Wells Fargo Brags About Auto Portfolio Growth

Wells Fargo & Co. used a presentation to Wall Street investors this week to boast about its auto finance business. The bank’s Chief Financial Officer John Shrewsberry told participants at the Barclays Conference that the bank is the nation’s largest auto lender. Shrewsberry’s claim aside, Wells did grow its second-quarter auto loan portfolio to $54.1 billion, up a heady $5.5 billion over the same period last year. Shrewsberry said Wells had increased its marketshare in both the used and overall auto lending market, while maintaining a disciplined pricing for risk. Shrewsberry offered no additional details on its “disciplined focus.”