Daimler launches local heavy-vehicle finance arm

Division of truck and car arms sees services initiative kick off

Daimler launches local heavy-vehicle finance arm
Newly crowned financial service CEO Craig Cubitt and president and CEO Daniel Whitehead


Paperwork for the Daimler truck and car divorce goes through today with Daimler Truck in Australia creating a new finance arm solely for heavy vehicles.

Daimler Truck and Bus Australia Pacific completed its separation from the local Mercedes-Benz passenger car division as Daimler Truck became an independent global commercial vehicle manufacturer today, which the newly separated company says will allow for a sharper focus on commercial vehicle customers.

The company says these global changes will 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 has grown its workforce as it takes on previously shared internal services, but the big news for customers is the creation of a new dedicated truck and bus finance company, Daimler Truck financial services.

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.

From now on, Daimler Truck financial services will be wholly dedicated to truck and bus customers, through the established Daimler Truck and Bus dealer network.

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

Read what the split meant for Daimler's historic vehicle collection, here

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," Whitehead added.

"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 business are also unique.

"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," says Whitehead.

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," Cubitt said.

"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 range of financial solutions, including business asset loans, hire-purchase, and lease products, as well as some unique innovative solutions that are not available anywhere else in the industry.

It will offer two unique and exclusive products: fast-track finance, which offers a fast streamlined approval process, and the Daimler guaranteed buy-back program, which provides a guaranteed future value on their Daimler truck right from the start of a contract.

"Daimler guaranteed buy back is unlike traditional loans, as it also offers several options at the end of 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," the company noted.


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