Wells Fargo Grants Automotive Credit New Credit Facility
September 29, 2009
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DES MOINES, Iowa — Wells Fargo Preferred Capital announced it has provided Automotive Credit Corp. with a senior credit facility worth $50 million.
"Wells Fargo Preferred Capital's industry knowledge and expertise gives us great comfort as we enter into a relationship with them," explained Jim Blasius, president and chief executive officer of ACC.
"Their commitment to provide us with additional capital enables us to expand the business we have successfully built over the past 17 years," he added.
Wells Fargo's Preferred Capital business unit provides senior-secured credit lines to consumers and auto finance companies and has extended $265 million so far in 2009, according to Tom Murphy, president of the business group.
"We have significantly expanded our client based and positioned our company for future growth as new clients like Automotive Credit Corp. are able to grow their businesses through greater access to capital," Murphy explained. "The expansion of our business demonstrates Wells Fargo's commitment to the consumer and auto finance industry."
"Our customers have more than $3.1 billion of available credit lines with Wells Fargo Preferred Capital, enabling them to extend in excess of $5 billion in consumer loan products," he highlighted.
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