Chase, Mazda Expand Relationship to Private-Label Financing Business
April 07, 2010
Chase and Mazda North American Operations today announced that they have expanded their relationship by signing a multi-year private-label agreement under which Chase will be the exclusive U.S. auto finance provider for Mazda, operating under the brand name Mazda Capital Services. The Mazda Capital Services brand will roll out to Mazda dealers and consumers later this year.
“Since we began our relationship a little more than a year ago, both our dealers and our customers have been extremely pleased with the quality of the financial services provided by Chase,” said Jim O’Sullivan, president and chief executive officer, Mazda North American Operations. “I fully expect this new long-term strategic financial alliance will result in even greater benefits for our Mazda dealers and customers and will be a prime contributor to our future growth in the U.S.”
Chase became the exclusive U.S. auto finance provider for Mazda, under the Chase brand, in January 2009. Since that time, a dedicated Chase team has offered retail and lease financing to Mazda’s customers through the more than 625 U.S.-based Mazda dealers.
“This is a win-win agreement that will benefit Mazda consumers as well as dealers,” said Marc Sheinbaum, chief executive officer for auto finance at Chase. “Chase has developed a reputation as a top-notch consumer and dealer finance provider for auto manufacturers, and Mazda has built a strong brand with consumers during its 40 years in the United States. By working together, we will use our combined strength to provide dealers and consumers with products and services to drive sales under the Mazda brand.”
Chase was the No.1 auto lender in the United States in new loan production in 2009, lending $23.7 billion to finance 1.1 million new and used vehicles for consumers.
Chase, together with its affiliates, is a major provider of auto financing. Parent company JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.