Santander bank looking to buy two automotive startups in Brazil

RIO DE JANEIRO, BRAZIL – The Santander Group intends to buy two companies in the automotive sector: Solution4Fleet, which specializes in car rental and subscription; and Car10, a marketplace for over 8,000 repair shops, body repair and sanitation services.

If approved by regulatory authorities, the deals will serve the financing division and Webmotors, respectively.

“Solution4Fleet’s entrance into our ecosystem will enable us to join the growing car rental and subscription market. With our investments and technology we will amplify our solutions offer and tailor it to the needs of interested brands, dealers and fleet managers,” says director of Santander Financiamentos André Novaes.

According to the bank, these new acquisitions will enable expanding service options for customers in the automotive area and consolidate the “leadership position, both in the financing market and in automotive classifieds.” According to the announcement, the goal is to hold 80% majority stakes in Solution4Fleet and 66.7% in Car10 (but values have not been disclosed).

“This association enables us to operate in the complete lifecycle of car use. With these services we will lend a boost to the growth of Car10’s marketplace, while strengthening our relationship with customers who will visit not only to buy and sell vehicles but also to hire the services,” says Webmotors’ CEO Eduardo Jurcevic.

According to Santander, the financing service covers 25% of the market – guaranteeing the Spanish bank’s leadership -, but there are also other segments through affiliated companies, such as Auto Compara and Santander Auto, in the insurance sector; and automakers’ banks, such as Hyundai Capital Brasil Bank, RCI Bank (Renault) and PSA Bank (Peugeot and Citroën).

Source: Exame

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