Capital One 2006 Annual Report Download - page 9

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7
with its national network of nearly 16,000 franchised dealers. In the future, we’ll be focused
on building even deeper relationships with each of our dealers to drive volume growth.
Our direct business continues to grow with innovative products that are changing the
car-buying experience by providing a truly “no hassle” alternative to our customers. For
example, we continue to offer our Blank Check®—a real check that you can use to purchase
acar or a motorcycle, refinance a loan, or buy out an auto lease. The Blank Check®gives our
customers loan approvals in minutes and the ability to shop and save like a cash buyer.
The auto finance business is challenging. COAF faces fierce competition and has been the
beneficiary of a favorable credit environment in 2006. In addition, COAF’s dealer network
is relatively mature, covering approximately 84% of the nation’s franchised dealers. The
leverage for COAF is in driving additional loan volume from the existing dealer network to
generate growth. Despite these challenges, COAF is well-positioned to remain one of the
nation’s leading dealer-based and online auto lenders. With access to Capital One’s tens
of millions of customers, our expanded banking channel and our powerful national brand,
COAF has strong momentum.
Dave Lawson has deep experience managing national scale consumer lending businesses.
He’s a proven operator who knows how to execute. Given his track record in auto finance,
we’ve expanded Dave’s role and asked him to also lead our national mortgage business,
called GreenPoint, which we acquired as part of the North Fork deal. GreenPoint provides
“We are well-
positioned to
deliver attractive
and sustainable
returns for
our investors.”