Macquarie Group’s banking and financial services division is getting out of the vehicle finance market, saying it is focusing its attention on “delivering market-leading digital experiences in its core home loans and deposit offerings”.
Macquarie announced yesterday that it took its final applications through its direct channel on April 22, and will take its last applications through its broker and novated leasing channels on April 24. It will continue to service outstanding loans.
The group’s vehicle finance operation has been in decline for some time. Macquarie boasted a vehicle finance portfolio of more than A$10 billion at the end of March 2021. That year it sold its auto dealer finance division to Allied Credit and in March 2022 it reported that the car loan book had fallen to $8.8 billion.
After the sale of the dealer finance business Macquarie launched a specialised electric vehicle buying service “to help customer transition to an electric vehicle”.
It didn’t gain much traction. The portfolio value was down to $6.1 billion in March 2023 and then to $4.8 billion at the end of the December quarter.