Jaguar Land Rover North America will retain Chase Auto Finance as its private label lending partner, extending the decade-long relationship, the companies announced today.
Chase will continue to provide customized retail, lease, and commercial finance offerings as well as strategic support to more than 330 retailers in the U.S. through Jaguar Financial Group and Land Rover Financial Group. A Chase spokeswoman declined to disclose the term of the agreement.
Chase Auto has financed loans for 350,000 Jaguar Land Rover customers since 2008, according to the press release. To put that in perspective, since fiscal year 2010 the OEM has sold 589,867 units in the region, according to annual reports. AFN was unable to track the full breadth of North American retail sales going back a decade.
Jaguar Land Rover North American sales have been on the rise every year since 2010, including a 9% year-over-year increase to 114,333 vehicles last year, according to the release. A 100% boost in Jaguar sales in the region helped contribute to the growth in fiscal year 2017, according to the OEM’s annual report.
Meanwhile, Chase Auto Finance continues to grow its portfolio reporting $83.4 billion in total outstandings — a 5.4% increase year over year, according to 1Q18 earnings. Originations were also on the rise to $8.4 billion compared with $8 billion the same period the year prior.
“We’re proud to have served Jaguar Land Rover for the past 10 years and are excited to be part of their journey as they continue to grow in the United States,” said Chase Auto Chief Executive Mark O’Donovan in a press release. “This renewal means that we’ll continue to build together, delivering a world-class ownership experience that is tailored to their iconic brands and distinctive customers.”