TD Auto Finance is expanding its commercial floorplan business nationwide and aligning the program more closely with its indirect model, the company announced today.
The expansion will take the program across the continental U.S., rather than just the east coast and midwest, where the company currently operates. No timetable for the expansion was given.
“Dealer principals are looking for lenders who understand the full range of their business needs,” Anne Kline, head of TD Auto Finance Commercial Services, said in the press release. “The commercial loan products are an integral piece of a dealership’s operations. Our dealer relationship managers have a deep knowledge of all facets of automotive finance and we are eager to bring this expertise to our expanded footprint.”
Last week, TD Auto Finance announced a partnership with the online marketplace AutoGravity, where TD will now compete to fund loans for the platform’s more than 1 million users. However, this is not the end for the bank’s digital expansion in the auto finance space, Chris Howard, TD Auto Finance’s head of U.S. product, told Auto Finance News last week.
“As we look at the space, it’s certainly exciting to announce this partnership with AutoGravity and looking to the future I’d say we’re continuing to look at other offers and opportunities,” Howard said. “From our standpoint, this is an opportunity to add an alternative channel for credit applications that are not available to us today through this platform.”
Andrew Stuart, president and chief executive of TD Auto Finance, echoed that sentiment in the press release today noting that the expansion “signifies TD’s strong commitment to the auto space and our desire to offer a full suite of products and commercial lending to our dealer network across the U.S.”
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