Just as in the UK, US new vehicle registrations have rocketed at the start of 2013, passing five million sales by the end of April, a rise of 7.2% year-on-year, and 18.9% compared to the same period of 2011.

Toyota Financial Services (Toyota FS), Ford Motor Credit, Ally Financial, Chase Auto Finance (Chase AF) and Wells Fargo Dealer Services (Wells Fargo DS) appeared in the top 10 lenders by volume across each of the five states – California, Michigan, New York, Texas and Virginia – provided by Experian Automotive’s AutoCount and taken by Auto Finance News as a sample of the US market.

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Although Toyota FS was the biggest financer and biggest manufacturer captive finance partner by volume, the greatest average market share across the five states was held by Ally Financial.

State by state

More than other states in the sample, California was dominated by two finance providers, Toyota FS and Wells Fargo DS, which took market shares of 10.46% and 9.59% respectively, while Texas had one of the most even spreads of business between the top 10, from Ally Financial (9,918 contracts) in first place to the 10th-placed US arm of Santander Consumer Finance (4,770 contracts), which has its headquarters in Fort Worth.

While used loans take up a 34.17% market share in more-affluent New York, they account for more of the market heading south: 56.46% in Virginia and 60.02% in Texas. However, used loans outnumbered new loans in all five states.

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New leases were most prominent in New York at 33.46% of the market, or 30,601 contracts, and new loans were most prominent in California at 34.63% of the market, or 54,989 contracts.

Further analysis and data of the US auto finance market will be published in the May issue of Motor Finance magazine.

richard.brown@timetric.com