Five companies have been awarded 2010 Auto Finance Excellence Awards, which are presented annually to companies in the last year that have achieved notable success or contributed greatly to the auto finance industry.
The companies – Ally Financial, Santander Consumer USA, USAA Federal Savings Bank, Wells Fargo Dealer Services, and GM Financial – were presented with the awards at the Auto Finance Summit in Las Vegas on Oct. 13, 2010.
The Auto Finance Excellence Awards are presented annually at the Auto Finance Summit by Auto Finance News, the industry’s leading publication on car lending and leasing, AutoFinanceNews.net, and Royal Media Group, the periodical’s publisher and the Summit’s producer.
Ally Financial was recognized for completing a year of rebirth. The company has bounced back from the credit crisis to originate nearly $10.7 billion of auto loans and leases in the second quarter of 2010. The former GMAC has also transformed into arguably one of the most dynamic brands in financial services today.
Santander Consumer USA received an Excellence Award for consummating transformative deals in the last year that have propelled the company to the top ranks of the auto finance industry. Most notably, in June Santander inked a deal to acquire $3.2 billion of CitiFinancial Auto’s loan portfolio and to manage another $7.2 billion of Citi auto loans. Through four recent deals Santander’s loan portfolio has grown to around $30 billion.
USAA Federal Savings Bank was awarded for its Auto Circle iPhone App. USAA’s Auto Circle app, launched last summer, is unique in that it allows USAA members to not just finance a vehicle purchase, but also to buy and insure a new vehicle. The technology allows the auto finance provider to break through the glass ceiling of actual car buying and selling.
Wells Fargo Dealer Services was recognized for creating the EcoMind warranty product that plants 25 trees in Little River State Forest in Alabama for every customer that buys the product. The EcoMind product offers proof that good business can also be good for the environment.
Finally, the creation of General Motors Financial Co. was the result of perhaps the most transformative acquisition in auto finance in at least 10 years. By acquiring AmeriCredit Corp. on July 22, General Motors turned its challenge serving subprime and leasing customers into not just an opportunity, but into an entirely new revenue line on its P&L statement. The deal radically alters the automotive financing landscape by effectively reinstating GM’s captive financing unit.
We congratulate all the winners of the 2010 Excellence Awards for their great contributions to the Auto Finance industry, and hope their successes inspire others, and makes the auto finance industry all the better for it.