Groff to Replace Retiring Borst as CEO of Toyota Financial

After 16 years at the helm of Toyota Financial Services, George Borst, left, will retire Sept. 30. Senior Vice President of Sales, Marketing, and Product Development Mike Groff will replace Borst as president and CEO, and Borst will stay on as executive advisor through yearend 2014.

Borst joined Toyota Motor Sales in 1985 as corporate marketing manager before spending several years as general manager of its Lexus division. He eventually was appointed head of TFS in 1997, and when it formally split from Toyota Motor Sales in 2001, he was named the new company’s president and CEO. Under Borst’s direction, TFS now serves approximately 4 million active customers, has more than 3,200 employees nationwide, and more than $95 billion in assets.

Groff, right, has been with Toyota since 1983, and held various field positions, such as TFS branch manager and regional manager, before accepting various positions in the company’s Torrance, Calif., headquarters, including corporate marketing and leasing manager, vice president of corporate strategy, and vice president of customer service.

“I have had the privilege of being part of TFS since its inception,” Groff said in a statement. “I am incredibly honored and excited to continue and expand the vision and mission established by George and our over 3,200 associates across the country.”

Borst delivered the keynote at our Auto Finance Summit last year, and both he and Groff are past recipients of our Auto Finance Excellence Awards.