FARMINGTON HILLS, Mich. — Daimler Financial Services announced this week that it officially changed its legal name.

The company now will be known as Mercedes-Benz Financial Services USA and will continue to serve as the captive finance unit for an array of segments. That group includes Mercedes-Benz USA and its dealers and retail customers, smart USA dealers and customers, and Daimler Trucks North America and its Freightliner, Western Star and Thomas-Built Bus dealers and customers.

Executives explained the brand supporting Mercedes-Benz USA and smart USA — Mercedes-Benz Financial — will simply add "services" to its brand identity. They added the brand supporting Daimler Trucks North America — Daimler Truck Financial — will keep that brand name in the marketplace.

The company emphasized this name change marks the final stage of its "clean sheet of paper" approach to the U.S. market it adopted following its separation from DaimlerChrysler Financial Services Americas in 2007.

Officials said their first step was establishing new Americas headquarters in metro Detroit, followed by the expeditious separation of the IT management systems, which was completed in April 2008.

Simultaneously, officials pointed out the company began the consolidation of their other U.S. locations and talent into one business center operation culminating with the dedication of a brand new 164,000 square-foot facility in Fort Worth, Texas, in October 2008.

Despite the economic downturn of the last several years, Mercedes-Benz Financial Services USA contends it has continued its drive to create products and services for dealers and retail customers.

Executives believe the process started with the formation of an insurance agency in 2007, which has developed and launched numerous aftermarket vehicle protection products. The initiative was followed by an aggressive mobile device strategy that has resulted in excess of $11.4 million in retail vehicle payments in 12 months. It continues with the strong partnership with Mercedes-Benz USA, smart USA and Daimler Trucks North America.

Franz Reiner, president and chief executive officer of Mercedes-Benz Financial Services USA, elaborated about the importance of the name change.

"This is an opportunity for us to align our business identity with the tremendous brand equity of Mercedes-Benz, one of the best-known brands in the world," Reiner insisted.

"We will continue to serve and support our dealers and retail customers in this highly competitive premium passenger car segment and heavy duty trucking industry in the United States," he concluded.