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Santander Consumer USA Inc.

Who We Are

Overview

Santander Consumer USA is a leading company in the automotive finance sector. With its Drive®, RoadLoans and Santander Auto Finance brands, the company provides full-spectrum auto lead and lending programs on direct and indirect platforms. The company began originating loans in 1997, and is headquartered in Dallas. We are owned by global banking leader Banco Santander S.A. (NYSE: SAN), which was named “Best Bank in the World” by EuroMoney Magazine, and one of the “Top 10 Safest Banks” by Global Finance Magazine.

History

The company was founded by a group of entrepreneurs within the auto industry, including our CEO and President. The group gained experience working in finance in auto dealerships, and in 1995 left the dealership environment to start a new company focused on the finance side of the industry. As a non-originator, the new company marketed the auto finance programs of various banks, gaining valuable perspective on the auto originations process.

The success of the group caught the attention of FirstCity Financial and in 1998 our entrepreneurial partnership joined with FirstCity Financial to form FirstCity Funding, a nonprime auto finance company with a unique business model serving a niche market. We grew quickly and in 2000 our ownership group expanded to include HBOS plc., and FirstCity Funding officially became Drive Financial Services LP.

In 2004, FirstCity Financial sold its interest in Drive, shifting ownership to HBOS plc and Drive Management, LP. The stability and strength of HBOS plc allowed Drive to surpass expectations and continue to grow at a rapid pace. In 2006, HBOS plc and certain members of Drive Management, LP sold their interest to Banco Santander S.A.

In 2009, Santander contributed its interest in the company to Santander Holdings USA, Inc. (SHUSA), a wholly owned subsidiary of Banco Santander S.A. Prior to December 31, 2011, the company was owned by SHUSA and our CEO.

In late 2011, we completed a transaction whereby three leading private investment equity firms, Centerbridge Partners, L.P., Kohlberg Kravis Roberts & Co. L.P., and Warburg Pincus LLC, through Sponsor Auto Finance Holding Series LP, purchased a portion of the company's stock.