wikedgolf
07-30-2004, 12:25 PM
Toyota Hires Volkswagen's Specht to Run U.S. Bank
Toyota Hires Volkswagen's Specht to Run U.S. Bank (Update1)
July 28 (Bloomberg) -- Toyota Motor Corp., the world's biggest carmaker by market value, named Raymond Specht president and chief executive of its new U.S. banking operation, created to boost earnings from making loans in the largest auto market.
Specht, who ran Volkswagen AG's U.S. bank, begins work today, Toyota's U.S. finance unit said in a statement. Toyota in January won regulatory approval to operate Toyota Financial Savings Bank, which is incorporated in Nevada.
Toyota, which earned a record 1.16 trillion yen ($10.2 billion) in the year ended March 31, has said it plans to raise profit from finance businesses to at least 100 billion yen by 2005. The bulk of the gain may come from the U.S., where a higher percentage of vehicle loans and leases are arranged using in-house finance companies than in other countries.
Toyota has said its U.S. bank will primarily provide new types loans to Toyota and Lexus dealers, though it may issue credit cards and provide general consumer loans. A call to Toyota Financial Services' Torrance, California, headquarters wasn't returned.
Toyota's market value at yesterday's closing price in Tokyo was $138.4 billion, more than the combined value of General Motors Corp., Ford Motor Co., DaimlerChrysler AG and Volkswagen. Those companies and Toyota City, Japan-based Toyota are the world's five largest automakers.
Toyota's American depositary receipts, equivalent to two ordinary shares, rose 30 cents to $78.60 at 4:02 p.m. in New York Stock Exchange composite trading. They've gained 14 percent this year.
To contact the reporter on this story:
Alan Ohnsman in Los Angeles at aohnsman@bloomberg.net.
To contact the editor responsible for this story:
Steve Geimann at sgeimann@bloomberg.net.
Last Updated: July 28, 2004 16:15 EDT
Toyota Hires Volkswagen's Specht to Run U.S. Bank (Update1)
July 28 (Bloomberg) -- Toyota Motor Corp., the world's biggest carmaker by market value, named Raymond Specht president and chief executive of its new U.S. banking operation, created to boost earnings from making loans in the largest auto market.
Specht, who ran Volkswagen AG's U.S. bank, begins work today, Toyota's U.S. finance unit said in a statement. Toyota in January won regulatory approval to operate Toyota Financial Savings Bank, which is incorporated in Nevada.
Toyota, which earned a record 1.16 trillion yen ($10.2 billion) in the year ended March 31, has said it plans to raise profit from finance businesses to at least 100 billion yen by 2005. The bulk of the gain may come from the U.S., where a higher percentage of vehicle loans and leases are arranged using in-house finance companies than in other countries.
Toyota has said its U.S. bank will primarily provide new types loans to Toyota and Lexus dealers, though it may issue credit cards and provide general consumer loans. A call to Toyota Financial Services' Torrance, California, headquarters wasn't returned.
Toyota's market value at yesterday's closing price in Tokyo was $138.4 billion, more than the combined value of General Motors Corp., Ford Motor Co., DaimlerChrysler AG and Volkswagen. Those companies and Toyota City, Japan-based Toyota are the world's five largest automakers.
Toyota's American depositary receipts, equivalent to two ordinary shares, rose 30 cents to $78.60 at 4:02 p.m. in New York Stock Exchange composite trading. They've gained 14 percent this year.
To contact the reporter on this story:
Alan Ohnsman in Los Angeles at aohnsman@bloomberg.net.
To contact the editor responsible for this story:
Steve Geimann at sgeimann@bloomberg.net.
Last Updated: July 28, 2004 16:15 EDT