New program will open up inventory financing options to independent powersports dealers
CHICAGO – September 16, 2016 – Wells Fargo Commercial Distribution Finance (CDF), part of Wells Fargo & Company (NYSE: WFC), is launching a new financing program with National Powersports Auctions (NPA), a leading provider of auction and remarketing services in the powersports industry.
The program will give independent powersports dealers a breadth of inventory financing options to help minimize their capital outlays for pre-owned inventory purchases and maintain ideal inventory levels throughout the entire sale cycle.
“The pre-owned powersports market is growing rapidly and we are eager to deliver our products, services and expertise to NPA’s independent dealer community,” said Jeremy Jansen, president Wells Fargo CDF’s motorsports group. “We look forward to expanding our relationship with the NPA team and bringing our portfolio of inventory financing services to a broader powersports customer-base.”
For over 40 years, CDF has worked with some of the industry’s leading OEMs and delivers inventory financing solutions to over 5,000 dealers nationwide. This program will expand CDF’s reach. Under the terms of the agreement, CDF and NPA will arrange financing on units purchased at their auctions.
“This opportunity is exciting and will connect thousands of independent dealers that do business with us to CDF’s additional solutions, helping them strengthen and grow their businesses,” said Jim Woodruff, chief operating officer at NPA.
About Wells Fargo Commercial Distribution Finance
Commercial Distribution Finance (CDF) provided $47 billion in financing for more than 40,000 dealers and more than 2,000 distributors and manufacturers globally in 2015. CDF provides inventory financing solutions, service and intelligence through in-depth industry expertise and commitment. Programs include inventory and accounts receivable financing, asset-based lending, private label financing, collateral management, and related financial products. On March 1, 2016, Wells Fargo acquired the North American business of CDF from GE Capital. The sale will be completed as a phased approach with the remainder of the business closing globally in 2016. For more information, visit wellsfargo.com/cdf or follow company news via Twitter @WellsFargoCDF.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,800 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.
About National Powersports Auctions
Established in 1990, National Powersport Auctions (NPA) is the world’s largest provider of powersport vehicle remarketing services. NPA’s nationwide footprint serves the industry’s largest financial institutions, OEMs and dealers through a multitude of live and online platforms. NPA also offers a variety of complimentary powersport services and data including the NPA Value Guide, the industry’s most accurate wholesale valuation tool. NPA has company-owned and staffed facilities in San Diego, California; Dallas, Texas; Cincinnati, Ohio; and Atlanta, Georgia. For more information on NPA visit www.npauctions.com.