Insight - Automakers in U.S. driving banks from buoyant new car market
NEW YORK/DETROIT (Reuters) - U.S. banks looking to get in on a booming market for financing new-car sales have run into a formidable competitor: the auto manufacturers themselves. Financing arms of car companies, including Toyota Motor Corp, Honda Motor Co and Ford Motor Co, made half of all new U.S. car loans in the first quarter, up from 37 percent a year earlier and the largest percentage of the market in four years, according to credit data firm Experian. US Bancorp, for example, for the first time ever decided to start financing used cars, an area of the market that the automakers' finance companies have little interest in. Wells sees this as a way to gain more of the used car loan business at GM dealerships.