The installation of a customer-consented vehicle-tracker and
credit insurance to lead to increased approval rates
Attractive rates and telematic services round out an
attractive package for new customers
AZOUR, Israel, June 5, 2023
/PRNewswire/ -- Ituran Location and Control Ltd. (Nasdaq:
ITRN) announced that its Brazilian subsidiary, Ituran Brazil, and
Santander, have formed a partnership in the automotive market,
which aims to facilitate credit approval for customers who look to
finance a new or used car.
This initiative brings together a suite of benefits such as
lower interest rates and telematic services for customers who opt
to install a vehicle tracker. In addition, the scheme incorporates
credit insurance, to protect the financing which guarantees total
or partial payment of the loan in case of inability to pay.
According to Cezar Janikian,
Director of Santander Finance, the partnership will enable more
people to have access to credit for financing vehicles,
facilitating the purchase of new, semi-new or used vehicles.
"Ituran's technology will protect our customers' assets and will
also guarantee the Bank full loan security. For 2023, we expect
strong growth in our offering of credit for automotive financing,"
commented the executive.
Eyal Sheratzky, CEO of Ituran, emphasized that through
this partnership, Bank Santander's customers will be able to count
on nationwide vehicle recovery services. "In addition, customers
will have real-time visualization of their vehicle's location
through the Ituran application. This includes the ability to create
movement alerts (virtual fences) as well as access to the vehicle's
location history," he explains.
The partnership offers credit insurance as an additional benefit
to the car owner at the time of vehicle purchase, managed by Zurich
Santander. Ituran provides the vehicle tracker and all the remote
monitoring services, providing an additional layer of security,
particularly for those who cannot take out car insurance.
About Ituran
Ituran is a leader in the mobility technology field, providing
value-added location-based services, including a full suite of
services for the connected-car. Ituran offers Stolen Vehicle
Recovery, fleet management as well as mobile asset location,
management & control services for vehicles, cargo and personal
security for the retail, insurance industry and car manufacturers.
Ituran is the largest OEM telematics provider in Latin-America. Its products and applications
are used by customers in over 20 countries. Ituran is also the
founder of the Tel-Aviv based
DRIVE startup incubator to promote the development of smart
mobility technology.
Ituran's subscriber base has been growing significantly since
the Company's inception to over 2 million subscribers using its
location-based services with a market leading position in
Israel and Latin America. Established in 1995, Ituran has
approximately 3,000 employees worldwide, with offices in
Israel, Brazil, Argentina, Mexico, Ecuador, Columbia, India, Canada
and the United States.
For more information, please visit Ituran's website, at:
www.ituran.com
Company
Contact
Udi Mizrahi
udi_m@ituran.com
Deputy CEO and VP
Finance, Ituran
(Israel) +972 3 557
1348
|
International
Investor Relations
Ehud Helft
ituran@ekgir.com
EK Global Investor
Relations
(US) +1 212 378
8040
|
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SOURCE Ituran Location and Control Ltd.