Toyota grows a financial giant from $100,000 in seed money.(Toyota 50)(Toyota Motor Credit Corp.)(Company overview)

Automotive News, October, 2007 by Harris, Donna

Byline: Donna Harris

When Toyota Motor Credit Corp. was launched in 1982, Bob Pitts was the company's first general manager. But he says his job was closer to that of a traveling salesman.

He had to show the conservative Japanese executives of Toyota Motor Corp. that a captive finance company in the United States deserved a big investment. He had to recruit employees from such established captives as General Motors Acceptance Corp. and Ford Motor Credit Co.

And he had to convince dealers they needed another lending source. Most Toyota dealers relied on GMAC, Ford Credit and Chrysler Financial for financing. There also was intense competition from banks, credit unions and other independent lenders, Pitts recalls.

"I was on the road...

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