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Auto Source Financial has been informed Royal Bank of Canada today announced it has completed the acquisition of the Canadian automotive finance and deposit business of Ally Financial Inc. (?Ally Canada?) for a $1.4 billion investment net of excess capital. Including the excess capital and after certain closing adjustments, the total consideration paid was $3.7 billion. The acquisition positions RBC as a leader in the Canadian automotive financing business.
Ally Canada significantly expands the scope and capability of our existing consumer and commercial auto financing business and we?re encouraged by the positive response from dealers who want to continue building their business with RBC,? said Dave McKay, Group Head, Personal & Commercial Banking, RBC. ?We?ve gained a quality and stable business with strong industry relationships that creates a leading auto financing business in Canada.?
The Ally Canada team joins the existing RBC team to form RBC Automotive Finance, a part of the Personal and Commercial Banking segment of RBC. It provides financial services, including floor plan financing, directly to auto dealers and also offers financing for consumers through dealerships.
Building on its commitment to the automotive business, RBC is now a partner with General Motors of Canada to provide sub vented loans to its customers, adding to the bank?s existing agreements with other leading auto manufacturers. Sub vented loans are low rate consumer auto loans subsidized by the manufacturer.
RBC hasn?t mentions yet if they will enter into the Non- Prime auto market similar to TD Financial and Scotia Banks SDA (Scotia Dealer Advantage. The Non-Prime car loan market has been quite lucrative for both banks having earnings surpass their prime divisions.
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Source: http://www.autosourcefinancial.com/?p=1885
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