The Bank of Montreal is exiting the retail auto finance business, as it looks to redeploy resources to areas where its “competitive positioning is strongest.”
The Montreal-based lender will cease making consumer vehicle loans, but continue offering financing for dealers, BMO spokesperson Jeff Roman confirmed Sept. 15.
“By winding down the indirect retail auto finance business, we have the ability to focus our resources on areas where we believe our competitive positioning is strongest,” he wrote in an email.
The move will result in layoffs, but the company would not say how many. Roman said the bank “is working closely with affected employees to provide support and to ensure they are treated with fairness and respect.”
BMO and its American unit best known as BMO Harris Bank offer auto loans to consumers through a broad range of dealers in both countries.