Isuzu, Tokyo Leasing, ITOCHU Partner on Captive Finance Unit
Thursday, April 26, 2007
ITOCHU Corporation, Tokyo Leasing, and Isuzu Motors have established a captive sales finance company, ISUZU Finance of America, Inc. for Isuzu products in the North American market.
The North American market for medium-sized trucks is on an annual scale of just over 100,000 units. Isuzu, which accounts for about 30,000 of these units, said it is an important market for the company in which it has the highest sales volume of all Japanese manufacturers.
Isuzu launched the new captive financing unit in partnership with ITOCHU and Tokyo Leasing. The new company is scheduled to launch initial sales activities in the U.S. Northeast, which is a priority region for bolstering sales.
"We regard the North American market as ranking alongside the Japanese one in importance," the company said in a statement. "Through entry into the downstream sector of financing, we hope to strengthen our commercial vehicle business in North America while helping to increase the value-added level of Isuzu commercial trucks."
For Tokyo Leasing, the venture represents its full commitment to the field of commercial vehicle financing in the North American market.
FalconBridge Capital Markets, LLC acted as advisor to ITOCHU Corporation and Tokyo Leasing in regards to various financial, organizational, and operational aspects of the new captive finance company.