Credit: Santander Consumer: Madrid headquarters
Banco Santander, S.A. acquired Canadian-based lender Carfinco in 2015 and has now re-launched as Santander Consumer, bringing a new player and a big platform to the Canadian auto lending market.
According to the company, the Santander Group is one of the largest banks in the world by market capitalization, and has been in operation since 1857. The now consolidated entity is able to offer full-spectrum lending, including financing at competitive prime rates through to options for non-prime consumers.
“With Santander, our partners will be getting the best of both worlds,” said Galen Gower, Vice President of Business Development. “We’ve got the scope and reach of a major global bank with over a century and a half of history, paired with the personalized service of a small-town lender.”
Gower said the company wants to keep its interactions simple, personal, and fair, and to help its dealer partners, their personnel, and consumers thrive with the new programs being offered in Canada.
The company invested significantly in streamlining internal processes, with the goal of making the buying and application process “as straightforward and user-friendly as possible,” for both consumers and dealers. This includes streamlined IT systems, with a single submission platform for all tiers of lending; ensuring all loans offer pre-approval; and “hierarchy-free” customer service.
“With auto-decision, dealers can get responses to a significant portion of applications within seconds, and in many cases secure same-day funding,” said the company. “This means that dealers are able to get their customers funded and into a car quickly.”
Competitive incentive programs and dealer reserve is also a possibility, to reward dealerships and salespeople for their loyalty.
