Mazda Financial Services President and Toyota Financial Services private label Group Vice President Pete Carey will retire Sept. 30 after nearly 30 years with Toyota.
He will be succeeded by Toyota Financial Savings Bank COO Brock Bayles, who was named Toyota Financial vice president of private label on Aug. 29. Bayles has been handling Carey's private label role and helming Mazda Financial, though Carey, who is working on special projects the rest of his tenure, retains his titles.
Bayles also has served as vice president of sales for Mazda Financial. Toyota spokesman Vincent Bray called him "instrumental" in establishing the captive finance company.
Carey created the Toyota Financial private label finance company business, which serves Bass Pro Shops as well as Mazda. In 2019, he and Toyota Financial marketing Group Vice President Karen Ideno won Mazda's captive finance business away from JPMorgan Chase. Two and a half years later, Mazda Financial's penetration had reached "north of 60 percent," Carey said in April.
Carey has worked at Toyota since 1993. His roles have included leading the Toyota Motor North America San Francisco regional team and holding commercial finance, sales and service operations positions at Toyota Financial Services.
Bayles also is a Toyota veteran, having worked for the company since 2004, according to his LinkedIn page. He has held Toyota Financial Services roles in sales, product and marketing, and finance and analytics.