Credit Agricole is weighing foray into German car-sharing: media report By Reuters

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Credit Agricole is weighing foray into German car-sharing: media report

Published Nov 27, 2022 07:39AM ET

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Credit Agricole is weighing foray into German car-sharing: media report

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FRANKFURT (Reuters) - French bank Credit Agricole (OTC:CRARY) is weighing plans to offer car-sharing financial services in Germany because the growing market offers opportunities to challenge incumbent players, an executive told trade publication Automobilwoche.

The French bank's consumer finance arm has been in a push to increase mobility-related revenues from its car leasing joint venture with Stellantis and other partnerships as well as from its existing car financing and car rental services.

"We are testing car-sharing in smaller towns in France with a population of up to 30,000. If that succeeds we will take the concept also to Germany," Stephane Priami, the head of Credit Agricole's consumer finance unit, was quoted as saying.

The idea was to focus on towns within driving distance of larger cities to put them within reach for customers without a car, he added.

The German membership-based car-sharing market is undergoing a transformation as Volkswagen (ETR:VOWG_p) is selling its all-electric car-sharing unit WeShare to Berlin-based Miles Mobility.

Germany's Mercedes-Benz and BMW sold their car-sharing venture Share Now to Stellantis. Car rental firm Sixt has branched out into car-sharing.

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