Jaguar Land Rover has selected Fiat to supply credit to customers and suppliers following its change of ownership from Ford to Tata Motors of India.
The deal with Fiat Group Automobiles Financial Services (FGAFS), a 50:50 joint venture between Fiat and Credit Agricole bank, covers all main European markets.
“Jaguar Land Rover chose FGAFS after a competitive process that attracted a number of bidders,” the Gaydon-based carmaker said. “The agreement will gradually replace the arrangement with Ford, whose financial arm provided support during the Ford ownership of Jaguar Land Rover.”
Fiat will start taking on JLR’s financing activities in February. A spokesman for the the British company said the deal was not a prelude to a technological link up.