Wells Fargo is gearing up to expand its new-car financing by bringing more dealers into the fold. The lender last year inked deals with General Motors, which ended its primary lender relationship with Ally Financial, and Tesla.
Dawn Martin Harp, president of Wells Fargo Dealer Services, said in a published report that the partnership with GM added roughly 1,600 new dealers to the company footprint. The relationship, she said, isn’t confined to only incentives: The lender is also exploring commercial and indirect financing options with those dealers.
According to Experian Automotive data from 4Q12, Wells Fargo was the leading used-car lender, ranked ninth in new-car loans, and was No. 2 in overall auto lending behind Ally.
