other risks and looking and is subject to important risks and uncertainties that uncertainties. Any of the assumptions underlying this could cause actual results to differ materially. The Group’s presentation or any of the circumstances or data mentioned in businesses include its automotive, automotive-related and other this presentation may change. Any forward-looking statements sectors, and its outlook is predominantly based on what it contained in this presentation speak only as of the date of this considers to be the key economic factors affecting these presentation. We expressly disclaim a duty to provide updates to businesses. Forward-looking statements with regard to the any forward-looking statements. Fiat does not assume and Group's businesses involve a number of important factors that expressly disclaims any liability in connection with any are subject to change, including, but not limited to: the many inaccuracies in any of these forward-looking statements or in interrelated factors that affect consumer confidence and connection with any use by any third party of such forward- worldwide demand for automotive and automotive-related looking statements. This presentation does not represent products and changes in consumer preferences that could investment advice or a recommendation for the purchase or reduce relative demand for the Group’s products; governmental sale of financial products and/or of any kind of financial services. programs; general economic conditions in each of the Group's Finally, this presentation does not represent an investment markets; legislation, particularly that relating to automotive- solicitation in Italy, pursuant to Section 1, letter (t) of Legislative related issues, the environment, trade and commerce and Decree no. 58 of February 24, 1998, as amended, nor does it infrastructure development; actions of competitors in the represent a similar solicitation as contemplated by the laws in various industries in which the Group competes; production any other country or state. difficulties, including capacity and supply constraints, excess Copyright and other intellectual property rights in the inventory levels, and the impact of vehicle defects and/or information contained in this presentation belong to Fiat S.p.A. product recalls; labor relations; interest rates and currency Fiat and FCA are trademarks owned by Fiat S.p.A. “Fiat Chrysler exchange rates; our ability to realize benefits and synergies from Automobiles” (FCA) is the name expected to be used following our global alliance among the Group’s members; substantial completion of the merger of Fiat S.p.A. into a recently formed debt and limits on liquidity that may limit our ability to execute Dutch subsidiary.
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