BMW of North America's captive finance company is on a roll. Sales of BMW-branded finance and insurance products are picking up, and the company is rolling out high-tech F&I initiatives such as electronic contracts and the use of Apple iPads to process lease returns.
"We are a company that has always embraced technology," said Shaun Bugbee, vice president of sales and marketing at BMW Group Financial Services in Woodcliff Lake, N.J.
By the end of August, the captive already had passed its 2010 target for sales of BMW-branded GAP, tire-and-wheel replacement and extended service contracts, Bugbee said in an interview this month.
For those three products combined, the full-year target was 35,850 units, Bugbee said. Through August, he said, sales totaled 48,716. That puts BMW Financial Services on a pace to sell around 74,000 units in 2010, more than double the target.
U.S. dealers sold only about 2,800 units of the new tire-and-wheel package in 2009, Bugbee said in an earlier interview. The 2010 goal for that product is about 13,500 to 14,000 contracts, he said.