Bipi is acquired by RCI Bank and Services to become the Netflix Car Company

On July 27, 2021, Renault’s financial captive announced its acquisition of the Spanish-French company, Pepe. Specializing in subscription packages, it is opening RCI Bank and Services to a new subscription business that is set to thrive.

Bipi is a Franco-Spanish company that offers vehicle subscription contracts.

Another movement towards diversification in RCI Bank and Services. The captive financial company Renault formalized, on July 27, 2021, the resumption of the activities of Bipi, the Spanish-French company specializing in the marketing of vehicles in the form of a subscription. An operation for which the amounts at stake were not disclosed, but has a team of 120 people, a service platform and a portfolio of 10,000 clients processed in its 3 years of existence.

The business model is known to RCI Bank and Services because the company has been working for more than a year with Drover, Bipi’s direct competitor. Through the British podium, Al-Assir was testing the distribution of used Renault cars that had arrived at the end of the first cycle of leases. But we had to move. Since December 2020, Drover has entered the fold of Cazoo, the potential giant of European used vehicles. By taking over Bipi, RCI Bank and Services confirms its desire to focus on subscription car sales and saves time developing a complex technology environment.

At the crossroads of rental offers

In principle, the customer creates his own custom subscription. The system gives him the possibility to choose the class or model of the car according to his needs, then the period of use of the car, between one and 36 months, as well as the miles traveled. After receiving the car, he can terminate his subscription as soon as he pleases, hence the Netflix picture of the car often associated with this practice.

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In its letter, RCI Bank and Services states that integrating Bipi into its world will contribute to the realization of the strategy of the Renault Group and especially its Mobilize brand, which was founded in January 2021. In fact, Hispano-French will participate in the development of more flexible offerings based on the emerging mobility needs of the mid- The route between LLD/LOA and short term lease. Experts agree that this economic model can capture a large share of the mix of financing solutions consumers choose.

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It remains to be seen in what proportion the platform now owned by RCIBS will retain its multi-tagged DNA. Would a captive make it a preferred tool for remarketing a used vehicle for the manufacturer or an ecosystem available to dealers? In this case, Bibi can rely on the label and allow a variety of models to be placed on the road, including products of other brands. Many strategic options still need to be elaborated.

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