Santander Consumer USA Announces Chrysler Capital will Serve as Title Sponsor for the Chrysler Minority Dealers Association

Rhea-AI Summary

Santander Consumer USA Holdings Inc. (SC) announced a five-year sponsorship deal where Chrysler Capital will support the Chrysler Minority Dealers Association (CMDA) with over $2.8 million towards initiatives fostering minority dealership growth. Key initiatives include annual membership meeting sponsorships, a Dealer Development Fellowship for aspiring minority dealers, and internship scholarships. The partnership aims to enhance minority dealer representation and engagement within the automotive industry, emphasizing diversity and equity in dealer relationships.

Positive

• Commitment to invest over $2.8 million in supporting minority dealerships.
• Three significant initiatives to promote minority dealer success and development.
• Increased engagement and support for minority voices in the industry.

Negative

• None.

DALLAS, Sept. 24, 2021 /PRNewswire/ -- Santander Consumer USA Holdings Inc. ("SC") today announced that Chrysler Capital will serve as the title sponsor for the Chrysler Minority Dealers Association ("CMDA"). The five-year annual sponsorship will include several initiatives aimed at outlining and supporting minority dealer trends and building a conduit for the next generation of minority dealers.

The Chrysler Minority Dealers Association is a national trade association representing ethnic minority dealership owners of Stellantis dealerships. The CMDA addresses the specific needs of minority dealers and those aspiring to become dealers.

Over the five-year term as title sponsor, Chrysler Capital plans to make total sponsorship contributions of more than $2.8 million to the CMDA for three developmental initiatives: 

• Annual Membership Meetings Title Sponsor
  Chrysler Capital will become the lead sponsor for CMDA's annual organizational and networking efforts to strengthen and enhance the minority dealer businesses and customer experiences of its current membership.
  
  
• Chrysler Capital Dealer Development Fellowship Program
  Chrysler Capital will provide financial and educational support annually to CMDA, for at least 10 high potential minority dealer candidates to attend the Future Dealers Course offered by CMDA's Original Equipment Manufacturer ("OEM") partner Stellantis.
  
  
• Chrysler Capital Intern Scholarship
  Chrysler Capital will also help CMDA sponsor five interns to participate in a newly created dealership internship program within CMDA dealerships, focused on developing future minority dealers.

In addition to these programs, Chrysler Capital with work with the CMDA to develop floorplanning and capital financing programs, as well as promotional materials that offer advantages to CMDA members.

Chrysler Capital, the full-service finance provider for Stellantis US and its dealers, has committed to this multi-year agreement to support CMDA's continued growth and development of its minority dealership members. The emphasis will be on activities, programs and events that ensure all voices are heard across the industry.

"I am excited about our ongoing partnership with the CMDA and how together we are investing in the future of minority dealers. As a committed and engaged title sponsor, we look forward to contributing to the success of the CMDA and its members," said Dr. Virnitia Hendricks, SC Chief Diversity Officer and Head of the Office of Diversity, Equity and Inclusion.

Bruce Jackson, SC President of Chrysler Capital and Auto Relationships, said, "This partnership only reinforces the commitment that SC has placed on creating a more equitable business for all dealer partners and customers. Chrysler Capital is committed to focusing on consistently elevating the voices of dealers and their customers. It is important we recognize how our strategic decisions impact our dealer partners. Working closely with the CMDA provides us the forum to better understand dealer and customer needs and execute on improving the mutually beneficial relationship we have with CMDA members." 

About Santander Consumer USA Holdings Inc.

Santander Consumer USA Holdings Inc. (NYSE: SC) ("SC") is a full-service consumer finance company focused on vehicle finance, third-party servicing and delivering superior service to our more than 3.1 million customers across the full credit spectrum. SC, which began originating retail installment contracts in 1997, had an average managed asset portfolio of approximately $64 billion (for the second quarter ended June 30, 2021), and is headquartered in Dallas, Texas. (www.santanderconsumerusa.com)

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SOURCE Santander Consumer USA Holdings Inc.

FAQ

What is the total sponsorship amount by Chrysler Capital for the CMDA?

Chrysler Capital will contribute over $2.8 million over five years.

What initiatives will Chrysler Capital support for minority dealers?

Key initiatives include annual membership meetings, a Dealer Development Fellowship Program, and an internship scholarship program.

How long is the sponsorship agreement between Chrysler Capital and CMDA?

The sponsorship agreement is for five years.

What is the purpose of the Chrysler Minority Dealers Association?

The CMDA represents ethnic minority dealership owners and supports their specific needs and aspirations.

Who announced the sponsorship deal between Chrysler Capital and CMDA?

The announcement was made by Santander Consumer USA Holdings Inc. (SC).