Santander Consumer USA Holdings has hired TD Bank’s former U.S. auto finance chief as its new head of operations.
Marc Womack, who will join the subprime auto lender on Oct. 18, has held top roles at TD Auto Finance since 2013, according to his LinkedIn profile. He will succeed Sandra Broderick, who plans to retire early next year.
Womack will report to Santander Consumer President and CEO Mahesh Aditya, according to the company.
Santander Consumer and other U.S. auto lenders have been enjoying a strong run amid the booming pandemic-era car market.
The Dallas-based company reported second-quarter net income of nearly $1.1 billion, after reporting a $97 million loss in the second quarter of 2020, when it significantly increased its loan-loss reserves due to the pandemic. Auto originations rose by 34% from a year earlier to $10.5 billion.
The pandemic has “highlighted the need to automate” and increased some customers’ desire to fully research their options online without speaking to a Santander representative, Aditya said on the company’s second-quarter earnings call.
Womack has previously worked at JPMorgan Chase, Capital One, GE Capital, Hyundai Capital America and HSBC. He also served as chief of staff to TD Bank’s CEO.
The U.S. subsidiary of the Spanish banking giant Banco Santander owns a majority stake in Santander Consumer, and the two companies recently
