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ReturnexpectationsandbenchmarksforUSautomotivelendersNovember2015CONFIDENTIALANDPROPRIETARYAnyuseofthismaterialwithoutspecificpermissionofMcKinseyCompanyisstrictlyprohibitedVijayD’SilvaBenMargolisRahulRanganStevenSegallPabloSimoneSapnaSharmaZaneWilliams
InordertodeterminewhetheracaptiveautolenderwasreturningappropriatelyweperformedtwoanalysesProblemstatementWhatareappropriatereturnsforacaptiveautomotivelenderwhilestillensuringthatthecaptiveissupportingvehiclesalesbytheparent?Analysis1:ROAbenchmarkingComparecaptivereturnstopeerbenchmarkstoseehowreturnscomparetoindustryreturnsIdentifyadditionalimprovementopportunitiesthroughbenchmarkingAnalysis2:MarketROEExpectationsUsetheCAPMmodeltodeterminethemarketrequiredreturnsforanauto-lenderifitwasanindependentcompany
ContentsROE/ROABenchmarkingDefineappropriatereturnexpectationsAppendix
Wecompared5captiveauto-lendersand2non-captivesforourbenchmarksSOURCE:Annualreports,Bloomberg1Ofearningassetsonly2LTM2015asa%ofaverageearningassetsTitleUnitofmeasureCaptivesNon-captivesAssets1
$BCompanyCreditLoss2,%CreditRatingROAInsights$108 0.3%AA-1.4%SignificantOtherIncome,buthighOpEx$1210.2%BBB-1.6%Attractivepricing,butpairedwithHighCostofFunds$18A-2.0%Strongrevenuegeneration,buthighOpEx$560.3%A+2.3%AttractivebusinessmixandlowInterestExpense$481.4%BBB-1.6%Strongrevenuegeneration,buthighOpExandCoF$1470.4%BB+1.1%LowROAduetohighCoFandOpExforrevenuegeneration$338.1%BBB4.7%Higherrevenuesmorethancompensateforhighlosses
WedecomposedROEtocomparedriversofperformanceROEROATaxRateEquityNetRevenues/AverageEarningAssetsOPEX/AverageEarningAssetsLoanLossProvi-sion/AverageEarningAssetsInterestExpense/AverageEarningAssetsGrossLoanrevenue/AverageEarningAssets1GrossLeaserevenue/AverageEarningAssetsOtherIncome2/AverageEar
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