US: Mazda and Chase ink expanded financing deal
Mazda North American Operations (MNAO) and Chase on Thursday announced they have expanded their relationship by signing a multi-year private-label agreement under which Chase will be the exclusive US auto finance provider for Mazda, operating under the brand name Mazda Capital Services which be introduced to dealers and consumers later this year.
"Since we began our relationship a little over a year ago, both our dealers and our customers have been extremely pleased with the quality of the financial services provided by Chase," said MNAO president and CEO Jim O'Sullivan. "I fully expect this new long-term strategic financial alliance will result in even greater benefits for our dealers and customers and will be a prime contributor to our future growth in the US."
Chase became the exclusive US auto finance provider for Mazda, under the Chase brand, in January 2009. Since that time, a dedicated team at the financier has offered retail and lease financing to the automaker's customers through 625 dealers.
Marc Sheinbaum, auto finance CEO at Chase, said: "By working together, we will use our combined strength to provide dealers and consumers with products and services to drive sales under the Mazda brand."
Chase was the top auto lender in the United States in new loan production in 2009, lending US$23.7bn to finance 1.1m new and used vehicles for consumers.