BMO Exits Retail Finance Auto Business

On September 15, the Bank of Montreal announced it will be exiting the retail auto finance business as it looks to reposition its resources in areas where the bank’s “competitive positioning is the strongest”.  The announcement stated that the bank will stop making consumer vehicle loans but will continue to offer financing for automotive dealerships.

A spokesperson at the bank said, “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 the strongest.”

BMO also stated that this decision will result in results, but the company did not quantify the amount.