FARMINGTON HILLS, Mich. — TD Bank Group held a special celebration late last week in Michigan to officially announce the launch of its North America auto lending brand, TD Auto Finance.  Moreover, the company is already apparently 25 percent ahead of expectations in signing up U.S. dealers.

"In the last 70 days, we've been able to sign up about 25 percent more dealers than just the 5,000 (which was the initial plan)," Thomas Gilman, TD Auto Finance president and chief executive officer, told Bloomberg.

The company's goal is to become a top 10 auto lender in the U.S. within three to four years. At the time TD announced it was acquiring Chrysler Financial late last year, top management said the plan would be for the new auto brand to focus on prime.

The acquisition gave TD all of Chrysler Financial's processes and technology as well as its existing portfolio of retail assets on both sides of the border.

The bank group closed its purchase of Chrysler Financial in April of this year.

Management noted the company now provides a "robust array" of auto financing options to meet customer and dealer needs.

"It's great to be here in Chrysler Financial's hometown of Farmington Hills to announce our exciting new TD Auto Finance brand, which represents both the financial stability and renowned customer service of TD and the deep experience and partnerships of the former Chrysler Financial," said Thomas Gilman, president and chief executive officer of TD Auto Finance on Friday during an employee celebration.

"TD Auto Finance is off to a strong start, with thousands of new dealers signed up both in Canada and the U.S. since December and many more poised to come aboard. Dealer and customer feedback for our products and programs has already been overwhelmingly positive," he added.

Meanwhile, Tim Hockey, president and CEO of TD Canada Trust, noted, "The launch of the TD Auto Finance brand marks the beginning of an exciting chapter for TD. TD Auto Finance is well positioned to be a major player in the North American auto finance industry and to become the first choice provider for the automotive financing needs of dealers and customers."

According to management, the new logo will be installed at various locations over the next several weeks.

Advertising for the new company will begin later this month in key auto industry publications.

Management also stressed that the acquisition of Chrysler Financial has positioned TD as one of the top-five bank-owned auto lenders in North America.

"This transaction represents a unique opportunity to purchase a great organic growth platform at an attractive price," explained Ed Clark, group president and CEO of TD, back in late December of last year when the deal was announced. "Chrysler Financial is a well-run business with the capacity for significantly higher returns over the next several years. This acquisition will allow us to leverage our lending expertise and financial strength to expand our presence in a large North American market with tremendous potential upside."

He went on to say, "Because we're well-capitalized and a leading deposit franchise, we've been looking for opportunities to accelerate the growth of our loan book. This acquisition gives us that opportunity and also diversifies our lending portfolio."

TD expects that the former Chrysler Financial business could generate a return on invested capital of about 20 percent in three to four years once it is operating at a steady run rate for target originations.

In a recap, after GMAC (now Ally Financial) was tapped to serve as Chrysler dealers' primary preferred lender once it gained bank status and bailout funds from the government, Chrysler Financial was left to fend for itself.

It found renewed capital and support thanks to this deal, which will allow the company to renew originations and support the dealer insurance and capitalization divisions.