PNC Sees ‘Disciplined Growth’
Jeffrey Turley, president of dealer finance at PNC Financial Services Group Inc., is “pleased” with the unit’s second-quarter performance, he told Auto Finance News.
“We have originated in excess of $12 billion in retail auto paper in the past two-and-a-half years from more than 3,000 franchised dealers, and our strategy continues to be focused on quality growth from loyal dealers,” Turley said.
PNC has seen “disciplined growth” in its floorplan portfolio, both in lines of credit and in commercial term loans for new buildings and renovations across the Northeast, Midwest, and Southeast, he said.
The Pittsburgh-based bank reported an $11 billion auto loan portfolio in the second quarter, up from $10.9 billion in the first quarter. On the indirect side, the bank saw auto loans grow to $9 billion, from $8.9 billion.
