Citigroup's Auto Finance Businesses Renamed CitiFinancial Auto

NEW YORK & DALLAS – Citigroup today announced that it has adopted the brand name CitiFinancial Auto for its auto finance subsidiaries Arcadia Financial, Ltd., TranSouth Financial Corporation and Auto One Acceptance Corporation. The new name goes into effect today.

CitiFinancial Auto provides vehicle loans to U.S. consumers via dealerships and the Internet. The group serves 900,000 customers and maintains relationships with more than 12,000 dealers.

“Today marks a major milestone for our business as we bring several different brands under one name,” said Mary McDowell, President of CitiFinancial Auto. “We believe this will provide more clarity in the marketplace and allow us and our customers to take full advantage of the considerable strength and name recognition of the CitiFinancial brand.”

The name change also demonstrates Citigroup’s commitment to the auto finance business and reinforces the benefits of working with the largest financial services company in the world, McDowell said. “We’re excited about the opportunities that lie ahead for our dealers and customers,” she added.

Kevin Kessinger, Executive Vice President of Citigroup’s Global Consumer Group and President of Consumer Finance North America, said: “Adding the CitiFinancial brand to our already strong foundation positions us for growth and to lead the industry as the most respected provider of automobile financing. We remain focused on putting our customers first, while providing superior products and service.”

Citigroup reentered the auto lending industry in early 2000 with the acquisition of The Associates, parent company to Arcadia and TranSouth, and in 2002 with the acquisition of Cal Fed, parent company to Auto One. Changing the brand name to CitiFinancial Auto represents a natural next step following the integration of the standards and technology systems.

“Now that our back-end consolidations have been made, we believe it is the right time to move forward and leverage our association with Citigroup’s consumer brands,” said McDowell.

CitiFinancial Auto will recognize this momentous occasion by hosting employee celebrations and dealer open houses at its centralized and field operations across the country.