Selwyn Cooper has been appointed Head of Financial Services of Volvo Car UK with immediate effect. The new role will see Selwyn heading up the Volvo Car Financial Services division, with responsibility for the management and delivery of the expanding range of finance and insurance products offered by Volvo in the UK.
Selwyn has worked at Volvo for more than 20 years, most recently as Head of Business Sales. He started his Volvo career in Volvo Car Finance as National Sales Manager, before moving to the dealer operations and business sales side of the business.
Volvo sold nearly 47,000 cars in the UK in 2016 – its highest annual sales figure for 25 years. With the new XC60 premium SUV arriving in dealerships later this summer, and the all-new XC40 compact SUV due to be unveiled before the end of the year, Volvo is on track to reach its annual sales target of 60,000 cars in the UK by 2020.
This sales growth coincides with a change in how customers finance their cars. The sophistication and range of customer requirements have altered significantly in recent years, so Volvo Car Financial Services has to develop and deliver solutions to match all these needs. These include retail, wholesale and business-user financial service solutions, along with associated products such as insurance.
Commenting on his appointment, Selwyn said: "I'm thrilled to be heading up the Financial Services division, especially at a time of such positivity for Volvo in the UK. Our ambitious growth targets require a fully integrated approach to products and services, which will enable us to develop the premium financial, insurance and associated solutions to suit our increasingly sophisticated customer base."
David Baddeley, Operations Director, Volvo Car UK, said: "Selwyn has the perfect balance of finance house experience and a deep understanding of both our retail and business sales operations required for this role. His knowledge and expertise will be invaluable in ensuring that we have a range of finance products and services to meet the changing customer requirements."
A replacement for Selwyn is currently being recruited and will be announced in due course.
Volvo Car Group in 2016
For the 2016 financial year, Volvo Car Group recorded an operating profit of 11,014 MSEK (6,620 MSEK in 2015). Revenue over the period amounted to 180,672 MSEK (164,043 MSEK). For the full year 2016, global sales reached a record 534,332 cars, an increase of 6.2 per cent versus 2015. The record sales and operating profit cleared the way for Volvo Car Group to continue investing in its global transformation plan.
About Volvo Car Group
Volvo has been in operation since 1927. Today, Volvo Cars is one of the most well-known and respected car brands in the world, with sales of 534,332 cars in 2016 in about 100 countries. Volvo Cars has been under the ownership of the Zhejiang Geely Holding (Geely Holding) of China since 2010. It formed part of the Swedish Volvo Group until 1999, when the company was bought by Ford Motor Company of the US. In 2010, Volvo Cars was acquired by Geely Holding.
As of December 2016, Volvo Cars had more than 31,000 employees worldwide. Volvo Cars’ head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars’ head office for China is located in Shanghai. The company’s main car production plants are located in Gothenburg (Sweden), Ghent (Belgium), Chengdu and Daqing (China), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China), and body components in Olofström (Sweden).