CHICAGO – September 8, 2016 – Wells Fargo Commercial Distribution Finance (CDF), part of Wells Fargo & Company (NYSE: WFC) announced today it has signed a dealer financing program with Columbia ParCar Corp. (CPC), a premier electric vehicle manufacturer. The financing will be used to promote and grow CPC’s distribution network by providing dealers with credit lines to purchase and stock CPC products.
Based in Reedsburg, Wisconsin, Columbia ParCar carries one of the most expansive electric vehicle line-ups in the world. Vehicles are manufactured for private, commercial and industrial applications and are sold in the U.S. through the company’s dealer network, which spans 15 states. Columbia ParCar is part of the Nordic Group of Companies, a family-owned management and manufacturing business headquartered in Baraboo, Wisconsin with operations extending throughout the United States, Mexico, and Europe.
“The expertise and resources that Wells Fargo CDF brings to the dealer financing table is unparalleled,” said Mike Tomberlin, executive vice president, Columbia ParCar. “We are excited to begin this program as we seek to further build the global brand of Columbia ParCar.”
“Columbia ParCar is at the forefront of innovation in the electric vehicle industry,” said Jeremy Jansen, commercial leader for Motorsports at Wells Fargo CDF. “As more businesses and individuals turn to electric vehicles for work, leisure or mobility, we look forward to bolstering their ability to reach dealers and customers across the world.”
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 Columbia ParCar Corp.
Based in Reedsburg, Wisconsin, Columbia is a premier electric vehicle manufacturer whose history dates back to 1946. Columbia has one of the most expansive electric vehicle product line-ups in the world. Columbia produces electric vehicles for private use as well as commercial and industrial applications that include models that move from 1 to 24 people, carry up to 6,000 pounds of payload, tow up to 16,000 pounds and travel up to 25 miles per hour. For more information, visit www.parcar.com. Columbia ParCar Corp. is a member of the Nordic Group of Companies, Ltd. Nordic Group (headquartered in Baraboo, Wisconsin) is a privately-held holding company consisting of subsidiaries with 22 facilities, and 24 marketing units around the world with over 2,400 associates. Nordic Group member companies manufacture and distribute plastic, seating and transportation products worldwide for industrial, commercial and consumer markets. For more information, visit www.nordicgroup.com.