LOS ANGELES -- Toyota Financial Savings Bank is expanding its range of dealer and consumer banking services to establish a tighter relationship with dealers.
The bank, a subsidiary of Toyota Financial Services, will offer deposit and lending accounts to dealers of Toyota, Lexus and Hino vehicles and Toyota lift truck products. Later this year, dealers will get access to personal bankers along with other financial services.
Through Toyota Financial Services, the automaker already is involved with what happens on the dealership lot, such as floorplanning and other loans. With the bank, the automaker wants to be involved in what happens outside the showroom as well.
In becoming a one-stop shop for dealers, Toyota hopes third-party lenders will have a smaller chance of gaining Toyota dealer business.
"In the past, we couldn't defend Comerica (bank) offering a dealer a $1 million line of credit and a personal banker on top of flooring and auto loans," says Ray Specht, CEO of Toyota Financial Savings Bank. "We may be late to the game, but no one will have this level of service."