Huntington Expands Auto Dealer Financing Business Into Five New England States
COLUMBUS, Ohio, Nov. 3, 2010 /PRNewswire-FirstCall/ -- Huntington (Nasdaq: HBAN; www.huntington.com) has announced that it is significantly expanding its successful auto dealer financing business into five New England states. In addition to currently offering financing to auto dealers in six states in the Midwest, Huntington will now offer these services in Massachusetts, Rhode Island, Vermont, New Hampshire, and Maine.
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"We currently are the number one auto dealer lender in Ohio and Kentucky and have doubled market share in most of our markets this year," said Nick Stanutz, Huntington senior executive vice president and head of the auto finance and dealer services group. "Our success in the Midwest demonstrates that we have a winning business model that we can now expand to other regions of the country."
Stanutz cites Huntington's award-winning customer service and the company's consistent standards in underwriting, pricing, and funding as the reasons for Huntington's expanding market share growth in the Midwest. "We believe that auto dealers in New England will be attracted to Huntington as a lender with a proven track record of consistent credit underwriting and superior customer service, including funding," he said.
The company expects to add 13 jobs in the next six months to support the sales and underwriting functions of the expansion, to be located within the new market areas. Huntington anticipates that it will offer financing options to approximately 500 dealers in the northern New England area over the coming year.
Huntington has provided new and used automobile financing and dealer services throughout the Midwest since the early 1950s, and currently serves customers in Ohio, Kentucky, Indiana, Michigan, West Virginia and Pennsylvania. The company also delivers comprehensive banking services for many of its auto dealer customers. In the second quarter of 2010, Huntington's market share for auto dealer lending in Ohio was 11.8 percent as compared to 5.4 percent in 2009. Huntington's market share in Indiana climbed to 8.5 percent from 4.3 percent last year and made the leap to 12.9 percent from 6.0 percent in Kentucky.
In a recent customer satisfaction study performed by a leading marketing information services firm, Huntington was ranked in the top 10 lenders in the country for automobile dealer financing services and number one above other banks featured in the study.
Huntington Bancshares Incorporated is a $53 billion regional bank holding company headquartered in Columbus, Ohio. Through its affiliated companies, Huntington has been providing a full range of financial services for 144 years. Huntington offers checking, loans, savings, insurance and investment services. It has more than 600 branches and also offers retail and commercial financial services online at huntington.com; through its telephone bank; and through its network of over 1,350 ATMs. Huntington's Auto Finance and Dealer Services group offers automobile loans to consumers and commercial loans to automobile dealers within our six-state banking franchise area, as well as selected New England states.
(Huntington symbol)® and Huntington® are federally registered service marks of Huntington Bancshares Incorporated.
SOURCE Huntington Bancshares Incorporated
Released November 3, 2010