Bank of Ireland Become Exclusive Finance Partner For Smart Vehicles
Bank of Ireland Finance has been announced as the exclusive finance partner of the all-electric motor franchise Smart – with two new Smart electric vehicles (EVs) now available on the Irish market. Both new cars, the Smart#1 and Smart#3, feature a premium design fitted with advanced technology, with a range of both four-door and five-seater models available. The new Smart cars are exclusively distributed in Ireland by Motor Distributors Limited (MDL) and sold nationwide through their Smart dealer network. Following a period of steady rather than spectacular EV sales performance over the past couple of years during market reconfiguration, interest in EVs and applications for EV financing are trending higher again with the latest Bank of Ireland figures revealing;
Used EV purchase applications up 125% in Q1 2024 compared to Q1 2023
New EV purchase applications up 41% in Q1 2024 compared to Q1 2023
Overall, 56% increase in EV purchase funding in Q1 2024 compared to Q1 2023
9 out of 10 EV drivers move into another EV after their original PCP contract ends
Bank of Ireland Finance, which works with 23 motor franchises nationwide to provide low-rate APR offers for EVs, is the largest provider of wholesale finance for both battery electric and plug-in hybrid EV purchases. The EV market continues to evolve as the number of owners with range anxiety falls due to improved charging infrastructure, and awareness levels surrounding EV choice and value rise as motorists become more environmentally conscious.
John Feeney, Head of Property, Project and Asset-backed Finance, Bank of Ireland said: “It’s an exciting time for Smart to introduce these two new models to the Irish market, and Bank of Ireland Finance has an extensive range of flexible finance options available to customers looking to purchase a Smart car.”
“The switch to EVs is an important part of Ireland’s overall green transition, and with more than €11 billion in sustainable lending already extended, and a target to reach €30 billion by the end of the decade, our focus is on helping consumers and businesses on their green journey. We look forward to supporting customers in making a plug-in or hybrid EV purchase as the market develops further and the sustainable motoring transition gathers speed.”