4 auto finance executives to watch in 2025

The auto finance industry is charging ahead, driven by leaders ready to shape the future.

This year, the industry faced a tough road, from high interest rates to affordability concerns and limited credit access, to name a few headwinds. Many of these challenges carried over from 2023. Despite the roadblocks, some industry players managed to shift gears and stay resilient, preparing the way for a successful new year. Among them, Toyota Financial Services ’ Scott Cooke, U.S. Bank ’s John Hyatt, Ally Financial 's Michael Rhodes and American Honda Financial Services ' Petar Vucurevic stand out as trailblazers for 2025. These executives are redefining leadership with dynamic teamwork, innovative strategies and a remarkable ability to adapt to evolving industry challenges. They are poised to make an even greater impact in the new year, setting the pace for an industry in transition to become a more competitive market. Toyota’s Scott Cooke takes on new products, growth Scott Cooke, a seasoned leader with over 20 years at Toyota Financial Services (TFS), became chief executive in January . Cooke aims to drive growth and innovation while solidifying TFS' position as the industry leader, he told Auto Finance News. Toyota had the largest auto portfolio at yearend 2023 with $114.5 billion in loans and lease outstandings, according to the latest Big Wheels Rankings data . [caption id="attachment_58347482" align="alignright" width="232"] Toyota Financial Services Chief Executive Scott Cooke (Photo/TFS)[/caption] Through November, Toyota had sold 2,122,670 cars year to date, a 5% year-over-year increase, according to the company’s most recent sales report, provided to A FN . As of Nov. 4, the company had the lowest days' supply across all brands, at 35 days, well below the national average of 85 days, according to Cox Automotive . Lower supply contributed to Toyota signaling that it would scale back incentives , announced during its Nov. 6 third-quarter earnings call. "For us, it's about being agile and versatile to go where the market goes. Agility and resilience are going to be key components of our future." — Scott Cooke, Toyota Financial Services "Because we've had lower days' supply than most, we've had to look at our book of business and look at products so that we could help with what we did have,” Cooke told AFN . “ We built products for older cars. ... Since we're a little bit new car constrained because of the lower day supply, we needed to find products that help drive customer value and dealer value.” TFS also plans to grow leasing volume in 2025, he said, echoing one of the captive’s 2024 priorities . “We're lighter on lease than we want to be. We put a lot of energy in between our OEM partners at the Toyota and Lexus divisions. We've made improvements, but because of the supply that we have.” As 2025 approaches, the competitive landscape is set to intensify as interest rates decline further and uncertainties surrounding a new presidential administration and inflationary conditions. TFS is poised to navigate these challenges, Cooke said. “For us, it's about being agile and versatile to go where the market goes. Agility and resilience are going to be key components of our future,” he said. “A lot of our investment is in being able to be agile, to pivot left or right , depending on where things , like mandates , go from a policy perspective and whether we see rates go up or down.” U.S. Bank’s John Hyatt optimistic on auto opportunities John Hyatt, executive vice president of dealer services at U.S. Bank , is paving the way for efficient, sustainable growth in the auto finance market by prioritizing dealer relationships and tech investments . “There continues to be solid opportunity in the auto finance market for banks, and we are beginning to see some notable headwinds become tailwinds,” Hyatt told AFN. [caption id="attachment_58347485" align="alignleft" width="214"] U.S. Bank EVP of Dealer Services John Hyatt (Photo/U.S. Bank)[/caption] Hyatt, who joined the bank in April 2015 to oversee the bank’s indirect lending program, said the lender plans to fuel sustainable growth by building dealer relationships through strong product offerings and high quality support while enhancing the bank’s digital-direct programs. He is optimistic about the auto finance market after the bank scaled back in the space in 2023 and 2024 due to unfavorable spreads and returns. In Q3, however, U.S. Bank’s indirect auto originations soared 65% YoY to $1.8 billion . U.S. Bank is also eyeing rate cuts by the Federal Reserve , hoping they encourage consumers to return to market after sitting on the sidelines for much of this year, Hyatt said. Early indicators, such as new-vehicle lease volume, will also help the bank monitor a return in demand, he added. Under Hyatt’s leadership, U.S. Bank is also working to boost efficiency and drive growth in the powersports sector. “We will continue to invest in our digital capabilities in auto, recreational vehicles and marine and focus on the leasing needs of our dealers and clients.” — John Hyatt, U.S. Bank Recent efforts in the RV space include the announcement in November that the bank’s financing solutions will be added to the websites of Heartland RV , Cruiser RV and DRV Luxury Suites through RV tech provider Rollick ’s existing digital platform, Hyatt said. The integration allows dealers to showcase inventory “directly on these brands’ websites” while also “capturing buying intent and consumer financing applications” through Rollick’s integration with U.S. Bank, according to a Nov. 13 Cruiser RV release. “Maintaining our reputation for efficiency and disciplined risk management practices, including the investment in our people, will continue to be paramount to our business in 2025 and beyond,” Hyatt said. U.S. Bank’s outstandings totaled $7.3 billion in Q3, down 30.1% YoY. The bank was the 19th-largest auto lender by outstandings at yearend 2023 with a portfolio of $19.1 billion, according to the latest Big Wheels Rankings data . Michael Rhodes: Strengthening relationships Ally Financial CEO Michael Rhodes, a banking veteran with more than 25 years of experience, assumed his post April 29 to lead one of the industry’s largest auto lenders. The lender’s lease and loan portfolio was $91.9 billion in Q3, according to its latest earnings report, and was ranked the second-largest lender by outstandings in 2023, according to Big Wheels. “We are unique among large banks in that we have an unwavering commitment to the auto business, and remain consistent in the market through cycles. We are well positioned to continue winning in our respective markets.” — Michael Rhodes, Ally Financial Rhodes has helped Ally grow its EV portfolio, largely through increased EV leasing, which comprised over 60% of the bank’s EV portfolio in Q2 and Q3, according to the bank’s earnings reports. [caption id="attachment_58347483" align="alignright" width="200"] Ally Financial Chief Executive Michael Rhodes (Photo/Ally)[/caption] “Ally’s EV lease volume is subject to demand,” Rhodes told AFN . “We don’t have set targets. We like the business. It has an attractive return, and we’re pleased with the origination trends and returns that we’re seeing in the EV leasing channel.” “We originated more EV lease volume in the third quarter of 2024 than we did in all of 2023. We will continue to adapt to consumer preferences, and our scale provides ample opportunity to source originations in various channels that meet our risk-adjusted return requirements.” He remains committed to growing the bank’s sizeable auto portfolio in 2025. “We are unique among large banks in that we have an unwavering commitment to the auto business, and remain consistent in the market through cycles,” Rhodes said. “We are well positioned to continue winning in our respective markets.” His said his priorities include: Nurturing the bank’s “culture of customer obsession;” Maintaining evolution of the brand and leaning on Ally's "strong and powerful emotional connection with consumers;” and Maintaining the bank’s “leading auto lending position, focusing on the controllables." Rhodes plans to strengthen and leverage the bank’s relationships with its dealers in the coming year. “The auto market is one where there is always going to be demand, some years more than others,” he said. “Auto dealers are entrepreneurial. They always find a way to be successful. We are going to be with them to create what I call the ‘win, win, win.’ It’s a win for them, a win for us and a win for their customers.” Ally clients operate in commercial and retail financing, insurance and technology solutions such as SmartAuction , Rhodes said. SmartAuction is the bank’s digital wholesale platform that allows its dealership partners access to inventory, enabling them to find cars based on vehicle type, year, make and model “With the partners and dealers we have today, there are always ways to do more business,” he added. American Honda Finance’s Petar Vucurevic eyes improved CX Petar Vucurevic, senior vice president of financial services at American Honda Finance Corp . (AHFC), has worked at the Torrance, California-based lender for nearly 25 years, serving in multiple leadership roles. Vucurevic told AFN he is prioritizing dealer and customer needs in 2025. “When managing my team, it’s not about the dollars, it’s about taking care of our customers and remembering who our customers are,” Vucurevic said. “Not only are they the folks that are driving the vehicles, but they're also our dealers, the face to our customers.” Prior lender efforts to improve services for dealers and consumers, he said, are: Restructuring AHFC’s field operations in 2022, which helped increase agility, gain efficiencies and extend customer service hours; and Multiple enhancements to the loan originations system to improve the e-contracting and funding experiences for dealers. “We are constantly improving our web experience to enable customers to self-serve,” Vucurevic said. The lender has seen “strong growth in e-funding” with “the majority of AHFC contracts digitally executed.” [caption id="attachment_58347486" align="alignright" width="300"] American Honda Finance Corp. Senior Vice President of Financial Services Petar Vucurevic (Photo/American Honda Financial Corp.)[/caption] The captive, which also operates as Acura Financial Services and Honda Financial Services , is looking to the increased supply from this year’s return in the leasing arena to strengthen its certified pre-owned program in the coming years, he said. “Looking ahead, we’ll continue to support certified and true-used [vehicles] as entry points into the Honda and Acura brands. Leasing is another area of focus as it continues to be our brand strength and an attractive entry point for new customers.” — Petar Vucurevic, American Honda Finance In November, AHFC’s lease penetration rate was 29%, he said. In 2025, AHFC hopes to maintain a range of 30% to 35% lease penetration , higher than the 2025 forecasted industry average of 25% lease penetration of total retail sales, according to Cox Automotive . AHFC is also exploring new ways to “enhance the ownership experience,” Vucurevic said. “We know customers are looking for quality, value and ease of ownership now more than ever,” he said. The captive was the seventh-largest auto lender by outstandings at yearend 2023, with a portfolio of $60 billion, according to the latest Big Wheels Rankings Data . American Honda ’s sales hit 121,419 units in November, up 15.5% YoY, and increased 8% YoY in Q3 to 366,214 vehicles. Register here for the free Auto Finance News webinar “Tapping Aftermarket Products to Improve Dealer Relations and Profitability,” taking place on Tuesday, Jan. 14, at 10:45 a.m. ET.

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