Leadership: Ready for Growth

While 2009 was marked by significantly fewer loan originations, Santander Consumer USA made the most of this “slow period.” We spent the year growing and strengthening other areas of our business. In the remarketing area, we focused on fine-tuning vehicle certifications, using data-driven analytics to send high-demand vehicles to target markets, streamlining titling/releases and using mulitiple resources to get the most accurate vehicle valuations possible.

As a company, we also made some significant acquisitions. We established ourselves as a top third-party servicer of loan portfolios with the purchase of the outstanding portfolio of Sovereign Bank and the portfolio & servicing operations from Triad Financial Corporation. We also signed an agreement with HSBC for a similar deal, which is expected to close in early 2010. This type of fast growth is not unusual for us. If you have been an auction customer of ours for a while, you probably recall that we started as FirstCity Funding in 1997, became Drive Financial Services under Bank of Scotland in 2000, and then in 2006 joined the Santander family as Santander Consumer USA.

Santander Consumer USA is as strong as it’s ever been. Today, we are much more than just a “small sub-prime lender.” By early this year, our $10 billion portfolio will consist of 40% prime, 30% near-prime and 30% sub-prime vehicles. We will have the ability to leverage the best ideas of SC USA plus the auto resources acquired from our aquisition purchases to create top-notch programs in sales, servicing and remarketing. On the originations side, we own and operate three strong brands: Drive®, RoadLoans® and Santander Auto Finance.

While becoming a larger organization brings more complexity to everyday operations, it also brings something else that can be incredibly beneficial — leverage. For example, in the remarketing area, more vehicles in your pool gives you greater diversity in your auction offerings. A larger variety of cars attracts buyers. And when there are more buyers, our remarketing program grows overall, which translates into new program offerings, potential incentives and helps us attract greater leadership and talent internally. All of us at Santander Consumer USA, are poised for the next chapter in our evolution as a company. We are confident that this growth will result in some exciting advancements in the remarketing area in the next five years. We are eager to continue to partner with you along the way, and remain committed to providing you with outstanding personal service — no matter how big we become.

Brad Martin
Senior Vice President of Servicing,
Santander Consumer USA Inc .

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