Auto Credit Express Blog
August 27, 2008
Toyota Financial Services Overtakes GMAC
According to a new study by AutoCount, the longtime leader in auto lending has taken a back seat to its Japanese rival.
Battle switches to the financial arena
In a study just released by AutoCount, a research unit of Experian Automotive, data suggests that Toyota Financial Services had a 6.35 percent share of the finance and lease market in the United States from January through June of this year. This compares to a 6.20 percent share for GMAC.
Since early this summer, GMAC has also made major changes in its leasing programs which could result in sizeable cutbacks in this segment of its business for the remainder of the year. Because Toyota Financial has not had to revise its leasing programs nearly as much, this would suggest that the finance arm of Japanese manufacturer Toyota will carry this lead in financing through the end of the year.
Results Disputed
Sue Mallino, a representative from GMAC, disputed the results, saying that AutoCount failed to include the contract volume from Nuvell Credit Corporation and National Auto Finance, both GMAC subsidiaries. According to AutoCount documents, including these two companies would give GMAC a 6.72 percent market penetration.
Toyota’s Response
As of this writing, Toyota has yet to respond to GMAC’s shot across the financial bow. One note: AutoCount’s determination of Toyota Financial’s market share does not include World Omni Financial, the captive finance company of Southeast Toyota Distributors, estimated at .75 percent. Stay Tuned.
