Huntington (NASDAQ: HBAN; www.huntington.com)
has announced that it is expanding its successful auto dealer financing
business into Wisconsin and Minnesota.
"We have top market share in many of the states we serve, and auto
dealers in Wisconsin and Minnesota want to be affiliated with a bank
that offers our track record of proven success in underwriting, funding,
and superior customer service,” said Rich Porrello, director of
Huntington Automobile Finance. "This expansion into Wisconsin and
Minnesota continues our strategy of providing auto dealer financing into
markets where we see opportunity for profitable growth.”
The company has hired a seasoned team with local market knowledge for
each state and expects to hire additional staff to support the sales and
underwriting functions of the expansion. Huntington will begin
processing applications through dealers by October 24th and
expects to provide financing solutions to more than 400 dealers
throughout Wisconsin and Minnesota.
Huntington Automobile Finance (HAF) has continually met the financial
needs of automotive dealers for more than 60 years. This includes the
financing of new and used automobiles purchased by the dealer’s retail
customers, as well as commercial loans to the dealer primarily to
finance new and used vehicle inventory. At June 30, 2011, HAF served
2,800 dealers with $6.2 billion of indirect automobile loans and $1.0
billion of floorplan loans. Dealerships served are located within
Huntington’s primary banking markets of Ohio, Michigan, Pennsylvania,
Indiana, West Virginia, and Kentucky, and selected other markets
including, Tennessee, New Jersey and five New England states.
In a recent customer satisfaction study, performed by a leading
marketing information services firm, Huntington Automobile Finance was
ranked in the top 10 of all lenders in the country for automobile dealer
financing services and the number one bank lender.
About Huntington
Huntington Bancshares Incorporated is a $53 billion regional bank
holding company headquartered in Columbus, Ohio. The Huntington National
Bank, founded in 1866, provides full-service commercial, small business,
and consumer banking services; mortgage banking services; treasury
management and foreign exchange services; equipment leasing; wealth and
investment management services; trust services; brokerage services;
customized insurance brokerage and service programs; and other financial
product and services. The principal markets for these services are
Huntington’s six-state banking franchise: Ohio, Michigan, Pennsylvania,
Indiana, West Virginia, and Kentucky. The primary distribution channels
include a banking network of over 600 traditional branches and
convenience branches located in grocery stores and retirement centers,
and through an array of alternative distribution channels including
internet and mobile banking, telephone banking, and over 1,300 ATMs.
The logo mark and Huntington® are federally registered
service marks of Huntington Bancshares Incorporated.
