The auto finance market eked out 2.1% growth in 2018, as loan and lease outstandings hit an all-time high of $1.16 trillion, according to the newly released Big Wheels Auto Finance Data 2019.
Big Wheels is the nation’s only ranking of the top 100 auto financiers in the U.S. by outstandings and originations.
Toyota Financial Services nabbed the top spot for the third straight year, ending 2018 with a $92 billion portfolio and $53.3 billion of originations. Chase Auto, GM Financial, Ally Financial, and Ford Motor Credit rounded out the top five by outstandings.
Banks, broadly, ceded marketshare, decelerating origination of auto loans in favor of higher yielding assets.
“Financiers are looking for ways to compete amid tight margins and slowing new-car sales,” said Marcie Belles, Vice President of Auto Finance at Royal Media, and author of the report. “Some large players have shifted their origination mix toward used vehicles, while others have opted to exit the market altogether.”
Meanwhile, auto leasing continued to gain marketshare, accounting for one of every four vehicles in financiers’ portfolios. Captives — the most active lease originators — led the charge on leasing in 2018, with a handful of banks and credit unions responsible for the remaining volume, the report noted.
The Big Wheels report includes access to an online data tool, allowing for seamless comparison, analysis, and data export. For an additional fee, users of Big Wheels can purchase access to 11 years of historical data.
The 2019 Big Wheels Auto Finance Data Report is available at www.BigWheelsData.com.