Boasting to have one of the largest dealership networks in the country, Maruti Suzuki has recently taken a step to help their dealer partners. The two companies have signed a Memorandum of understanding for being the ‘Preferred Financier’ for its dealers. This MoU was signed between Mr P S Jayakumar, MD & CEO, Bank of Baroda and Mr Shashank Srivastava, Executive Director, Marketing and Sales, Maruti Suzuki India Limited. Mr Ajay Seth, Senior Executive Director & CFO, Maruti Suzuki India Limited and other senior officials from both the organizations were also present. With this partnership, Bank of Baroda will allow Maruti Suzuki to provide more comprehensive financing opportunities for dealers as well as customers. The dealer inventory financing will be done as per bank of Baroda’s existing product program of Supply Chain Finance.
Commenting on the alliance, Mr Shashank Srivastava, Executive Director, Marketing and Sales, Maruti Suzuki India Limited said, “We are confident that this collaboration with one of India’s largest public sector bank will offer new-age banking and finance solutions for our customers and dealer partners. At Maruti Suzuki, we strive to deliver the best customer experience and this new collaboration will help us in ensuring the same. I’m confident all our customers and dealer partners will take benefit of this new alliance.”
Sharing his thoughts on the alliance, Mr P S Jayakumar, MD & CEO, Bank of Baroda said, “We are delighted to be associated with India’s largest passenger vehicle manufacturer – Maruti Suzuki India Limited. Given the huge potential available in the auto loan/commercial finance segment, we are hopeful that this agreement strengthens our presence in these segments and increases market penetration for Maruti Suzuki in India.”
Apart from making financing more convenient for its dealer partners, Maruti Suzuki has been busy upgrading its cars with a BS – VI compliant motor. The Japanese automotive giant has already equipped the BS – VI compliant 1.2-litre petrol motor in cars like the Baleno, WagonR, Swift and Dzire. These cars also received a number of safety updates to comply with the upcoming AIS-145 safety norms of the government. For more news on India’s largest car manufacturer, stay tuned.