The auto financing industry in France is undergoing a major shakeup as CA Auto Bank and Sofinco Auto Moto join forces. Under the new name CA Auto Bank France, the two companies are merging to create a transnational entity that aims to become a leader in auto financing and mobility. This exciting development is being led by Stéphane Priami, the CEO of Crédit Agricole Consumer Finance, who is determined to take the second spot in the French market. With the merger, CA Auto Bank France will challenge the current market leader, CGI Finance, and strive to become the top player in the industry.
The merger will officially take place on January 1, 2024, with Sofinco Auto Moto Loisirs and CA Auto Bank coming together under the CA Auto Bank France brand. This consolidation will result in significant cost savings and operational efficiencies, without any impact on jobs. The new entity will be headed by Etienne Royol, the current Director of Mobility at Sofinco, who will report directly to Giacomo Carelli, the CEO of CA Auto Bank.
The goal of CA Auto Bank is to achieve a financial production of €3.2 billion by 2026. With over 400 employees, the merged entity aims to become the second-largest player in the French market, just behind BNP. This ambitious target positions CA Auto Bank as a strong contender for the top spot, currently held by CGI Finance.
In addition to its impressive size and scale, CA Auto Bank has also formed strategic partnerships with Tesla, MG Motor, and Cosmobilis. These partnerships, along with collaborations with 19 other automakers and 4,000 industry professionals, will further strengthen CA Auto Bank’s position in the market.
The newly formed CA Auto Bank entity encompasses four key business areas: CA Auto Bank France Drivalia, Sofinco, Smart Conso for consumer credit, and Agilauto for mobility solutions. The launch of a car-sharing service in Lyon in early September is just one example of the innovative solutions that CA Auto Bank is bringing to the market.
With this merger, CA Auto Bank and Sofinco Auto Moto are set to revolutionize the auto financing industry in France. Their combined expertise, resources, and strategic partnerships will drive growth and innovation, ultimately benefiting consumers and businesses alike.