Mercedes 2001 Annual Report Download - page 43
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Services 39
Services focused on core business. Since the beginning
of 2001, the Services division has been operating under
the DaimlerChrysler corporate brand name, thereby
underscoring the important role played by financial ser-
vices in the sale of Group vehicles. Following a decade
of dynamic growth, in 2001 we decided to focus on the
consolidation of our operations. In order to boost the
earnings of the Services division, we focused our
activities even more strongly on supporting the sales
of DaimlerChrysler vehicles, while at the same time
controlling our growth in the automotive leasing and
financing business with a clear focus on profitability.
Against a backdrop of increasing loan defaults and
losses on the sale of ex-lease vehicles, a stronger
emphasis was laid on the evaluation and control of the
risks inherent in our business. We further improved
our risk-management system by, among other things,
standardizing our credit principles. The losses
sustained on the sale of off-lease vehicles primarily
involved Chrysler and Freightliner products.
Measures introduced to increase profitability. In order
to increase profitability, the division introduced numer-
ous measures to cut costs, boost the efficiency of busi-
ness processes, and optimize internal routines. The
customer-focused coordination of products and services
was further improved by means of closer cooperation
between the leasing and financing companies and the
sales organizations of the automotive divisions. Activi-
ties throughout the Services division were also more
closely aligned with its goals. In addition, we reduced
costs by merging administrative back-office functions
in various countries. In order to improve the remarketing
of off-lease vehicles, programs have been developed in
cooperation with dealers that offer customers various
alternatives at the end of the leasing period. This has
made it possible to boost customer loyalty.
Activities expanded. In 2001, we further expanded our
fleet management operations. We were able to attract
new customers by offering innovative fleet programs,
particularly in Germany, where our total fleet of man-
aged vehicles increased to more than 110,000 units.
Our vehicle financing operations have been concen-
trated in the new DaimlerChrysler Bank, and after we
receive a full banking license DaimlerChrysler Services
will further expand its product range. Our goal is
to begin offering our customers a range of banking
services in 2002 that go beyond those available through
the financing and leasing packages of a typical auto-
motive bank.
We expanded our presence in the eastern Medi-
terranean by establishing a financial services company
in Greece.
The Mobility Management Services unit also
further expanded its activities, focusing primarily on
the development and operation of telematics services
for toll-collection systems on highways.
You can hear the smile. Friendly and
competent service-liners look after our
customers from the call center in
Dallas, USA.
around
the automobile
Leasing and financing all