Through a strategic alliance between the organizations, facilities will be granted to finance the purchase of pre-owned cars
Buenos Aires, December 29, 2021 - Grupo Supervielle S.A. (NYSE: SUPV; BYMA: SUPV), (“Supervielle” or the “Company”) a universal financial services group in Argentina with a nationwide presence and KAVAK S.A. (KAVAK) the leading platform of pre-owned cars in Latin America announced they have entered into a strategic alliance in Argentina.
As a part of the agreement, Grupo Supervielle will provide debt financing to KAVAK to boost business growth in Argentina. The agreement also contemplates a wide range of financial and non-financial services, as well as exclusive benefits to KAVAK and its clients. This will allow those who wish to buy a vehicle through KAVAK to obtain financing through a secured car loan granted by Grupo Supervielle, after an initial down payment.
"We are thrilled to enter into this strategic partnership with KAVAK, a fully digital company, and to support it in its growth and development," said Gustavo Picate, Manager of Indirect Channels at Banco Supervielle. "At the same time, we are proud to encourage car ownership through providing high-value, exclusive benefits while at the same time reinforce Grupo Supervielle´s prominence in the Secured Car Loan market."
Among the benefits extended to KAVAK clients, the company will provide 3-month mechanical breakdown insurance (with the possibility of extending it up to 12 months), certification after a rigorous inspection, and the ability to test the car for seven days or up to 300 km, with the option to recover 100% of the investment should they decide to return the car.
Mariano Segarra, CEO of KAVAK Argentina, stated “At KAVAK, we seek to eliminate all obstacles or moments of uncertainty in the process of buying or selling a car and we celebrate that Grupo Supervielle is accompanying us in this mission. We want to transform the industry and make buying a car an easy, safe and above all, enjoyable experience.”
KAVAK´s business model is based on a robust operation supported by leading technology and a unique customer service offering around the ecosystem of pre-owned cars. KAVAK´s platform offers the possibility of undertaking the majority of the transaction virtually, complemented by physical premises for those customers who prefer to carry out the transaction in person. This guarantees safe, fast transactions, with the possibility of financing and resolved procedures. The financing model seeks to facilitate access to KAVAK´s diverse pre-owned car inventory through financing of up to 70% of its total value.
Through this new partnership with the leading player in its space in Argentina, Supervielle continues to expand its financial and well-being services ecosystem, further developing its Mobility Vertical and taking an important step in advancing on its goals of obtaining a leading position in the local car financing market, enhancing the customer experience while expanding its digital platform. This agreement also provides Supervielle with attractive customer acquisition and cross-selling opportunities.