With small business lending expansion, Santander becomes one of the few major lenders offering small business vehicle financing at dealerships nationwide

DALLAS--(BUSINESS WIRE)--Sep. 16, 2024-- Santander Consumer USA Inc. (“Santander Consumer”) today announced the expansion of its small business offering to all automotive dealers on its platform. This program enables small business owners and entrepreneurs to finance vehicles through Santander Consumer, significantly broadening the financing options available to them.

With this program, Santander Consumer aims to support businesses with fewer than 10 vehicles in their fleet, such as small franchises and startups, by providing them with a broader range of financing solutions. The initiative also addresses a significant gap in the market, with dealers currently having few financing options when processing applications in a business' name. Now, small businesses can submit applications and finance their business vehicles through Santander Consumer at dealerships nationwide.

"This expansion is an exciting step forward for both our dealers and small business customers," said Betty Jotanovic, President of Santander Consumer. "Dealers have expressed a strong need for more robust financing options, and small business owners have often been limited in their choices. By offering a full spectrum of vehicle financing options, we are making it easier for entrepreneurs to grow their businesses and for dealers to better serve their customers."

Santander Consumer's small business program is designed to streamline the vehicle financing process for both dealers and business customers. This comprehensive approach ensures that our customers have a dependable financing option that provides dealerships with access to funding for all small business customers.

According to the Census Bureau, 56.6% of all U.S. employers have fewer than five employees, and approximately 15 million businesses have fewer than ten employees. These small businesses are the backbone of the U.S. economy, and Santander Consumer is dedicated to providing them with the vehicle resources they need to thrive.

Over the past year, Santander Consumer has expanded its partnerships with car manufacturers such as Mitsubishi, Lotus and Ineos to offer a wide range of financing options across the consumer credit spectrum. In addition, Santander's suite of Drive offerings have further enhanced its ability to provide tailored financial solutions to meet diverse customer needs. This latest expansion in the small business space marks another step in Santander Consumer’s ongoing evolution to become an even better partner to dealers and customers and reaffirm its leadership position in the industry.

Santander Consumer USA Inc., headquartered in Dallas, Texas, is a consumer finance company focused on vehicle finance, third-party servicing and delivering superior service to our more than three million customers across the full credit spectrum. Santander Consumer began originating retail installment contracts in 1997. Today it is a wholly owned subsidiary of Santander Holdings USA, Inc., and part of the Santander US Auto business, which manages a combined asset portfolio of more than $61 billion, as of year-end 2023. The company is part of Madrid, Spain-based global banking leader Banco Santander, recognized as one of the world’s most admired companies by Fortune Magazine in 2024. For more information about Santander Consumer USA, please visit www.santanderconsumerusa.com.

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Source: Santander Consumer USA Inc.