Toyota Financial Services (TFS) has partnered with DaimlerChrysler Services (DCS), Ford Motor Credit Company (FMCC) and General Motors Acceptance Corporation (GMAC) in a new company called RouteOne.
The joint venture, created to develop a system to enable dealers to better manage the credit application process, marks the first time Toyota has partnered with Detroit#;s Big Three on a project in the captive finance arena.
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DCS, FMCC and GMAC officially formed RouteOne in April. TFS recognised the benefits the system could provide for its Toyota and Lexus dealers and consumers and elected to take an equity stake in the company.
“This venture will enable us to work with our new partners to create an improved credit application system for thousands of dealerships nationwide,” said TFS president and CEO George Borst.
The proposed system’s features include credit application functionality that is open to multiple finance sources, including banks and credit unions. Dealers who have multiple brand franchises will get the added benefit of using a common system across all of their brands.
RouteOne, headquartered in Southfield, Michigan, intends to launch the new venture in 2003.
TFS vice president of planning and development Mike Groff will lead the TFS team on this project and Borst will join RouteOne’s board of directors.
