Huntington Expands Auto Dealer Financing Business into Wisconsin and Minnesota
COLUMBUS, Ohio--(BUSINESS WIRE)-- Huntington (NASDAQ: HBAN; www.huntington.com) has announced that it is expanding its successful auto dealer financing business into Wisconsin and Minnesota.
“We have top market share in many of the states we serve, and auto dealers in Wisconsin and Minnesota want to be affiliated with a bank that offers our track record of proven success in underwriting, funding, and superior customer service,” said Rich Porrello, director of Huntington Automobile Finance. “This expansion into Wisconsin and Minnesota continues our strategy of providing auto dealer financing into markets where we see opportunity for profitable growth.”
The company has hired a seasoned team with local market knowledge for each state and expects to hire additional staff to support the sales and underwriting functions of the expansion. Huntington will begin processing applications through dealers by October 24th and expects to provide financing solutions to more than 400 dealers throughout Wisconsin and Minnesota.
Huntington Automobile Finance (HAF) has continually met the financial needs of automotive dealers 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. At June 30, 2011, HAF served 2,800 dealers with $6.2 billion of indirect automobile loans and $1.0 billion of floorplan loans. Dealerships served are located within Huntington’s primary banking markets of Ohio, Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky, and selected other markets including, Tennessee, New Jersey and five New England states.
In a recent customer satisfaction study, performed by a leading marketing information services firm, Huntington Automobile Finance was ranked in the top 10 of all lenders in the country for automobile dealer financing services and the number one bank lender.
Huntington Bancshares Incorporated is a $53 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 product 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 over 600 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 over 1,300 ATMs.
The logo mark and Huntington® are federally registered service marks of Huntington Bancshares Incorporated.
Huntington Bancshares Incorporated
Cynthia Kincaid, 614-480-5451
Source: Huntington Bancshares Incorporated
Released October 12, 2011