PLANO, Texas (Oct. 3, 2022) – The year 1982 conjures up images of vibrant neon fashions, the allure of video arcades, the dawn of personal computers, the ubiquitous VCR, and the catchy tunes of pop music. It was within this dynamic era that a team of seven dedicated individuals at Toyota embarked on a journey to establish what would become Toyota Motor Credit Corporation (TMCC). Their initial mission was clear: to provide crucial financial support to Toyota dealerships and enable customers to realize their aspirations of owning Toyota vehicles. In October 1982, these pioneers achieved a significant milestone with the official establishment of Toyota Motor Credit Corporation. Little did they know then that their modest endeavor would flourish into one of the leading financial institutions in the United States, now proudly commemorating four decades of remarkable growth and unwavering success.
Just a few months after its inception in 1983, Toyota Motor Credit Corporation facilitated its inaugural vehicle financing – a used Toyota Corolla from Burt Toyota in Denver, Colorado. This marked the beginning of a consistent expansion for TMCC, characterized by strategic milestones achieved year after year:
- 1984 – Branching Out: Toyota Motor Credit Corporation inaugurated its first branch office in Irvine, California, extending its reach and service capabilities.
- 1985 – Empowering Dealerships: The introduction of dealer wholesale financing underscored TMCC’s commitment to supporting its dealer network.
- 1986 – Expanding Services: Toyota Motor Insurance Services (TMIS) was launched, broadening the company’s product offerings and providing comprehensive solutions.
- 1987 – Investing in Growth: Dealer real estate and capital lending programs were established, further solidifying TMCC’s role as a comprehensive financial partner for Toyota dealerships.
- 1991 – Luxury Financing Arrives: Lexus Financial Services was created, catering to the unique needs of luxury vehicle buyers and expanding TMCC’s market presence.
- 1996 – Puerto Rico Operations Begin: Toyota Credit de Puerto Rico commenced operations, extending TMCC’s services into new territories.
- 1998 – Embracing the Digital Age: Toyota Motor Credit Corporation entered the digital realm with the launch of its first online credit application, enhancing customer convenience and streamlining processes.
- 1999 – Unifying Brands: Toyota Motor Credit Corporation and Toyota Motor Insurance Services united under the umbrella brand Toyota Financial Services (TFS), creating a cohesive and recognizable identity.
- 2001 – Online Presence Established: The toyotafinancial.com website was launched, providing customers with online access to information and services.
- 2002 – Lexus Online Platform: The lexusfinancial.com website went live, offering a dedicated online platform for Lexus Financial Services customers.
- 2004 – Banking Operations Commence: Toyota Financial Savings Bank (TFSB), a partner entity, began operations, further diversifying TMCC’s financial capabilities.
- 2005 – Lexus Pursuits Visa® Introduced: TFSB introduced the Lexus Pursuits Visa® credit card, enhancing customer loyalty and rewards programs.
- 2007 – Team Growth: The company’s workforce expanded to over 3,000 team members, reflecting its significant growth and operational scale.
- 2008 – Toyota Rewards Visa® Launch: The Toyota Rewards Visa® credit card was launched, offering rewards and benefits to Toyota customers.
- 2012 – 30th Anniversary Milestone: Toyota Motor Credit Corporation celebrated 30 years of successful operations, marking a major milestone in its history.
- 2013 – Pioneering D&I Bonds: TMCC issued the auto industry’s first Diversity & Inclusion (D&I) Bond, showcasing Toyota’s deep commitment to diversity and inclusion across all facets of its business. This innovative step highlighted Toyota Motor Credit Corporation’s leadership in socially responsible finance.
- 2014 – Green Bond Leadership: TMCC further demonstrated its commitment to sustainability by issuing the auto industry’s first asset-backed Green Bond, financing environmentally friendly initiatives.
- 2017 – Headquarters Relocation: Toyota Motor Credit Corporation relocated its headquarters to Plano, Texas, strengthening its partnership and synergy with Toyota Motor North America.
- 2018 – IncomeDriver Notes® Program: The company introduced its IncomeDriver Notes® retail program for investors, expanding its financial product portfolio.
- 2019 – Private Label Financing Expansion: Toyota Motor Credit Corporation broadened its reach into private label financing, with Mazda becoming its first client, demonstrating the versatility and appeal of TMCC’s services beyond the Toyota ecosystem.
- 2020 – Mazda Financial Services Launch: Mazda Financial Services commenced consumer retail and lease business, powered by Toyota Motor Credit Corporation’s platform and expertise.
- 2021 – Expanding Private Label Partnerships: The company further expanded its private label business to include Bass Pro Shops and Cabela’s, showcasing the adaptability of Toyota Motor Credit Corporation’s financial solutions to diverse markets.
Today, as Toyota Motor Credit Corporation enters its 40th year in October 2022, it operates under a robust portfolio of brand names, including Toyota Financial Services, Lexus Financial Services, Mazda Financial Services, Bass Pro Shops Financial Services, and KINTO in the United States. The company boasts an impressive portfolio of nearly 5 million customer accounts, over 10 million voluntary protection product agreements in effect, and assets exceeding $135 billion USD. This substantial growth underscores Toyota Motor Credit Corporation’s position as a financial powerhouse in the automotive industry.
“The phenomenal success and longevity of Toyota Motor Credit Corporation would not have been possible without the extraordinary dedication of our team members throughout the years,” stated Mark Templin, TMCC president and CEO. “Their unwavering commitment, combined with the exceptional partnerships we have cultivated with our Toyota, Lexus, and private label dealers, as well as the invaluable collaboration with our partners at Toyota Motor North America, has been the cornerstone of our thriving business. We eagerly anticipate the next 40 years of supporting the evolving needs of our dealers and empowering customers to acquire the vehicle of their choice through Toyota Motor Credit Corporation.”
Alec Hagey, senior vice president and chief operating officer, emphasized the customer-centric approach of the organization: “Our fundamental objective has consistently been to deliver unparalleled service in every interaction. Our value proposition to dealerships is centered on fostering and enhancing customer loyalty to the Toyota brand. We achieve this by consistently going above and beyond to ensure customer satisfaction through Toyota Motor Credit Corporation’s services.”
Beyond its business achievements, Toyota Motor Credit Corporation has demonstrated a deep-seated commitment to community engagement and social responsibility. The company’s consistent recognition from the Points of Light Foundation, including repeated inclusion in the Civic 50 list of the nation’s most community-minded organizations, is a testament to this dedication. Toyota Motor Credit Corporation has been a long-standing supporter of esteemed organizations such as the Boys and Girls Clubs of America and Junior Achievement. In 2021, TMCC further solidified its commitment to education and community development by launching the Toyota Leadership Academy, in collaboration with the Lancaster Independent School District in North Texas. This innovative academy is designed to equip students with the necessary tools for personal, academic, and professional success through a specialized curriculum focused on increasing high school graduation rates, improving college and career readiness, fostering leadership skills, and introducing students to diverse job opportunities within the global workforce.
Ellen Farrell, chief legal and compliance officer, and sponsor of the Toyota Leadership Academy program, highlighted the values-driven culture of Toyota Motor Credit Corporation: “Toyota Motor Credit Corporation is more than just a company; we are a collective of individuals united by shared values. We firmly believe that our full potential is realized when we positively impact the communities around us. Community involvement has been an intrinsic part of our organizational DNA since our inception. This commitment is further strengthened by our dedication to diversity and inclusion, reflecting our ‘Respect for People’ principle in all our endeavors. These core principles will continue to be the bedrock of Toyota Motor Credit Corporation as we look towards a future of sustained growth and positive impact.”
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