LDV South Africa has partnered with WesBank, South Africa’s leading provider of vehicle and asset solutions, to launch a bespoke vehicle finance offering.
The newly formed LDV Finance, a product of WesBank, empowers LDV dealers to seamlessly provide clients with a complete suite of vehicle financing products. Additionally, it encompasses comprehensive floorplan finance, facilitating the wholesale acquisition of new and used vehicle stock by LDV dealers.
“We are delighted at the opportunity to partner with LDV South Africa, as well as the prospect of ushering in a new automotive brand to the local market. The launch of the LDV brand supports the need to accelerate the growth of the local retail automotive sector with the introduction of more vehicle options to suit the changing mobility needs of car buyers in the country. In addition to leveraging our rich heritage, we endeavor to complement LDV South Africa’s position as a maverick brand with our own suit of products and services that remain at the cutting-edge of advancements in the vehicle and asset finance space,” says WesBank CEO Ghana Msibi.
“Our new alliance with WesBank is far more than a simple commercial agreement between two companies,” says Bevan Nel, CEO of LDV South Africa. “The alliance is the culmination of a comprehensive due diligence process by both companies and demonstrates WesBank’s confidence in LDV South Africa’s current and upcoming range of products, the quality of these vehicles and the company’s financial resources to establish and support the LDV brand locally.”
Speaking at the agreement signing ceremony at WesBank’s head office in Johannesburg on Tuesday, 18 June 2024, Colin Squair, Executive Head of Sales at WesBank, welcomed a delegation from LDV South Africa and China to their new home away from home. “We’re a bank built on partnerships and believe we can do more for the customer when the dealer, OEM and bank work together. We have noted the performance of LDV in other markets and are excited to work with the brand in South Africa. This agreement presents us with a long-term opportunity,” he said.
He thanked the delegation for their trust and noted WesBank’s appreciation for the partnership.
Msibi mentioned that WesBank is a people business and prides itself on its ability to get to know people. “We commit to spending time with LDV to understand the brand and its local business. I am both excited and humbled by this opportunity. We believe LDV will benefit from the bank’s five decades of experience in the South African market and look forward to looking back with pride on what we are able to achieve together.”
Frank Chien, Managing Director at LDV South Africa, thanked the WesBank team and noted that LDV had chosen what they believe to be the best bank to work with in South Africa. “Our intention is to position LDV as the leading Chinese brand in South Africa, backed by a five-year / 200,000km factory warranty. We know we have lots of work ahead, as there are several Chinese brands entering the South African market. However, we are confident in our success because we have the heritage of the Leyland Daf Vehicles brand and the manufacturing power and innovation of SAIC behind us.”
Going forward, LDV South Africa will roll out vehicle financing products at its dealerships and train their finance and insurance (F&I) managers. It will also market a range of financial products alongside its vehicles to attract customers to test and purchase an LDV.
“WesBank has committed its national network of agents and marketing resources to support the introduction of the LDV brand. Together, we will enhance our marketing efforts to bolster our new dealer network,” says Nel.
WesBank is known for its innovative approach to vehicle finance solutions and leads the way in digital innovation. Its online portal and mobile phone app offer clients a host of services and features, from online finance application and pre-approval to value-added services that enhance the vehicle ownership experience, and the management of their accounts in real time to access account statements and settlement letters, tax certificates, copy of NaTIS, and cross border letters. Through WesBank’s Trusted Virtual Dealer platform, customers are also able to engage directly with both WesBank and the dealer network.
For the LDV South Africa dealer network, the alliance between LDV and WesBank offers significant additional benefits. Aside from the immediate availability of vehicle financing products, dealers can access to floorplan finance and WesBank’s industry leading floorplan system.
LDV South Africa will soon market its first series of financial products for its range of T60 double cab pick-ups.
The T60 range has already caused a stir among prospective customers and the South African car community with its long list of features and high-powered engine, which in the T60 MAX range delivers no less than 160 kW and 500 Nm.
