DALLAS, May 2, 2011 /PRNewswire/ -- Santander Consumer USA Inc. ("Santander"), a leading company in the automotive finance sector, has adopted the National Auto Auction Association's ("NAAA") Silver National Certification Standard for its vehicles sold at auctions nationwide. The wholesale certification programs, introduced by NAAA in January, set a universal, streamlined set of standards that all wholesale stakeholders can use when making purchase decisions for automobiles.
Santander's use of the NCS Silver Certification complements and closely mirrors its own "Santander 7" program, which was introduced in 2010 and provides a comprehensive seven-day guarantee for select vehicles sold at auction.
"We fully support the standardization of certification programs as evidenced by our early adoption of the NCS Silver Certification," Brent Huisman, senior vice president of remarketing for Santander, said of the decision. "By streamlining various certification efforts in the industry, the NCS Silver Certification further validates our already successful Santander 7 program, and gives our buyers an extra measure of confidence in our vehicles – both in-lane and online."
Bob McConkey, former NAAA president and member of the Standards Committee said, "NCS offers more than just a ratings system. This program creates a common method of comparison and transparency in transactions — whether in-lane or online, at any auction, anywhere. Santander Consumer USA was already utilizing certification standards in line with NAAA Silver Certification, so their decision to participate in the formal program is truly a win-win for the industry. By adopting the universal standards, they have taken yet another step to continuously improve our industry."
Santander, one of the largest remarketers of vehicles in the U.S., was fully integrated with the new Silver Certification on May 1.
About Santander Consumer USA Inc.
Santander Consumer USA Inc. is a leading company in the automotive finance sector, whose core business is indirect, direct and third-party originations and servicing of auto loans. The company has a serviced auto loan portfolio of approximately $25 billion and relationships with nearly 13,000 dealer partners in the U.S. The company began originating loans in 1997 and is headquartered in Dallas.
Santander Consumer USA is a unit of Banco Santander (SAN.MC, STD.N, BNC.LN), a retail and commercial bank, based in Spain, with a presence in 10 main markets. At the end of 2010, Santander was the largest bank in the euro zone and 10th in the world by market capitalization. Founded in 1857, Santander had at year-end EUR 1,362 billion in managed funds, more than 95 million customers, 14,082 branches – more than any other international bank – and 179,000 employees. It is the largest financial group in Spain and Latin America. Furthermore, it has relevant positions in the United Kingdom, Portugal, the U.S. northeast and, through its Santander Consumer Finance arm, in Germany and Poland. Santander registered €8,181 million in net attributable profit in 2010.
Santander Consumer USA Inc.
Banco Santander S.A. and Santander Consumer USA Inc. advise that this news release may contain representations regarding forecasts and estimates. Said forecasts and estimates may include, among others, remarks on the development of future business and future returns. Although these forecasts and estimates represent our opinions regarding future business expectations, perhaps certain risks, uncertainties and other relevant factors may lead the earnings to be materially different from what is expected. Included among these factors are (1) the situation of the market, macroeconomic factors, regulatory and government guidelines, (2) variations in domestic and international stock exchanges, exchange rates and interest rates, (3) competitive pressure, (4) technology developments, (5) changes in the financial position and credit standing of our customers, debtors or counterparts. The risk factors and other fundamental factors that we have stated could have an adverse effect on our business and on the performance and earnings described and contained in our past reports, or in those that we shall present in the future, including those filed with regulatory and supervisory entities, including the Securities Exchange Commission of the United States of America.
SOURCE Santander Consumer USA Inc.