A new digital business that Toyota Financial Services (TFS) launched as the pandemic gripped the U.S. is already paying off. The automotive finserv’s private-label platform enables other motor vehicle manufacturers to offer consumers lending, payment and insurance services, and is part of a digital transformation intended to streamline operations and improve customer service.
In April, Mazda North American Operations signed on as the first tenant for TFS’ private-label service, launching Mazda Financial Services to provide consumer auto loans and leasing, says TFS CIO Vipin Gupta, who built the tech foundation for the service. Gupta says the platform, built from scratch in the cloud and accessible to automotive tenants through APIs, underscores Toyota’s broader strategy to offer digital services in addition to making cars.
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