TD Ramps Up Auto Biz
Since finalizing its acquisition of Chrysler Financial in April, TD Bank is making strides to get the new auto finance unit up and running.
So far, the company has signed 5,000 U.S. dealers, doubling the dealer network at yearend 2010.
“We’re seeing excellent activation,” TD CFO Colleen Johnston told The Wall Street Journal. “About 85% of those dealers did some business with us. It’s still early days. I don’t want to overstate the volume in the first month, but that’s a very, very good sign of things to come in terms of the quality of those dealer relationships, and their desire to do business with us.”
According to at least one dealer, TD Bank is “buying deep at very competitive rates and a favorable split.” What are you seeing? How is the competition shaping up?
