Paccar announced that it has expanded its financial services business
with the establishment of Paccar Financial Europe to support the sale of DAF and Foden trucks. DAF Trucks had previously provided financing through a joint venture with a Dutch bank.
"The launch of Paccar Financial Europe establishes Paccar as one of the global finance leaders for commercial vehicles," said Ken Gangl, vice president. "The worldwide growth of Paccar Financial will enable many of Paccar's 1,700 dealer locations to offer a complete range of financial services."
In addition to Paccar's retail finance business, Paccar's leasing company, PacLease, is expanding its presence throughout North America, with a current fleet size of more than 14,000 units.
"As a result of many of the North American truck leasing companies being acquired or struggling financially, customers are looking to dealer-based leasing options," said Tim Henebry, president of PacLease.