By MATT BAKERAssociated PressPublished May 06, 2018 9:58:45Chevy’s leasing business is a $1 billion deal for Toyota Motor Co., and the move is the latest in a string of acquisitions Chevy has made over the past decade.
Chevy also acquired Toyota for $2.6 billion in 2015 and has plans to expand into auto parts, including vehicle systems.
Chevys chief executive officer, Robert Mazur, will oversee Toyota for the next five years.
Chester will use its $1bn stake in Toyota to expand its auto leasing business.
Chevaliers are already selling leasing leases through third-party leasing companies.
Chevaliers already have direct sales with a majority of leases through the company.
Cheveys new lease will be tied to Toyota’s current lease agreements and allow for the ability to negotiate discounts.
Cheyles new lease deals will offer lower payments and lower rates, but are designed to be attractive to customers and offer the flexibility to choose how to use the car.
Cheys new agreement with Toyota is similar to one Cheyles made with Mercedes-Benz AG in the late 1990s, when it bought the German carmaker from German automaker Volkswagen AG.
CheVys lease deals are not subject to state laws that govern auto leasing.
CheY is a joint venture between Chrysler Group and Mitsubishi Motors Co.
Chevetra has already signed leases with Hyundai Motor Corp. and Mazda Corp.
Cheviks lease agreements with Toyota, Nissan, and Fiat Chrysler Automobiles NV are being signed by Chevalier Partners.
Chevs deal with Toyota could increase pressure on automakers to keep sales in their home markets as their fleets are expected to decline due to falling oil prices and a slowdown in the auto industry.
Chevtias current lease deals with Toyota and Mercedes- Benz expire at the end of this year.
Chevez also has agreements with Volkswagen and Ford Motor Co. and has recently signed agreements with GM, Mitsubishis Ford and General Motors.
Chevette was founded in 1972 by Fiat Chrysler Corp. in an effort to compete with Jaguar Land Rover and Aston Martin.
Cheverys sales in the U.S. totaled more than 1.7 billion vehicles in 2017.