Used Cars, Incentives Propel Originations at Southeast Toyota Finance
Southeast Toyota Finance saw a 5% year-over-year rise in total originations in the second quarter, thanks to “attractive incentives” and increasing consumer demand, said Dan Chait, president of World Omni Financial Corp., which oversees the captive.
“Additionally, we’ve seen growth in used-retail financing as a result of certain program enhancements, and we have captured some marketshare from competitors who have reduced their focus on indirect auto,” Chait told Auto Finance News.
Among the enhancements is the launch of a call center tool, Chait said, which provides agents with more information about borrowers. The information includes recent contact activities and customers’ prior loan histories, Chait added.
Southeast Toyota Finance runs several special financing programs, such as loyalty programs, a college grad program, and a military rebate program.
While the company declined to offer its latest originations, Southeast Toyota Finance had $6.4 billion in originations at yearend 2016, up from $5.7 billion in 2015, according to Big Wheels Auto Finance 2017.
The company currently makes loans for 176 franchised dealers in Alabama, Florida, Georgia, North Carolina, and South Carolina.
