Regions Financial Corp. grew its indirect auto business 27.1% year over year, to $3.4 billion as of June 30, according to an Aug. 6 Securities and Exchange Commission filing. The Birmingham Ala.-based bank said the increase reflects continued growing demand for auto loans.
In the first six months of the year, Regions increased the average number of loans funded per dealer by 18%. The bank expects to grow pull-through rates for existing dealers and to further expand its dealer network. After four years in the market, Regions does business with 1,900 dealers.