CHICAGO, February 15, 2018 – Wells Fargo Commercial Distribution Finance TM (CDF), part of Wells Fargo & Company (NYSE: WFC), has been named as the preferred floorplan financing source for Mahindra Vehicle Service & Sales in the United States and Canada. As part of the multi-year agreement, CDF will leverage over 40 years of powersports experience to deliver competitive programs, analytics and insights in support of Mahindra’s dealer development efforts.
Mahindra Vehicle Service & Sales is a subsidiary Mahindra & Mahindra, a vehicle manufacturing conglomerate based in India. The company plans to introduce the ROXOR, a multi-purpose utility vehicle that will be in manufactured in Detroit, in early Spring 2018.
“CDF is honored to be chosen as the preferred floorplan source for Mahindra as they bring this one of a kind vehicle to the North American markets,” said Jeremy Jansen, Motorsports President at Wells Fargo CDF TM. “We are proud to support Mahindra in their significant commitment to manufacture and assemble powersports product in America’s automotive heartland.”
“In selecting a floorplan financing provider, we sought to work with a proven leader that has an established dedication to the powersports sector,” said Luc de Gaspe Beaubien at Mahindra. “CDF’s domain expertise and proven staying power in the industry will be an invaluable asset in allowing us to meet our long-term business goals in North America.”
About Wells Fargo Commercial Distribution Finance. Wells Fargo Commercial Distribution Finance TM (CDF) provided $41 billion in financing for more than 30,000 dealers and more than 1,200 distributors and manufacturers globally in 2017. Wells Fargo CDF TM 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. 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 $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through more than 8,300 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.