Market Share of North America Used Car Financing Industry
The market for used car financing across North America is moderately consolidated. The presence of many organized and unorganized players has created such a market scenario. Also, most auto manufacturers, apart from offering their own financing, have tie-ups with banks and other financial institutions, offering a wider choice for their customers. But the relatively easier procedures to procure a loan from various NBFCs are expected to tilt the market in their favor. Moreover, in the competitive arena, the majority of the used car financing business is ruled by banks and financial companies.
Financiers, including OEMs, banks, and NBFCs, have made strategic forefront in order to witness improved sales bars in the market. For instance, in September 2022, Mexico-based used car platform, Kavak, announced that it engaged USD 675 million in financing from HSBC bank to support its car loan offering.
North America Used Car Financing Market Leaders
Ally Financial Inc.
The Bank of America Corporation
Capital One Financial Corporation
Citigroup Inc.
Royal Bank of Canada
*Disclaimer: Major Players sorted in no particular order
