Huntington Expands Auto Dealer Financing Business into Iowa
COLUMBUS, Ohio--(BUSINESS WIRE)-- Huntington (NASDAQ: HBAN; www.huntington.com) has announced that it is expanding its growing auto dealer financing business into Iowa and has added key personnel into the state to support the initiative.
“Huntington Auto Finance continues to expand its auto finance business in key states and is pleased to welcome dealerships in Iowa as our new valued customers,” said Rich Porrello, director of Huntington Automobile Finance. “We look forward to building strong relationships with these Iowa automobile dealerships and believe they will want to be affiliated with a bank that offers consistent underwriting, rapid funding and superior customer service. These dealers will find doing business with Huntington to be a rewarding experience.”
Huntington has hired a seasoned team with local market knowledge for the state. The bank is available to process loan applications now and expects to provide financing solutions to more than 300 dealers throughout Iowa.
“Our track record in the Midwest and New England, as well as part of the Upper Midwest, demonstrates a proven business model with auto dealerships, one that we now bring to auto dealers in Iowa,” Porrello added.
Huntington Automobile Finance has continually met the financial needs of automotive dealers and their customers for more than 60 years. This includes the financing of new and used automobiles purchased by the dealer’s retail customers, as well as commercial loans to the dealer primarily to finance new and used vehicle inventory. Dealerships served are located within Huntington’s primary banking markets of Ohio, Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky, and selected other markets including Iowa, Tennessee, New Jersey, Minnesota, and Wisconsin, and six New England states: Maine, Vermont, New Hampshire, Massachusetts, Rhode Island and Connecticut.
Huntington Bancshares Incorporated is a $56 billion regional bank holding company headquartered in Columbus, Ohio. The Huntington National Bank, founded in 1866, provides full-service commercial, small business, and consumer banking services; mortgage banking services; treasury management and foreign exchange services; equipment leasing; wealth and investment management services; trust services; brokerage services; customized insurance brokerage and service programs; and other financial products and services. The principal markets for these services are Huntington’s six-state banking franchise: Ohio, Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky. The primary distribution channels include a banking network of more than 700 traditional branches and convenience branches located in grocery stores and retirement centers, and through an array of alternative distribution channels including internet and mobile banking, telephone banking, and more than 1,400 ATMs. Through automotive dealership relationships within its six-state banking franchise area and selected other Midwest and New England states, Huntington also provides commercial banking services to the automotive dealers and retail automobile financing for dealer customers.
The Huntington National Bank, Member FDIC. The logo mark and Huntington® are federally registered service marks of Huntington Bancshares Incorporated.
Michael K. Sherman, 614-480-6114
Source: Huntington Bancshares Incorporated
Released September 25, 2013