Toyota Financial Services (Ireland) Officially Launched.
Minister Michael D’Arcy TD, Minister of State for Financial Services, today officially launched Toyota Financial Services Ireland at a ceremony in the company’s headquarters in Dublin.
The company expects to give €70 Million worth of business in its first year and will create 25 new jobs to service the demand.
TFSI is a joint venture between Toyota Financial Services, Toyota Motor Corporation’s international finance arm, and Toyota Ireland. TFS has €160 billion in assets under management all over the world and this is the first time it has entered into an agreement with a national distributor.
Speaking at the launch Minister D’Arcy said: “The formation of this company is an historic occasion, as it is the first time Toyota Financial Services, one of the world’s largest motor financiers, has formed such a joint venture with a country distributor, in this case Toyota Ireland.
“The Government’s IFS 2020 Strategy, of which I recently launched the 2018 Action Plan, sets out an ambitious target to ensure that Ireland remains a highly-desirable location for international financial services and in doing so creates 10,000 new jobs by 2020. The introduction of TFS(I) is a significant vote of confidence in the Irish economy and a powerful signal to the international financial services industry that the financial services arm of the World’s largest motor manufacturer, Toyota Motor Corporation, has entered the Irish market in partnership with Toyota Ireland.”
Steve Tormey, Chief Executive, Toyota Ireland said: “We predict TFS(I) will have a significant impact on the Irish motor market and we would expect to write somewhere in the region of 4,000 new and used contracts in the coming 12 months with a total value in excess of €70 Million.
“The TFS offering, which will be available from Toyota and Lexus Dealerships throughout the country, will be highly competitive, with PCP rates starting at 2.9% and averaging 3.9%. For the first time our team, led by François Radot, will be totally dedicated to Toyota and Lexus vehicles, developing bespoke products for our vehicles.
“A critical element in this mix will be our ability to provide finance for the rapidly growing Hybrid sector which has seen major growth in the January market with 48% of Toyota’s sales (4,393) being hybrid. This is truly remarkable growth and a clear indicator that Hybrid technology is seen by the public as a vital stepping stone in their journey towards electrification at some time in the future.”
Toyota Ireland is 100% Irish owned and has been for the past 45 years. In that time it has achieved, and regularly retained, the Number 1 spot on the Irish motor market. It currently occupies the Number 1 position on the Irish market with January figures showing Toyota holds an 11.83% market share.