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GE Money Teams Up with Trade Me


Media Release

GE Money Teams Up with Trade Me in Exclusive Finance Deal

Wednesday, 04 October 2006

GE Money New Zealand today announced an exciting new venture with New Zealand's largest online marketplace Trade Me, which will see GE Money as the exclusive provider of finance within Trade Me Motors.

The arrangement will see every one of Trade Me Motors’ 45,000 vehicle listings feature links to GE Money allowing consumers to get online finance for their purchases.

The latest Neilsen/Netrating figures show Trade Me Motors had over 900,000 unique visitors in August 2006, more than all the other automotive sites combined. Trade Me estimates that over 400,000 vehicles will be listed on their site over the next year.

"GE Money is delighted to be partnering with Trade Me, a great New Zealand success story that is recognised as the country’s leading online marketplace" said GE Money managing director, Jim Cock.

"Like Trade Me, GE Money is an innovative and fast moving company and firmly believes the future will be based on the internet. We're excited at the potential provided by the partnership and the opportunity to learn from each other."

“For customers, they will experience the security and stability that comes with New Zealand’s only triple A rated finance company as well as superior product, pricing and customer service levels.”

The Trade Me arrangement follows a period of substantial growth for GE Money, including the acquisition of the mortgage assets of Superbank, Pacific Retail Finance and the expansion of its consumer finance team. In becoming the exclusive finance partner for Trade Me Motors GE Money has effectively cornered the online automotive market in New Zealand.

In 2006, GE Money increased its total assets by $1 billion together with the acquisition of Pacific Retail Finance in March and with the acquisition of Superbank’s mortgage assets in July.

“This further signals our commitment to growth and investment in New Zealand.”

"At a time of considerable change in the finance sector, its important to us to connect our members to a rock solid brand," said Trade Me general manager, Sam Morgan.

"We were impressed with GE Money's ability to move quickly and also their obvious commitment to eCommerce. They've got the systems in place to deliver across the internet and the best resourced consumer finance team we've seen. It was an easy choice for us.”

Ends

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