Wells Fargo Provides Revolving Credit Facility to CarBiz
June 25, 2009
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DES MOINES, Iowa — Wells Fargo Preferred Capital announced it recently provided a revolving credit facility to CarBiz.
The amount of the facility is $20 million.
CarBiz operates 25 buy-here, pay-here dealer locations throughout the U.S.
"We are fortunate to partner with this strong management team whose expertise in their market is unparalleled," said Bill Laird, senior vice president of Wells Fargo Preferred Capital.
"This credit facility will allow CarBiz to meet its strategic goals and demonstrates Wells Fargo's continued commitment to the consumer finance auto industry and its long-term prospects," he continued.
Carl Ritter, CarBiz's chief executive officer, added, "Wells Fargo Preferred Capital is the gold standard in the automotive finance market and we are thrilled to have the opportunity to work with them."
Wells Fargo Preferred Capital is a subsidiary of Wells Fargo & Co.
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