|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.
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
*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)