Industry News

Daimler completes partition of heavy and light vehicle divisions

Daimler Truck and Bus Australia Pacific is now a solo entity, following its separation from the local Mercedes-Benz passenger car division.
The move, according to a Daimler press release, will allow for a sharper focus on commercial vehicle customers.

Further to this, Daimler Truck Financial Services is now wholly dedicated to truck and bus customers through the established Daimler Truck and Bus dealer network.

Previously, Daimler’s commercial vehicle finance offerings were provided by Mercedes-Benz Financial Services, the same finance company that delivers finance for Mercedes-Benz passenger vehicle customers.

The global changes will, according to Daimler, enable the Daimler Truck business to continue delivering class-leading Mercedes-Benz, Freightliner and Fuso trucks and buses into the future as it moves towards zero emissions.

Daimler Truck and Bus Australia Pacific President and CEO, Daniel Whitehead, said the independence of Daimler Truck is a big plus.

“We are excited that Daimler Truck is now a standalone global entity because we know that independence will make us more nimble and enable us to continue making the investments needed to develop the best trucks, buses and associated services of the future,” said Whitehead.

He added that the creation of a dedicated financial services company for Daimler Truck and Bus customers is also a welcome development.

“Running a fleet of trucks or buses is very different to operating a passenger vehicle and the finance requirements they need for their businesses are also unique,” he said.

Experienced commercial vehicle finance executive, Craig Cubitt, has been appointed Chief Executive Officer of the newly formed organisation that will be based at Daimler Truck and Bus headquarters in Mulgrave, Victoria.

Cubitt said the Daimler Truck Financial Services team, which has extensive industry experience in Australia, is perfectly positioned to deliver the best products and services to Daimler Truck and Bus customers.

“We aim to be a truly customer-focused organisation that puts our truck and bus customers at the centre of everything we do,” said Cubitt.

“Our new structure as a stand-alone finance company means we can serve our truck customers and dealers better than ever before.”

Daimler Truck Financial Services offers a wide range of financial solutions, including business asset loans, hire-purchase, and lease products, as well as some unique innovative solutions that are reportedly not available anywhere else in the industry.

For example, the company will offer what it described as two unique and exclusive products: Fast Track Finance, which offers a fast streamlined approval process, and Daimler Guaranteed Buy Back program, which provides customers a guaranteed future value on their Daimler truck right from the beginning of their contracts.

Daimler Guaranteed Buy back is said to be unlike traditional loans, as it also offers several options at the end of the contract including the option to hand back the truck or alternatively, the customer can choose to retain the truck or trade it in for a new one.

No matter the selected option, the customer has confidence knowing the truck’s value will match the outstanding balance and avoid any negative equity, Daimler said.

“We are excited that Craig and his entire team will now be able to focus solely on our truck and bus customers and provide them with the best and most innovative commercial vehicle financial products and services,” said Whitehead.

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