In an exclusive interview with Canadian auto dealer, TD Auto Finance’s new president and chief executive officer, Paul Clark talked about his background in the industry and TD’s new strategy in the auto financing sector, specifically as it relates to dealers. “I’ve been around the industry for 25 years,” says Clark, “starting out as a teller and later moving to retail and commercial banking, as well as securities. However, growing up in a family where my dad worked at a dealership and my mother at Ford Credit, the concept of combining both was of special interest to me and I’m really excited to be part of TD Auto Finance.”
The bank has made a number of changes to its auto lending division, something that Clark sees will provide great benefit to dealer customers moving forward.
“You don’t go into this business lightly,” he says and “our success has and will continue to be seeking opportunities others may not see.” He cites one as the ability and willingness to lend going into an economic downturn instead of pulling back. “Dealers are shrewd business people,” he says “and by making the commitment when times are hard, you are then in a better position to built a strong, solid and lasting relationship. Some of the greatest success stories in the car business, are those that began when things were tough.” He also says that dealers are often pillars of the communities they serve. “Many are part of the local chambers of commerce and take an active role in their communities. They are in tune with the needs of not only their businesses but the local economy as well. That’s why it’s important for us, as a lender to ensure that we can provide the right kind of products and services and that we are are there with solid support at the local level.”
Clark says that with the acquisition of Chrysler Financial in 2010, TD’s auto lending arm has undergone significant changes, to help better serve its customers. “We have invested heavily in building our tools and our team and we have leveraged our abilities to invest in the traditional prime and also non-prime lending spaces. Not only that but through [the Chrysler Financial] acquisition we’ve gained a new level of expertise and exposure to a whole different side of the business. As a result, we’re placing a big emphasis on moving into the wholesale space, something that dealers have responded well to.”
You can read more about our exclusive interview with Paul Clark in the January/February 2013 issue of Canadian auto dealer
