Late Thursday, General Motors and Wells Fargo & Co. 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.
Officials explained Wells Fargo will offer GM dealers a complete suite of products alongside the core offering of retail subvention. They indicated 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.
The automaker believes 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.
“Our relationship with Wells Fargo further improves GM’s competitiveness by expanding the financing options we can offer to our dealers and customers,” stated Mark Reuss, president of GM North America.
GM senior vice president and chief financial officer Dan Ammann added, “This partnership represents another step forward in our strategy to ensure our dealers and customers have consistently available, transparent and competitive financing,”
Tom Wolfe, head of Wells Fargo Consumer Credit Solutions, commented that, “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. It will fuel growth in our auto finance business, an area in which we are looking to expand.”