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Wells Fargo Extends Financing Relationship with Doosan, Bobcat

September 13, 2016, 07:20 AM
Filed Under: Dealer Finance

Wells Fargo announced the extension of its vendor financing relationship with dozens of Doosan businesses – including Bobcat Company, the compact machinery maker and distributor – through December 2020.

Doosan’s recent agreement with Wells Fargo Vendor Financial Services strengthens its financing program and provides competitive, comprehensive financing solutions for more than 500 dealers and thousands of their customers across the United States and Canada. The announcement comes as a number of Doosan and Bobcat dealers gather in Chicago this week for the 6th annual Dealer Forum, sponsored by Wells Fargo.

“We are proud to continue our long-standing relationship with the Doosan and Bobcat brands,” said Jim Kelly, head of Wells Fargo Vendor Financial Services. “We are dedicated to building products and services that strengthen customer relationships, helping identify opportunities, and driving operational efficiency.”

Wells Fargo & Company acquired the Doosan and Bobcat relationship earlier this year in the purchase of GE Capital’s vendor finance businesses in the United States and Canada. GE Capital and its predecessors had financed equipment for West Fargo, N.D.-based Bobcat Co. since 1969. The relationship expanded to include financing for Doosan-branded construction equipment in 2012.

"Wells Fargo has proven it can deliver competitive financing solutions and cutting-edge technology to our broad network of dealers and their customers to help them succeed financially,” said Ed Hetherington, president of Doosan Infracore Financial Solutions. "As we look to grow market share, Wells Fargo plays a key role in our strategy."

Every year, Wells Fargo processes nearly 20,000 credit applications, finances more than 12,500 pieces of equipment, and services nearly 40,000 Bobcat and Doosan customer relationships. In addition to financing, dealers who work through Wells Fargo Vendor Financial Services benefit from inventory management capabilities, a retail program, efficient online tools, and dedicated account management. From 2010 through this year to date, nearly 60,000 Bobcat and Doosan pieces of construction equipment for end-users have been financed through the relationship with Wells Fargo.

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