GM and Wells Fargo Launch Auto Financing Partnership
2012-03-01
Back DETROIT – General Motors Co. (NYSE: GM) and Wells Fargo & Co. (NYSE: WFC) have created a long-term partnership to offer competitive financing to Chevrolet, Buick, GMC and Cadillac dealers and retail customers in the contiguous states comprising GM’s U.S. West marketing region.
“Our relationship with Wells Fargo further improves GM’s competitiveness by expanding the financing options we can offer to our dealers and customers,” said Mark Reuss, president of GM North America.
Wells Fargo will offer GM dealers a complete suite of products alongside the core offering of retail subvention. These offerings will include non-subvented retail loans, and financing solutions for GM dealers, such as wholesale floor plan and other financing, treasury services and insurance.
“Our new relationship with General Motors will help expand our significant footprint in the West through improved access to GM’s large dealer and customer network,” said Tom Wolfe, head of Wells Fargo Consumer Credit Solutions. “It will fuel growth in our auto finance business, an area in which we are looking to expand.”
The Wells Fargo relationship will complement GM’s captive offerings through GM Financial, its extensive relationship with Ally, and its leasing program with U.S. Bank.
“This partnership represents another step forward in our strategy to ensure our dealers and customers have consistently available, transparent and competitive financing,” said GM Senior Vice President and Chief Financial Officer Dan Ammann.
About General Motors
General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM’s brands include Chevrolet and Cadillac, as well as Baojun, Buick, GMC, Holden, Isuzu, Daewoo, Jiefang, Opel, Vauxhall and Wuling. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.
About Wells Fargo & Company
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
Wells Fargo Contact:
Caren Roberson
949-241-2614
caren.roberson@wellsfargo.com
