Chase Auto Finance is rolling out private-label, retail auto loans for Enterprise Car Sales, the used-car retail arm of Enterprise Rent-a-Car.
Bruce Jackson, head of retail lending for Chase Auto Finance, said Chase was already providing retail loans under the Chase brand for Enterprise Car Sales’ 130 U.S. locations, for probably a decade. The new channel is named Enterprise Auto Finance.
Adding the Enterprise brand name is new, Jackson told Auto Finance News on Tuesday. Chase will also add dedicated staff. Both companies are aiming to make financing as “seamless” as possible from the customers’ point of view, which ultimately helps both Enterprise and Chase, he said. “It’s our balance sheet, our origination platform, but them using the name … is something we’ve been talking with them about for a while,” Jackson said.
He said the two companies expect to have the private-label loans rolled out nationwide by the end of the year.
Chase Auto Finance also provides private-label retail loans and leases and commercial lending for dealers for the Jaguar, Land Rover, Mazda and Subaru brands in the United States. Enterprise Auto Finance is for used-vehicle loans only, Jackson said.
Enterprise Holdings, the parent company for Enterprise Rent-a-Car, based in St. Louis, is privately held. The company doesn’t regularly report its retail used-car sales, a spokeswoman said on Tuesday.
In March, though, Enterprise Car Sales announced that in 2014 it generated a record $483 million in loan volume to more than 28,000 credit union members. And for the 2012 fiscal year that ended in September 2013, the company reported used-car sales of more than 64,000 units in the United States.
