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News of  April 25, 2000
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New TMC Subsidiary to Manage Global Finance Companies
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Tokyo - TOYOTA MOTOR CORPORATION (TMC) announced plans to establish a 100% TMC-owned subsidiary that will oversee the management of Toyota's finance companies worldwide in July. One of the chief aims of the Toyota Financial Services Corporation (TFS) will be to strengthen the overall competitiveness of Toyota's financial businesses and streamline related decision-making processes.

Concurrently, TMC will set up the Toyota Financial Services Securities Corporation (Toyota FS Securities) as a TFS subsidiary to enhance services for customers such as credit card holders of the New Toyota Card*1, scheduled to be issued in the beginning of April 2001.

About TFS

The customer has always come first to TMC. This belief has propelled the company to conduct ongoing research and development of the latest technologies in various fields to offer attractive products and services to customers around the world, while also further expanding and advancing its business.

Toyota's finance companies currently offer wide-reaching automobile finance services to roughly 3 million customers in 16 countries around the world. TMC hopes to expand this network to 30 countries or more to provide an even greater number of customers with high-quality financial services.

Domestically, TMC intends to offer New Toyota Card holders convenient and reliable "one stop" financial services that it hopes will be appealing to a wide spectrum of customers. TFS is being established to help bring these aims to quick realization through increasing the competitiveness and profitability of Toyota's financial services by coordinating efforts for more highly focused management and more efficient planning and risk evaluation.

*1 Tentative name

About the New Toyota Card

With the aim of enhancing the automobile ownership experience, the New Toyota Card is intended to serve as an advanced major credit card by engaging in the development of IC card use and offering customers special Internet shopping and other privileges. It aims to become an attractive alternative by featuring a fully enhanced "cash back" system and providing special road services and other new car-owner-related services, hopefully leading to greater Toyota vehicle sales. Moreover, in addition to the insurance and various types of loan services, the new card, through the establishment of the new securities company, will provide a full line of services, including investment management and special accounts for card use settlement.

(April 18, 2000)

 

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