Your Daily Operations Magazine
Search Close Menu

Dealer Ops

Wells Fargo Auto Finance Halts Indirect Lending: Wachovia Merger Plays Big Part

Dealers received notice from Wells Fargo Auto Finance that it would “discontinue its indirect lending business December 17, 2008,” according to a fax dealers received Wed. Dec. 10, 2008. Dealers working with Wells Fargo need not worry because Wells Fargo has decided to combine the dealer services businesses of Wachovia and Wells Fargo, effective Jan. 1, 2009, upon completion of the merger between Wells Fargo and Wachovia Dealer Services.

According to a notice dealers received from Wachovia the same day, “The merger is scheduled to be completed by the end of this month, pending approval by Wachovia shareholders.”

Furthermore, the Wells Fargo notice stated, “All contracts that originate on or before December 17, 2008 will be funded if received by December 23, 2008.” It also instructed dealers to send “all loan applications to Wachovia Dealer Services” as of Jan. 1, 2009 and “upon completion of the merger.” That means there’s only 15 days during which dealers won’t be able to send deals to Wells Fargo.

While they’ll technically be sending the deals to Wachovia after the first of the year, Wells Fargo stated, “We believe the Wachovia Dealer Services model is the model to meet all of the indirect auto finance needs of both Wells Fargo and Wachovia dealer customers after the merger.”

The Wachovia notice stated that Wachovia will continue to operate under its existing names and brands until an official name change, expected to take place in 2009. “Wells Fargo Auto Dealer Commercial Services also will continue to operate under its current name and brand until the merger is complete.”



Number of EVs to Double by 2021

U.S. electric-vehicle sales forecasted by the Edison Electric Institute would require the...

The number of electric vehicles on U.S. roads will double in the next three years, according to a new report from the Edison Electric Institute.


AutoSource Names Brad Walsh CEO

Bradley J. Walsh has been hired as the new CEO of AutoSource, succeeding founder Luke Kjar as chief executive of the Utah-based branded title dealer group.


Used Cars Add to Hot Streak

Subcompact cars such as the Honda Fit enjoyed a 0.6% increase in average retained values in...

Black Book’s November Used Vehicle Retention Index finds value and demand have pushed pre-owned prices skyward for the seventh month in a row.

Dealer Job Finder

See more


Waymo Rolls Out Self-Driving Taxis

Self-driving, revenue-generating taxis have officially hit the streets of Chandler, Ariz., and...

Waymo has set a new standard for driverless-vehicle proponents and ride-hailing providers by launching Waymo One, a revenue-generating autonomous transportation service.


2020 Jeep Gladiator

Pricing has yet to be announced for the 2020 Jeep Gladiator, a new vehicle that promises...

Chrysler unveiled the all-new Jeep Gladiator at the Los Angeles Auto Show in late November. Billed as “the most capable midsize truck ever,” the new vehicle marks Jeep’s return to the pickup ranks for the first time since the Comanche ended its production run in the 1992-MY. The Gladiator is due in showrooms in the second quarter of 2019.


Cars Outpace Trucks in Lost Value

Pre-owned full-size cars such as the Chrysler 300 depreciated by an average of 0.77% in Black...

Black Book’s latest Market Insights Report finds used cars continue to depreciate faster than light trucks, but strong incentives for new cars indicate sustained demand for some types.