Santander Group’s unique combination of global scale and local leadership has enabled Santander Consumer USA and Santander Consumer Finance Global Accounts, based in Europe, to partner up and to secure two marquee Original Equipment Manufacturers (OEMs) in the US – INEOS and Lotus – as new Santander Consumer USA clients.
Each of the OEMs were seeking a finance partner to provide loan and lease financing in the U.S. along with best-in-class customer service. Santander Consumer Finance’s European roots, and commitment to customers, and Santander Consumer USA’s reputation as a preferred lender in the auto industry proved to be a great match. Building on Santander’s capabilities around the world, relationships with OEMs and leadership in the European auto financing market, the group has supported these operations that will boost growth of the auto financing business in the US.
The move is aligned with Banco Santander’s strategic goals and arrives soon after announcing the consolidation of all consumer finance activities worldwide under the global business area, Digital Consumer Bank. The strong collaboration between teams on both sides of the Atlantic Ocean is the most recent example of Santander’s platforms strategy to drive growth. It also highlights the group’s focus to serve customers better, while delivering profitable growth, and further simplification of the business.
“Securing two OEM wins in a few months was a challenging task that was made possible by excellent collaboration between our teams in the US and Europe,” said Chris Mitcham, SVP of Corporate Development & Service for Others at Santander Consumer USA.
Lotus has a rich heritage as a global performance brand, with plans to become a global luxury technology brand by 2028 as part of the company’s Vision80 strategy. Most recently, Lotus unveiled its first electric hyper-GT Emeya, which will join its electric hyper-SUV, Eletre. Santander Consumer will support Lotus Cars USA by providing nationwide loan and lease options to Lotus customers and dealers as the brand brings more of its impressive line-up to the market.
INEOS is a global conglomerate that is expanding into vehicle manufacturing. Through its London-based INEOS Automotive subsidiary, the company will begin to sell its flagship model, the Grenadier, in Q4 2023. Santander Consumer USA will start lending to INEOS customers in the U.S. at the same time.
INEOS’ Grenadiers will be available for purchase or lease through its premier franchise dealerships. This relationship expanded Santander’s existing global partnership with INEOS in the UK, Germany, France, Italy, Spain, and Austria.
“These wins highlight Santander’s leadership in the auto finance space and our deep, multi-geography relationship with important and distinguished manufacturers that cater to consumers across the credit spectrum,” said Alan Paterson, Global Accounts VP Commercial Director at Santander Consumer Finance.
Santander Consumer USA continues to grow and diversify its portfolio by establishing relationships in the US through the solid relationships Santander has built globally. Santander is the number one player in Europe and Latin America in auto financing – and a key player in the US. Today, more than 40% of the overall activity financed in these countries is related to our partner OEMs relationships in Europe, something that is expected to continue to grow.
Stay tuned—there’s sure to be more to come as Santander consolidates its consumer activities across all markets under a new global business, Digital Consumer Bank.