General Motors Co. announced yesterday that it has entered into a long-term partnership with Wells Fargo to provide competitive financing in the contiguous states making up GM’s U.S. West marketing region.
Alongside the core offering of retail subvention, Wells Fargo will offer Chevrolet, Buick, GMC, and Cadillac dealers a complete suite of products that includes non-subvented retail loans and financing solutions for GM dealers, such as wholesale floorplan, treasury services, and insurance.
The Wells Fargo relationship will complement GM’s captive offerings through GM Financial, its extensive relationship with Ally Financial, and its leasing program with U.S. Bank, GM said in a statement.
In 2006, GM signed a deal with Ally to exclusively use the financing company to offer incentive loans and leasing products to customers,but the agreement is set to expire in 2013.
“This partnership represents another step forward in our strategy to ensure our dealers and customers have consistently available, transparent and competitive financing,” said GM Senior Vice President and Chief Financial Officer Dan Ammann.
Yesterday, GM also reported total sales of 209,306 vehicles in February, up 1.1% from with the company’s strong February 2011 results.
