The race for the No. 1 ranking in auto finance has come down to two horses: Ally Financial Inc. and Toyota Motor Credit Corp.
It is clear with the release today of the 2014 Auto Finance Big Wheels ranking of the top auto finance companies that the battle between these two companies — headquartered on opposite sides of the nation — has only intensified.
Ally, still working to shed its government shadow, came in No. 1 in auto finance outstandings for 2013, according to the report. It did so by growing its auto finance portfolio more than 10% last year to $74.1 billion.
Meanwhile, Toyota pumped up its originations by nearly 18% to take No. 1 in total loan and leases made last year, originating nearly $40.1 billion of auto finance paper in 2013.
In 2012, the story was a bit different. Ally was No. 1 in originations, and it just barely edged out Toyota for No. 1 in outstandings, too — by $71 million. That $71 million is but 0.1% of Ally’s $67.3 billion of total outstandings.
It appears as though this back-and-forth between Ally and Toyota will continue. No. 3 in outstandings is Chase Auto Finance, but Chase had $52.8 billion of auto outstandings last year, a ways off from Toyota and Ally.
See additional coverage from the 2014 Big Wheels here.
