After 20 years with Wells Fargo Dealer Services, including six as president, Dawn Martin Harp will retire from the position on April 1, according to a company press release.
The company will look internally and externally for a replacement to head up one of the top five auto financiers in the U.S.
When Martin Harp, 57, first inhabited the position in 2011, she set out to strengthen the company’s dealer relationships for both commercial and consumer lending a company statement noted.
“Under Dawn’s leadership, Wells Fargo continued to build our market leadership position in the auto finance business,” Franklin Codel, head of Wells Fargo Consumer Lending, said in the statement. “She moved our business forward to where we now work with more than 14,000 auto dealers, helping more than 3.7 million customers finance affordable vehicle transportation.”
Since taking the position, Martin Harp has grown Wells Fargo Dealer Service’s total outstandings from $44.6 billion in 2011 to $60 billion in 2015, according to Big Wheels Auto Finance data.
Wells Fargo Dealer Services originated the most auto loans of any company through September, according to Experian and CU Direct. However, the 2015 Big Wheels Report placed the company at fifth in total outstandings and the latest third quarter earnings showed a 2% drop in origination volume compared to the same period a year prior.
Her retirement comes after an investigation announced in September 2016, through which the DOJ and Comptroller of the Currency gathered Wells data from 2008 to 2015, resulting in a $24 million consent order. The settlement included $4.1 million that will serve as $10,000 payments to the 413 affected servicemembers.
There was also the separate faked accounts scandal that shook the company’s core banking business in a $185 million settlement and caused former CEO John Stumpf to step down. Auto Finance News found little connection between the accounts scandal and Wells Fargo’s auto business.
Before becoming president, Martin Harp served as Wells Fargo Dealer Services chief operating officer. Prior to joining the company she was chief information officer and the director of network computing at WFS Financial. She is a member of the board for the American Financial Services Association as well as a member of its auto finance committee and women’s leadership council. Martin Harp is also a member of Wells Fargo’s Consumer Lending Group Diversity and Inclusion leadership committee, the statement said.
“One of Dawn’s greatest legacies at Wells Fargo will be her commitment to diversity and local communities,” Codel said. “She is a champion for developing diverse talent and identifying future leaders across the industry and in Wells Fargo. We will miss her and congratulate her on a great career that impacted customers, team members, and the communities we serve.”8 - Readers Like This Post