Audi India to float its own finance arm by 2011 Q1 | autos | Hindustan Times
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Audi India to float its own finance arm by 2011 Q1

autos Updated: Jan 17, 2011 19:11 IST

PTI
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German luxury car maker Audi India on Monday said it would float its own finance arm by the first quarter of 2011.

Audi India director Michael Perschke said the company, which retails luxury sedans and Sports Utility Vehicles (SUVs) in the market would float its finance arm.

"By the first quarter (of 2011) you will also see the finance arm," he told reporters in Chennai.

He said German group company Volkswagen has also floated its finance division -- Volkswagen Finance which has already got registered.

Audi Finance would be launched as a separate entity, he said.

Audi had sold 3,003 units in 2010 and according to him, the company aims to sell about 4,500 units this year.

On the changing customer profile Perschke said that the average age of those buying a luxury car was 55 years 10 years ago, "whereas it is now just 35 years".

Audi Chennai CEO Subramanian K said besides providing their own finance option to customers, Audi has also tied-up with various finance companies.