IWATA, March 7, 2023
- Yamaha Motor Co., Ltd. (Tokyo:7272) announces that Yamaha Motor Finance Colombia S.A.S. (YMFCO), established in June 2022 in Colombia as a Yamaha Motor group company, has launched a financial program for consumers and dealers and has effectively commenced operations.
Yamaha Motor has positioned Colombia as a key South American market where motorcycle demand is expected to grow and is looking to expand its business there. With the launch of this in-house consumer financing program, the Company will provide prompt and stable financial services using the latest in IT technology. In addition, by offering options for customers to purchase a Yamaha motorcycle with confidence, the Company aims to attract new customers and thereby secure higher unit sales. YMFCO plans to expand the scope of financing to include spare parts purchases and after-sales services, as well as incorporate insurance plans and vehicle leases into its business. Furthermore, Yamaha Corporation's musical instruments and sound equipment will also be eligible for financing through YMFCO.
In its Medium-Term Management Plan announced in February 2022, Yamaha Motor positioned the Financial Services business as an important core business that acts to support the Company's other existing core businesses. In each region, Yamaha Motor will further strengthen coordination between the Financial Services business and product sales operations in order to win new customers and encourage current customers to continue using our products and financing services. Through these initiatives, in fiscal 2024--the final year of the current Medium-Term Management Plan--Yamaha Motor will aim to grow receivables to around 500 billion yen and maintain an ROA of 3%.
Financing information at local dealerships
Reference: The Colombian market
In the Colombian market, Yamaha Motor manufactures and sells motorcycles through its consolidated local subsidiary, Incolmotos Yamaha. Many regions of Colombia lack transportation infrastructure and motorcycles play a vital role in providing a means of mobility. There is a high need for financial services that can assist the purchase of a motorcycle for a wide range of customers, and there have been calls from customers for a captive finance company from Yamaha for some time. YMFCO will strive to be a valued long-term partner of customers so that they can better enjoy the motorcycling life.■Contact us from the Press
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