RCI Bank and Services, Renault Group's automotive captive, has acquired Bipi, a multi-brand platform specialising in car subscription for used vehicles, as part of a push to increase its presence in the pay-as-you-go market. The lender said the move will support its Mobilize brand and enable it to develop and offer more flexible mobility options more rapidly.
The French bank has been experimenting and exploring the prospects for car subscription offers with initiatives and offers launched in several countries with local partners. Positioned halfway between long-term rental products and short-term rental, and offering maximum flexibility and freedom of choice to the user, the company said this segment represents a significant opportunity for the Renault Group brands and their distribution networks - particularly for second-hand vehicles.
Founded in 2018 in Spain, Bipi is now active in Spain, France and Italy and has serviced more than 10,000 customers over the last three years. It offers a turnkey solution, from the subscription to the return of the vehicle. The customer creates a tailor-made subscription, the duration of use of the car (from one to 36 months) and can change the mileage, the category or model of car according to needs. Everything is included in one monthly payment, and customers can terminate their subscription at any time.
RCI Bank and Services said it will support Bipi to accelerate its growth and to open new markets, together with Bipi’s current supply partners and in conjunction with RCI Bank and Services’ dealership partners. Bipi will also deploy its expertise to design the subscription formats for Mobilize's activities, enabling the group to move quickly in a growing market.
