Loan and lease outstandings last year among the top 100 financiers grew at a 14% clip, more than double the increase in 2012, according to the 2014 Auto Finance Big Wheels data report, the annual ranking of the top 100 auto finance companies in the United States.
The boost marked the fourth straight year in which the combined portfolios of the top 100 financiers increased, according to the annual Auto Finance Big Wheels ranking.
“No doubt about it — 2013 was a big year for the auto finance industry,” said Marcie Belles, Vice President-Auto Finance at Auto Finance Advisors, which publishes the report in conjunction with Auto Finance News, the industry’s newsletter of record. “But despite the record increase last year, the market will see slower growth in 2014. Auto finance companies are facing many challenges, including stiff competition and a tough regulatory environment.”
The Auto Finance Big Wheels data report is the nation’s only tabulation of auto lending and leasing. The report, published annually since 1999, uses a wide range of public, private and proprietary data to formulate its ranking of the Top 100 auto finance companies. The report is published by Auto Finance Advisors, a consultancy, in conjunction with Auto Finance News, the auto finance industry’s leading news source.
In all, the Top 100 financiers originated $447.4 billion of receivables, compared with $398.7 billion in 2012, according to the report.
Ally Financial and Toyota Motor Credit Corp. continue to battle it out for the top spot in the rankings, with Ally Financial taking the top spot for the second year in a row with $74.1 billion outstanding. Toyota overtook Ally in originations, however. Toyota’s origination volume climbed 7.9% to $40.2 billion, while Ally’s fell 3.6% to $37.3 billion.
“This is a transition year for the auto finance market,” said Belles, the report’s author. “There are more question marks about the market in 2014 than there have been in the past several years. Still, 2013 was clearly a fantastic year for the industry.”
TOP FIVE AUTO FINANCE COMPANIES IN THE UNITED STATES IN 2013 BY OUTSTANDINGS
- Ally Financial Inc.
- Toyota Motor Credit Corp.
- Chase Auto Finance
- Wells Fargo Dealer Services Inc.
- American Honda Finance Corp.
See additional commentary on the 2014 Big Wheels results here.