Monday, Feb. 04, 2008, 07:00 PM UPDATED 11:59 AMBy Nick Zulovich
PROSPECT HEIGHTS, Ill. — HSBC Finance Corp.'s auto finance business recently announced an alliance with Peak5, a Flatiron Financial Services Co., to remarket Peak5 vehicles at the nationwide network of auctions used by HSBC.
HSBC said it will offer its Seven-Day Drive-Train Quality Check Guarantee and Reconditioning program on qualifying Peak5 vehicles.
Under the agreement, HSBC field representatives now represent Peak5 vehicles, which will be branded with the Peak5 company logo, followed by the disclosure "Provided by HSBC."
Additionally, any of the auction locations used by Peak5 that overlap HSBC's current auction network will be consolidated into the network used by HSBC.
"We are pleased to have Peak5 as our launch partner as we enter into third-party auto remarketing," said John Haines, managing director of auto finance for HSBC.
"The Peak5 portfolio fits nicely into our strong existing remarketing program, and we think the arrangement will be beneficial for both of our businesses as well as our dealers and our customers," he indicated.
Meanwhile, Jody Hall, vice president of remarketing for Peak 5, added, "We are excited to begin this strategic alliance with HSBC Auto Finance."
"Through HSBC's Quality Check program, we anticipate making tremendous strides with our portfolio presentation and sales," she concluded.