DaimlerChrysler extending its financial business

IN recent years many of the car companies have been moving into financial services to bolster their results and DaimlerChrysler has just announced plans to start an insurance business and ultimately to obtain a full banking licence. The company - which owns a chunk of the McLaren F1 team - is currently only involved with car financing but is looking to expand in this highly-profitable sector.

DaimlerChrysler is working with insurer Allianz (coincidentally a BMW Williams sponsor) to put together the insurance deal.

The insurance plan highlights the desire amongst car companies to extract the most money possible from the car business - by whatever means possible, a wish which is pushing the car firms to demand more money from Formula 1 in the future.

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