Esanda, as a wholly-owned subsidiary of ANZ, will become a partner in the co-branded Subaru Finance, which will be available to the Subaru network of 108 retailers.
"We are delighted to be forming this partnership with a quality organization like Esanda," said Nick Senior, Managing Director of Subaru Australia, "To have reached this milestone in just two months is testament to the synergies between the organisations. It is also a reflection of the quality of the Subaru book and the brand’s strength."
"This partnership is a means of addressing both the immediate and future needs of the Subaru retail network and the company, from both a retail and wholesale perspective," says Andrew Sinclair, Subaru’s National Manager - Corporate Sales and Financial Services, "Based on Esanda’s broad industry knowledge, it represents a real opportunity to grow our finance offerings."
"Our negotiations took place during a time of great turmoil in both the finance and automotive sectors. However, we remained confident that due to the quality of our book and brand, and the commitment of the Esanda management team, we could reach our mutual goal in a timely manner. Our long-term partnership with Esanda ticks all the boxes."
"Esanda and Subaru Australia, a well recognised and highly regarded dealer network, fit well together," Esanda Head of Dealer Relationships, David Hannah said, "After the withdrawal of GMAC, it is pleasing that Esanda can work quickly to create a strong partnership which will benefit Subaru dealers and customers."
"Our business has continued to grow in an uncertain environment and has been strengthened in 2008 through the introduction of Esanda Edge," Mr Hannah explained, "Esanda Edge allows dealers to offer competitive finance rates to customers with applications approved quickly within the dealership. This makes the process of buying a car easier for the customer and helps dealers sell more cars."
Esanda has been in the auto finance industry for more than 50 years and is one of Australia’s largest providers of retail finance through vehicle car dealerships. The new agreement will span three years.