BMW Group Financial Services Announces The Car & Ride Sharing Lease
January 29, 2018 by BMWWoodcliff Lake, NJ – January 29, 2018 … BMW Group has a longstanding commitment to leading the way in mobility services by anticipating evolving customer needs and offering products that meet them. One of the biggest shifts in the automotive industry is the adoption of the sharing economy. Increasingly customers are looking for platforms which allow them to earn additional income by renting their vehicles when not in use, or driving for ride sharing providers. Now, BMW Group Financial Services is providing the ultimate in flexible leasing with the launch of a new product that gives customers the option to use their leased vehicle to share with peers and drive for ride sharing providers. By offering the Car & Ride Sharing Lease for both BMW and MINI vehicles, BMW Group Financial Services is giving leasing customers the flexibility to use their vehicles in ways which suit their lifestyles and preferences. BMW Group Financial Services will launch this product in January in California, Washington and Oregon. The introduction of the Car & Ride Sharing Lease is one more way BMW Group is integrating into the fabric of the sharing economy. Their current program, ReachNow, already serves more than 75,000 members in Seattle, Portland and Brooklyn. Through the ReachNow app, members have on-demand access to more than 1,300 BMW and MINI vehicles, including the all-electric BMW i3, right in their neighborhood. Members can use any car in the fleet without needing to visit a rental counter or return to a specific location. In addition, ReachNow is extending services so members can easily get anywhere – whether they want to drive, ride or rent a vehicle. 'We are very excited to provide an industry-leading, customer-centric approach to mobility services that will allow our customers the ultimate in flexible utilization over the life of their contract with BMW Group Financial Services', stated Ian Smith, CEO of BMW Financial Services Group, Region Americas. 'As a company, we are committed to delivering a simple and transparent solution that optimizes our already premium customer experience.' About BMW Group Financial Services BMW Group Financial Services was established in the U.S. in 1992 to support the sales and marketing of BMW products. Since then, the Group has expanded to provide service to markets in multiple countries and continues to evolve beyond its role as a captive finance unit.BMW Group Financial Services offers a wide range of leasing, retail and commercial financing and banking products tailored to meet the needs of the BMW customer. The Group also provides financing to BMW dealers for expanding dealership capabilities and enhancing overall operations. With more than $45 billion in serviced assets and 1,300,000 automotive lending customers across the U.S., BMW Group Financial Services finances almost three-quarters of the BMWs sold or leased in North America. BMW Group Financial Services employs more than 800 people, including consultants and temporary workers, most of whom are located in the Hilliard, Ohio, Regional Service Center, which serves the U.S. market. In 2001, the MINI Financial Services division was established to provide support for the brand's dealers and its customers by offering financing and leasing options and branded financial services products. Alphera Financial Services was established in 2006 to provide financial services to multi-brand dealers. BMW Group Financial Services also offers credit card products through its subsidiary, the BMW Bank of North America. up2drive.com is a division of BMW Bank of North America, a wholly owned subsidiary of BMW Financial Services NA, LLC. BMW Insurance Agency, Inc., a property and casualty producer is also part of BMW Group Financial Services. Information about BMW Group products is available to consumers via the Internet at:
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